Cost savings is an important concept in the business world, as it is a measure of how much money a company is able to save by making changes to their operations. Cost savings can be achieved through a variety of methods, such as reducing overhead costs, streamlining processes, or finding more efficient ways to use resources. Cost savings can also be achieved by making investments in technology or personnel that result in increased productivity or reduced costs. The official business definition of cost savings is the amount of money saved by a company in relation to the cost of goods or services that would have been purchased or used if no changes had been made. Cost savings can be measured in terms of both short-term and long-term savings, depending on the changes that are made. In the short-term, cost savings may be seen in the form of reduced expenses or increased profits, while in the long-term, cost savings may be seen in the form of increased efficiency, improved customer service, or reduced risk. Ultimately, cost savings are a key factor in the success of any business, as they can help to ensure that the company remains competitive and profitable.