Progressive stamping tools are essentially sheet metal forming and trimming automation units.
Using the force and motion of a punch press to create sheet metal parts from flat stock to the finished part in several steps called progressions.
Typically the process starts with trimming the outer shape of the sheet metal part.
Small tab or tabs of material remain, it is used to hold the part within the strip (or stock).
With the parts attached to the strip, they are moved from one progression (process step) to the next.
Once the trimming is done typically the next step is to form the part.
The final step is the cut-off, a cut that separates the part from the strip.

Progressive tools or dies are more expensive than single form tools or blank tools.
Unlike the stage tooling, they offer the benefit to create a finished part within one tool.
Progressive dies provide the repeatability only achieved using automation.
The initial tooling cost will be higher but will reward you with lower part prices.
Provided the desired quantity is high enough to enable the build of a progressive die, the progressive die is a great choice.
Typically the required qty is above 10K parts, obviously higher quantities provide a better cost per part.

The image shows a progressive die.

The image below shows a progressive strip.