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We need to carry out $2(n^3)-(n^2)$ number of basic operations (like addition and multiplication) to multiply two $n×n$ matrices. Is there any other efficient way so that we could use less no. of operations to multiply them?

Arnaldo
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The method you described is $O(n^3)$, using big O notation.

Algorithms do exist that have sub-cubic runtimes.

This Wikipedia section summarizes the history and current state of those algorithms quite nicely.

The current $O(n^k)$ algorithm with the lowest known exponent $k$ is a generalization of the Coppersmith–Winograd algorithm that has an asymptotic complexity of $O(n^{2.3728639})$, by François Le Gall.