cost reduction

Cost reduction refers to the process of minimizing expenses and overheads in order to increase profitability and efficiency. It involves identifying areas where unnecessary costs can be eliminated or reduced without compromising the quality of products or services. Cost reduction strategies may include negotiating better deals with suppliers, streamlining operations, implementing technology solutions, and optimizing resource allocation. By focusing on cost reduction, businesses can improve their financial health, remain competitive in the market, and potentially pass on the savings to customers.