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The phrase "reduce the advantage" is correct and usable in written English.
For example, you could say, "We need to reduce the advantage our competitors have in the market."
Exact(12)
These stresses tend to reduce the advantage anticipated from the high torsional rigidity of the box-girder.
Dougie Freedman threw on Marvin Sordell and Afobe to bolster Bolton's attack and the latter helped them reduce the advantage again.
For Hamas, a group largely confined to a sliver of land along the Mediterranean Sea, attacking Israeli cities with a rocket barrage has proved an effective strategy to reduce the advantage of Israel's expensive arsenal of fighter jets and warships.
"We must do what we can to reduce the advantage that might accrue to the enemy if he hit first," Brodie wrote, after the Soviet Union had obtained its own nuclear weapons.
"Bringing in nationally prominent Republicans, however, could reduce the advantage of this situation," a top Johnson aide, probably Busby, wrote in an unsigned internal memo that now rests in the files of the Johnson Library.
Any other rule would make it difficult for a good bargainer to collect damages unless he made disclosures that would reduce the advantage of being a good bargainer — disclosures that would prevent the buyer from appropriating the gains from his efforts to identify a resource that was seriously undervalued in its present use.
Similar(48)
Britain's competition watchdog, the Competition and Markets Authority (CMA), warned that the shift to the corporation tax levy would reduce the advantages of the tax system for smaller banks trying to break into the market.
We also tested the hypothesis that increasing topographic structure would affect clone behaviour asymmetrically and reduce the advantages of invading A-clones.
This week the commission moved to at least reduce the advantages some hedge funds give themselves through rapid access to markets, and it put out a thoughtful request for comments on how such things as high-frequency trading should be regulated.
Index on Censorship, a pressure group, has suggested a £10,000 cap on damages to reduce the advantages enjoyed by the rich.Libel reform may seem an obscure subject for an unpopular government to pursue with a general election looming.
But the technology and capital that are available to insurgents with entrepreneurial managements and new business models will reduce the advantages of incumbency far more quickly than most people imagine.
More suggestions(15)
reduce the preference
reduce the asset
reduce the convenience
decrease the advantage
reduce the strength
reduce the usefulness
decreasing the advantage
reducing the advantage
lessening the advantage
diminished the advantage
reduce the privileges
decreases the advantage
reduced the advantage
reduction the advantage
reduce the benefit
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com