When you think of vending machines, it's likely to conjure up an image of an old soda machine sitting in some dark corner that's only good for stealing your money. It's a shame, too. There are some high quality vending machines out there now, equipped with the latest tech to pique the interest of Elon Musk. Okay, perhaps not. But they've come a very long way. Still, like any industry there are a regular flow of complaints about vending machine services.
One of the benefits of a national vending program is the ability to generate ancillary revenue from the vending machines at all your properties. In aggregate, this can be a significant source of extra income for your business and add to the bottom line. The amount of commissions each machine generates varies depending on a variety of factors, but nevertheless the extra revenue is just that—extra cash for your company.
As with every industry, there's always something changing in vending or news stories worth sharing. New products, technology, and strategies are always being tried and tested. Here are five noteworthy stories from the vending industry.
Vending management does not immediately resonate in the minds of most people as would other, more familiar B2B procurement solutions. The sourcing of raw materials and indirect spend categories such as facility maintenance are far more recognizable. Vending machine services just aren't typically of grave concern to most organizations. At least not at the corporate level. But should they be?
Most companies face fierce competition in their industry, which is why brand identity is so important. A strong, recognizable brand helps provide a positive perception of your company among consumers. This perception becomes increasingly difficult to achieve for companies that have multiple locations, where maintaining consistency is paramount and crucial to achieving success. You want people to walk into any store or property and immediately know what to expect, which should be an experience that only your company can provide. Everything from colors, to signage, to how employees communicate need to be aligned among all locations to achieve these branding goals. But what about vending machines?
A vending management program consolidates the vending needs of large companies with multiple properties into a national account. It eliminates the administrative and financial burden associated with purchasing product, filling, repairing, and accounting for revenue from the machines. As with any product or service, however, there are certain principles to be followed for your company to get the most out of a national vending program. Here are five best practices to help achieve your goals of using a vending management company.
When you get vending machines for your location, it's important to understand there's more to receiving good service than choosing the best company in your area. Even though you are the customer, to get the most out of your service means knowing what you can do on your end to help. It's really no different from any other product or service on the market. Here are three ways you can ensure the service you receive meets--or even succeeds--your expectations.
Companies that want to consolidate their vending machine services into a national account are able to do so through a vending management program. If you're conducting research into single-source vending solutions for your organization, a national program is the way to go. Not only does it help you generate revenue, but it can keep your company focused on core business initiatives and help reduce risks associated with vendors on site.
The role of procurement has evolved into a strategic department that can help increase revenue. No longer is the sourcing of goods and services done out of some dark and distant office with the sole purpose of finding the best suppliers for the best cost. Procurement is often front-and-center in the overall business strategy in many companies, as its value lends itself to these three core pillars for success: increasing revenue, operational efficiency, and retaining talent. In regards to increasing revenue, here are three ways your procurement team can positively influence your bottom line.
The need for consistency is pervasive in both our personal and professional lives. It's what helps us cope with the complexities of the world around us and become more efficient versions of ourselves. The same holds true for organizations. In order to outperform your competition, your company needs to achieve maximum efficiency. One way to accomplish this is through consistent frameworks and processes, be it with an IT service or a facilities maintenance plan. Or, in this case, a national vending program.