Campus Vending: Are you Listening to Your Data
Should we put another vending machine in the Student Center? Are the new juice products in Martin Hall selling well? Is my commission payment this month accurate? If your auxiliary business unit has ever asked these questions, you are in good company. Vending is arguably one of the most difficult of revenue contracts to manage on campuses both large and small. A myriad of challenges are inherent in vending contracts, but many of the solutions can be found in your data.
Being able to understand the intelligence in your vending data is the key to successfully maximizing profits and improving efficiency in your vending operations. But understanding your data means that you need a reliable way to quickly access and analyze it, and that is a problem for most colleges and universities. The majority of auxiliary staffs usually depend on a combination of spreadsheets and paper files to manage revenue contracts. The information is often stored on different computers and in different offices which makes pulling data together time-consuming and error-prone.
A closer look at some of the specific challenges of vending contracts illustrates exactly why higher education auxiliary businesses must be in command of their vending data.
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