Meaning of the word utilization in English

What does utilization mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

utilization

US /ˌjuː.t̬əl.əˈzeɪ.ʃən/
UK /ˌjuː.tɪ.laɪˈzeɪ.ʃən/
"utilization" picture

Noun

the action of making practical and effective use of something

Example:
The efficient utilization of resources is crucial for business success.
We need to improve the utilization of our existing equipment.