Cost saving refers to the reduction of expenses to increase profitability or improve financial efficiency within an organization or individual finances. It involves strategies and practices aimed at minimizing costs while maintaining the quality of products or services. Cost saving can be achieved through various methods, such as optimizing resource usage, improving operational efficiencies, renegotiating contracts, reducing waste, and implementing technology solutions that streamline processes. The ultimate goal of cost saving is to maximize value without compromising essential functions, allowing for reinvestment, increased margins, or improved cash flow.
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