Asked to cite which top three actions would improve their cost control most, more than half cited stock, closely followed by 45% who wanted to be in a position to negotiate better rates with suppliers.
More than a third also suggested having allocated spending allowances that couldn’t be overridden without consent would stop people overspending without approval.
Jerry Brand, managing director at Caternet said: “It’s interesting to see that regardless of how far we have come in this industry, we still seem to make the same old mistakes time and again.
“Food wastage alone is at an all-time high right now, the fact is, businesses must learn from this. We know that cash is king in this sector so we have to come down hard on waste management, price hikes and stock control if we are to claw back lost revenue.”
The survey also discovered that 23% of the industry believes that poor cost control stems from too much time spent on administration and paperwork as opposed to putting greater focus on budgets and costs.
Brand added: “Supplier negotiation is another key area where the hospitality industry can shave costs and regain control of spend.
“Far too many people worry about price comparisons when the silent killer for margin through higher costs is price creep. The future for eProcurement is to have suppliers participate in managing their agreed products and prices with each business.
“That way, the business is protected from price creep and margin reduction, the industry uses the quality suppliers they want, the customer pays the right price and their loyalty grows – but the catering and hospitality industry needs access to the right information to boost powers of negotiation; that is where the right technology can help.”