Cost Optimization refers to the process of reducing and managing expenses while maximizing value and efficiency. It involves identifying areas of unnecessary expenditure, finding cost-effective alternatives, and optimizing resource allocation to achieve the desired outcomes with the least amount of expense.
Cost Optimization is important for several reasons:
Cost Optimization can be achieved through various strategies and practices, such as:
While Cost Optimization is beneficial, it also carries certain risks, including:
Sustaining Cost Optimization requires ongoing efforts and monitoring. Some strategies include: