A Cost Reduction Program is a set of initiatives within an organization to reduce costs and increase efficiencies, thereby increasing profitability. It includes tactics such as renegotiating supplier contracts, streamlining production processes, reducing waste, and working to minimize overhead expenditures. The ultimate aim of the program is to ensure that expenses are kept in check and resources are utilized to their fullest potential. Done right, a Cost Reduction Program can lead to improved customer service, increased sales, and increased profit margins for your business.