Companies Save $14 on Every $1 Invested in Reducing Food Waste
Earlier this month a new report was released from Champions 12.3, in collaboration with the World Resources Institute (WRI) and WRAP, that found companies saved $14 for every $1 invested in reducing food waste.
This report, which includes customer-protected data from LeanPath among the data set, is very favorable financial validation of the food waste prevention work that LeanPath has led for the past 13 years. It supports the fact that if organizations, consumers and governments take action to reduce food waste they can not only prevent millions of tons of food from going to waste, but they can also save billions of dollars.
The report, entitled The Business Case for Reducing Food Loss and Waste, evaluated 1,200 sites across 700 companies in 17 countries, and nearly every site had a positive ROI.
The types of investments included:
- Measuring and monitoring food waste (ex: LeanPath System)
- Training staff to reduce food waste
- Changing food storage and handling processes
- Changing packaging to extend shelf-life
- Changing date labels
- Other staff/technology investments
The report recommends that every government and company should first set a target to cut food waste in half, which aligns with Sustainable Development Goal 12.3. Second, they should start measuring food waste to identify opportunities and monitor results. Finally, they should act on the data to reduce food waste.
What Does This Mean for Foodservice Operators and Leaders?
The time to act on food waste prevention is now! The concept of a “triple bottom line benefit” associated with food waste reduction—including environmental, social, and financial—has been accepted for years, but a clear understanding of the financial benefits associated with acting on this critical issue has been lacking. This report brings into focus the compelling financial incentive to make investments in solutions that will lead to a significant net positive return on investment, in addition to supporting goals to be socially and environmentally responsible with our increasingly scarce global resources.
Set a food waste reduction target, start measuring, and act! LeanPath can help you take control of your food waste and achieve your goals, just as we have been doing for hundreds of kitchens for more than a decade.