Tco
In business, TCO is short for total cost of ownership. It’s a financial estimate that considers the direct and indirect costs of an asset over its lifetime. The idea is to help businesses compare the cost of different options when making purchasing decisions.
In procurement, TCO is often used to compare the cost of different suppliers. To calculate TCO, businesses take into account factors like price, quality, delivery time, and warranty. By considering all of these factors, businesses can make sure they’re getting the best value for their money.