What is cost optimization and how is it different from cost-cutting?

Description: The term contains several mutually competing interpretations and methods but here is the version of the term by Gartner: Optimal cost management is a continuing process in order to maximize the value to a company by reducing costs and increasing expenditures. Ensuring that any purchases made by the company and IT are done at the best cost and terms. These offer several chances to IT in terms of positioning operational processes to be under continual improvement and in enjoying the benefits of expenditure. Since the terms Global Cost Optimization and cost-cutting are not synonymous.

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