A store in any industry would suffer without strong inventory management procedures. But for cannabis retailers operating in a fraught regulatory landscape, a strong inventory management method is absolutely vital.
Let’s discuss the value of cannabis inventory management, some of the biggest pain points for cannabis retailers, and how to choose a proper cannabis retail pos solution for the business.
Why Dispensary Inventory Management is very important – Not only do proper inventory management techniques keep your money from slipping from the cracks, however they protect from major fines, license revocation, and perhaps even arrest.
States and provinces all have cumbersome regulatory frameworks. However, these intense and frequently confusing regulations do serve a significant purpose. By closely monitoring retail cannabis inventory, the neighborhood government can spot when regulated cannabiscultivationconsulting.com are diverted in to the illicit market. Without these regulations regarding inventory management and tracking, it would be very likely for these products to end up at the disposal of minors.
The Greatest Pain Points for Dispensary Inventory Management – Setting up and maintaining a dependable inventory management system for your cannabis dispensary takes hard work and will create frustration. Here are the most typical pain points cannabis retail owners experience:
Time – There exists not really sufficient time for company owners to finish all of the tasks needed in a day. So when it comes to creating and maintaining systems for inventory management, many cannabis business owners turn 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 can help mitigate the risk 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 should regularly enforce inventory audits, counting the physical inventory inside your store and comparing it to the inventory reported in the state or provincial seed-to-sale tracking system. If you can 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 properly reporting adjustments would be a giant headache without help. Luckily, a good cannabis inventory system will help make the inventory auditing process easier and go ahead and take complexity from reporting.
Data Security – Spending so much time to maintain inventory and store records is all for nothing in the event that data can’t be accessed due to theft or corruption. And because local governments require data to become stored a long time after it’s reported (a couple of years in some 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 very own secure servers can be costly and time-consuming. To avoid possible security breaches and data compliance issues, cannabis retailers often choose reliable technology businesses that use a track record of data security.
Turning inventory data into actionable business insights – Inventory management details are a treasure trove for actionable business insights. But so that you can garner these insights, the numbers should be translated into meaningful reports. Rather than crunching numbers all on your own, cannabis company owners can rely on inventory management software that includes high-quality reports with actionable insights.
How to pick the Right Dispensary Inventory Management Technology – To truly streamline dispensary inventory management, partner having a technology provider focused on the cannabis industry. When looking for which tool to purchase, you ought to look for these functions:
Integration with the local government’s seed-to-sale tracking system – Virtually all states and provinces require retail cannabis stores to report their inventory and sales transactions to some state-administered traceability program and many require these numbers to become reported inside the right format each day.
Any POS and inventory management system you invest in should integrate directly with your state or province, eliminating any manual reporting or formatting and helping you save time, money, and the risk of costly compliance errors.
Integration with hardware – Manually inputting all product information or sales data will be a costly utilization of your staff’s some time and opens your company as much as compliance risk. Before investing in a POS or inventory management system, be sure it could integrate with any hardware (barcode scanners, computers, tablets) you currently have or are looking fswqwf buy.
Data security and redundancy – Whatever POS and inventory management system you decide on for your dispensary, it really is critically important to ensure the provider are able to keep your computer data safe. When looking for a technology partner, make certain they are able to provide world-class servers and cloud-based services that make sure your details are scalable, secure, and available whenever you require it.
Product recall and loss tracking capabilities – When dealing with cannabis-based products, there is certainly always a danger of losing inventory due to damage, deterioration, or accident. And often cultivators and manufacturers release products which 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.