Modern smartphones consume significant power and can hardly provide a full day's use between charging operations even with a 2000 mAh battery. This is in spite of many power management techniques being employed in the smartphones. This paper starts from the observation that modern smartphones waste a significant amount of the battery's stored energy during power conversion from the 3.7V output of a Li-Ion battery cell to different voltage levels needed to power various modules in a smartphone (processors, memory, display, GPS, etc.) Indeed the power conversion efficiency from the battery source to point of use in the smart phone has on average of only 60-75% efficiency. The approach taken to reduce this energy waste in smartphones is to (i) profile the power consumption of each module under different operating scenarios, (ii) build an equivalent DC-DC converter model for each smartphone module and estimate its power conversion efficiency, and (iii) change the parameters of the actual converters in the smartphone to improve the equivalent power conversion efficiencies for all modules. Experimental results demonstrate that we can achieve 6% to 15% power conversion efficiency enhancement, which translates to up to 30% reduction in the power losses incurred during power conversion in smartphones.