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Can SharePoint be used out of the box as a BPM tool? If it can, what are the limitations?

I have come across 3rd party tools like K2 which does the job but want to know if SharePoint can do it on its own?

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All version of SharePoint (beginning from 2007 versions) support workflows based on windows workflow foundation. SharePoint Server includes some predefined advanced workflows such as Approval, Collect feedback, Collect signatures. WSS 3.0 and SharePoint foundation contains simple "3 steps workflow".

Overview of workflows included with SharePoint

But all versions support custom workflows and custom worflow steps created in SharePoint Designer or Visual Studio.

You can customize forms with SharePoint Designer, Visual Studio or InfoPath.

And you can display all information’s such as KPI, Charts in one dashboard with PerformancePoint Services

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