On the occasion of his receipt of an umpteenth award, (the latest, a NIVO), we bring you our Q&A with one of vending’s most familiar figures: Kevin Reed, of Siemens Financial Services.
Q: In the 30 years you have worked in vending what are the greatest changes have you witnessed in the industry?
A: One substantial change has been the way the vending industry has grown to embrace the benefits of financing. Customers and vending operators alike now recognise the benefits of leasing rather than traditional bank loans. When I first joined this industry there was a perception that financing companies didn’t understand the value and use of the machines; this is something I’ve proudly seen change completely during my time in the industry.
More recently, the change I’ve witnessed relates to how vending operators are presenting themselves to the customer. There is an increasing recognition by vending operators that they are in effect retailers, often providing the ‘coffee shop experience’ and providing an important service. As a result, they are introducing higher quality products that compete with the high street. This trend in presentation also extends to the equipment itself, with vending operators opting for more sophisticated machines that are a far cry from those of the 1980s.
‘If you work in vending for two years you’ll do it for the rest of your life.’ Kevin Reed
Q: How do you feel the financial services sector has responded to these changes?
A: The sector has responded by recognising that the machines and offerings to customers have changed and will continue to change. Financial services providers are ensuring that they are ready and able to finance the next generation of vending machines, as well as micro market and café bar service deliveries, in addition to planning for the future developments and service needs for financing in the sector..
At Siemens Financial Services we have responded by being innovative with our offering and service delivery. We recognise that vending is a 24/7 operation and therefore have a 24/7 service so that vending operators can always contact the business. Similarly we provide even faster means of payment and now e-signature to reduce the time contracts and other important documents spend in transit to customers.
Q: How do you envisage the future of the vending industry? What are your hopes for the future.
A: My hope is that the industry doesn’t lose its camaraderie. Anyone who has worked in or with the vending industry knows that it is a welcoming and friendly place and this is culture is crucial to the way we build relationships with our customers.
I hope that all vending operators continue to openly embrace change and welcome technological advancements. The signs are that digitalization will bring with it new opportunities, as with other areas of innovation to the industry, such as video screens and premium quality drinks and consumer-driven developments and products.
Q: Have there been any standout moments in your career? (for example receiving the AVA award)?
A: Fifteen years ago I began working exclusively in the vending industry within SFS and this was undoubtedly a career-defining moment that helped me to recognise what a wonderful industry it was, and still is. Similarly, the feeling of winning my first personal vending recognition award was a moment that made me truly appreciate being a part of this industry.
In 2015 the team at SFS and I had a particularly memorable year by winning some of the industry’s most prestigious awards for financing companies/supporters of the vending sector. I also received a personal award and a customer service award presented to me by SFS. That made 2015 a special and standout year for the SFS team and for me personally.
Q: Any amusing anecdotes from your time in the industry?
A: I was by the pool when I bumped into Teddy Sheringham at a conference in Portugal, just after I’d been presented with two awards. He was kind enough to agree to take a photo with me… and the awards! It was a great moment.
Q: Anything you’d like to add…?
A: I’ve worked in in equipment finance and leasing for thirty years and during that time I’ve never known an industry quite like the vending sector. Someone once told me “if you work in vending for two years you’ll do it for the rest of your life” and it’s true. This industry is full of the warmest and most hardworking individuals I’ve had the pleasure to meet and I feel very lucky to be part of it.
Planet Vending would like thank Kevin Reed for taking part.
