Cost-Saving Definition

When it comes to business, the term ‘cost-saving’ can have a few different meanings. For example, cost-saving measures may be taken in order to reduce expenses and increase profits. Additionally, cost-saving strategies may be employed in order to decrease the amount of waste produced during manufacturing or other processes.

In general, the term ‘cost-saving’ refers to any actions or initiatives that result in lower costs for a company or organization. Cost-saving measures can be large or small, and they can be short-term or long-term in nature. Many businesses implement a variety of cost-saving strategies in order to stay competitive and keep their bottom line healthy.