The best replacement for reengineering is restructuring.

The best alternatives to reengineering are rated as following:
★★★★★  restructuring
★★★  continuous improvement
★★★  kaizen
★★  reorganization
★★  reverse engineering
★★  total quality management
★★  tqm
★  benchmarking
★  downsizing
  reengineering
  re engineering
  process improvement
  reorganizing
  business process improvement

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Google Trends

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reengineering
restructuring
continuous improvement