Let verbs be verbs

Before

We hope to improve profitability by reducing individual company costs through centralization, standardization, and sharing of best practices.

Before, with commentary

We hope to improve profitability by reducing individual company costs through centralization, standardization [these are verbs that were turned into nouns], and sharing of best practices. [This sentence doesn’t do much to explain what is being centralized or standardized either. I took a guess.]

After

To improve profitability, we hope to reduce company costs by centralizing administrative functions, standardizing our billing and inventory systems, and sharing best practices across our locations.