replied on November 2, 2016
By "business process", are you referring to changes made by users manually, or Workflow processes? My answer will focus on changes made by users manually. I have forwarded this question to a colleague who will chime in if there is anything specific to Workflow.
The user can reduce the number of unnecessarily created versions by checking out the document first, make a number of changes, and then checking in after all changes are made. In this way, all changes are combined into one new version of the document.
Deleting versions requires a user privilege. Please refer to screenshot.

A user with Delete Document Versions privilege will be able to delete document versions from the version history dialog on the document. Please refer to screenshot.

Making changes to the latest version of a document can be simulated in two steps. Firstly, save the changes as yet another new version; then, use the Delete Document Versions privilege to delete the version that is to be replaced. The new version becomes the latest version.