Machines & Accessories
Vending software uses IoT to help manage operations
Washington, D.C.-based Vagabond Vending manufactures cloud-based mobile software that uses Google Maps’ geolocation services and the Internet of Things to help vending machine operators manage their operations.
Vagabond’s Internet of Things network allows vending machine operators to remotely see when stock is low, as well as how quickly items are selling, to arrange for refill service as the machine needs it, the company said in a news release. The sensors provide real-time data that also can identify malfunctions so broken machines can be fixed as soon as possible.
Because operators know which products sell best in which machines, they can tailor their inventories to meet customer demand, which increases revenue per machine by an average of 15 per cent, said Michael Lovett, Vagabond co-founder and chief executive officer, in the release. Creating efficient routes reduces the amount of overtime paid to drivers, as well as gas and truck maintenance costs.
Vagabond customers are seeing as much as a 15 per cent reduction in spending as well, meaning operators can increase profit margins from 2.5 to 20 per cent, Lovett said.