Cost reduction is a strategic approach to lowering expenses across various aspects of the business while maintaining operational efficiency and product/service quality. This involves reviewing procurement, production, and operational expenditures to identify areas for savings.
Cost reduction directly impacts the bottom line, improving profitability without increasing revenue. It allows businesses to operate leaner, remain competitive, and reinvest savings into innovation, growth, or other value-added initiatives. Smart cost management is a key factor in building financial resilience.
