Catering services refer to the facility of food products on-premises or at remote locations such as academic institutions and hospitals. Apart from taste, a catering service provider is accountable for implementing various food safety and hygiene measures, monitoring the quality of the food and its packaging, supervising the catering staff at events, and planning production as per buyer’s needs.
Over the last few years, the catering industry has evolved significantly and has witnessed fast-paced growth owing to the increasing demand from the education sector, especially in regions such as the Americas and Europe. With the widely expanding market and ample opportunities, the market is open to new competitors to pitch in, giving an advantage of bargaining power to the buyers.
The Procurement Pain Point
A leading telecom company wanted to understand the procurement best practices in the catering services market and shortlist suppliers who offer bulk discounts. Knowing our extensive experience in providing supply market analysis and procurement market insights, the client approached SpendEdge to carry out a procurement market intelligence study of the global catering services industry including supplier engagement models, cost structures, and procurement best practices which can help them maximize the ROI and find the right suppliers.
Procurement Insights Offered and the Outcome
To understand the procurement trends in the catering services market and address the client requirements, we followed a blended research process including primary and secondary research methodologies followed by qualitative and quantitative data analysis. Our highly dedicated team of analysts work with the industry experts and carry out primary and secondary research processes to further assist the category managers understand the market in terms of cost category drivers, supplier engagement models, key market trends, supply market landscape, and price negotiation strategies. Our analysts referred to a vast database of secondary resources to gather deep insights on various aspects of suppliers’ operational and functional capabilities, suppliers’ evaluation and selection criteria, major regulatory compliance, and strategic sustainability practices to help them track the latest trends in procurement.
This study helped the client identify the right catering service providers and negotiate competitive rates. Furthermore, this study also assisted the client with a better understanding of the supply market landscape, supplier engagement models, price negotiation strategies, and pricing models which gave them the higher ground for bargaining.
This procurement intelligence solution helps a global telecom company understand the catering services market in terms of supply market landscape and price negotiation strategies.