Companies can employ several strategies to optimize operational costs:
1. Collaborative Research: Partnering with academic institutions or other companies can share the burden of R&D costs. 2. Outsourcing: Some processes, like fabrication or quality control, can be outsourced to specialized firms. 3. Automation: Investing in automation can reduce labor costs over time. 4. Bulk Purchasing: Buying raw materials in bulk can reduce per-unit costs. 5. Energy Efficiency: Implementing energy-efficient technologies can lower facility maintenance costs.
