A store in almost any industry would suffer without strong inventory management procedures. But for cannabis retailers operating in a fraught regulatory landscape, a powerful inventory management system is absolutely vital.
Let’s discuss the significance of cannabis inventory management, a few of the biggest pain points for cannabis retailers, and how to find a proper cannabis retail pos solution for your business.
Why Dispensary Inventory Management is very important – In addition proper inventory management techniques keep the money from slipping through the cracks, however they protect you from major fines, license revocation, and possibly even arrest.
States and provinces all have cumbersome regulatory frameworks. However these intense and often confusing regulations do serve an important purpose. By closely monitoring retail cannabis inventory, the regional government can spot when regulated cannabis inventory control plan are diverted to the illicit market. Without these regulations regarding inventory management and tracking, it might be very likely for these particular products to finish up in the hands of minors.
The Biggest Pain Points for Dispensary Inventory Management – Establishing and maintaining a dependable inventory management system for your cannabis dispensary takes work and can create frustration. Here are among the most common pain points cannabis retail owners experience:
Time – There exists not plenty of time for company owners to finish all the tasks needed in a day. So with regards to creating and looking after systems for inventory management, many cannabis company owners look to turnkey technology solutions that will largely automate this process.
Making your inventory management procedures as efficient and streamlined as is possible could save you time. And beyond that, it will help mitigate the chance of fees, license suspensions or cancellations, or worse, while lowering costs, optimizing inventory decisions, and generating greater profits.
Recording & Reporting in a Compliant Manner – Every local government develops robust laws regarding inventory tracking and reporting for cannabis businesses. You will need to regularly enforce inventory audits, counting the physical inventory inside your store and comparing it for the inventory reported within the state or provincial seed-to-sale tracking system. If you will find any discrepancies, local governments expect those to get properly reported. And failure to comply can cost you money or maybe your license.
Doing inventory audits and effectively reporting adjustments might be a giant headache without help. Luckily, a good cannabis inventory system may help make the inventory auditing process easier and consider the complexity out of reporting.
Data Security – Making an effort to keep inventory and store records is all for nothing if that data can’t be accessed because of theft or corruption. And since local governments require data to get stored a long time after it’s reported (a couple of years in a few states or higher to seven years in others), failing to properly protect your cannabis retail data may cause major compliance issues for years to come.
Establishing your personal secure servers could be costly and time-consuming. To avoid possible security breaches and data compliance issues, cannabis retailers often turn to reliable technology firms that use a good reputation for data security.
Turning inventory data into actionable business insights – Inventory management information is a treasure trove for actionable business insights. But so that you can garner these insights, the numbers has to be translated into meaningful reports. Rather than crunching numbers all on your own, cannabis company owners can rely on inventory management software that features high-quality reports with actionable insights.
Choosing the correct Dispensary Inventory Management Technology – To actually streamline dispensary inventory management, partner using a technology provider focused on the cannabis industry. When looking for which tool to invest in, you need to try to find these functions:
Integration with the local government’s seed-to-sale tracking system – Practically all states and provinces require retail cannabis stores to report their inventory and sales transactions to your state-administered traceability program and several require these numbers to be reported inside the right format every day.
Any POS and inventory management system you put money into should integrate directly together with your state or province, eliminating any manual reporting or formatting and saving you time, money, and the potential risk of costly compliance errors.
Integration with hardware – Manually inputting all product information or sales data will be a costly use of your staff’s some time and opens your small business approximately compliance risk. Before investing in a POS or inventory management system, be certain it can integrate with any hardware (barcode scanners, computers, tablets) you have or are looking fswqwf buy.
Data security and redundancy – Whatever POS and inventory management system you choose on for your dispensary, it is critically important to make certain the provider are able to keep your data safe. When evaluating a technology partner, ensure they are able to provide world-class servers and cloud-based services that be sure that your information is scalable, secure, and available whenever you really need it.
Product recall and loss tracking capabilities – While confronting cannabis-based products, there is always a danger of losing inventory as a result of damage, deterioration, or accident. And sometimes cultivators and manufacturers release products that end up being tainted or unsafe. Your dispensary’s POS and inventory management system should track any lost products and flag any products placed under recall.