The cost a company has to pay in terms of time and money to switch from one vendor's product or service to another product or service.
Example: The company wanted to migrate to a new database for their application, but there were high switching costs so they decided to delay the migration until next year.
Variations: switching cost
Jargonism is a Business English dictionary. You can learn about words and phrases that are commonly used in the workplace like Circle Back, Thought Leader, and Offsite. We also have a Word of the Day, which is a daily Business English vocabulary word that is commonly used in the workplace.
On this site, we also have templates on how to communicate effectively at work, such as requesting PTO, declining a promotion, and taking a sick day.
Word: Close It Out
Definition: To mark something as completed.
Example: This task has been fixed, so let's close it out within the task tracker.