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Cost Optimization
Cost optimization is a method for reducing costs within an organization while improving business value. This technique involves: -Obtaining the best price for business purchases -Standardizing and simplifying costing technologies -Automating and digitizing IT and business operations for cost savings across an organization Take a manufacturer that purchases materials from an external supplier. The manufacturer might implement cost optimization strategies to leverage a better deal for those materials and pass on these savings to customers.
What Small and Midsize Businesses Need to Know About Cost Optimization
SMBs who optimize costs can reduce outgoings, increase profits, conserve resources, and maximize business growth.
Related terms
- Marketing-Qualified Lead (MQL)
- Account Planning
- Marketing Channel
- Channel Partner
- Chief Sales Officer (CSO)
- Digital Commerce
- Cost Optimization
- Sales-Qualified Lead (SQL)
- E-Business
- Sales And Operations Planning Systems Of Differentiation
- Account Executive (AE)
- Sales Analytics
- SFA (Sales Force Automation)
- Direct Channel
- Commerce Platform Servers
- CPGA (Cost Per Gross Add)
- Average Selling Price (ASP)
- Category Management
- Account-Based Marketing (ABM)
- Business Rule Engines (BRE)
