A store in any industry would suffer without strong inventory management procedures. However 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, a number of the biggest pain points for cannabis retailers, and how to locate a proper cannabis retail pos solution for the business.
Why Dispensary Inventory Management is very important – In addition proper inventory management techniques maintain your money from slipping with the cracks, nevertheless they protect from major fines, license revocation, and possibly even arrest.
States and provinces all have cumbersome regulatory frameworks. But these intense and frequently confusing regulations do serve an essential purpose. By closely monitoring retail cannabis inventory, the local government can spot when regulated cannabiscultivationconsulting.com are diverted to the illicit market. Without these regulations regarding inventory management and tracking, it might be very likely for these products to finish up at the disposal of minors.
The Biggest Pain Points for Dispensary Inventory Management – Putting together and looking after a dependable inventory management system for your cannabis dispensary takes hard work and will create frustration. Here are among the most typical pain points cannabis retail owners experience:
Time – There exists not really sufficient time for business people to end all of the tasks needed in a day. So with regards to creating and maintaining 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 potential 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 will have to regularly enforce inventory audits, counting the physical inventory inside your store and comparing it towards the inventory reported within the state or provincial seed-to-sale tracking system. If you will find any discrepancies, local governments expect those to be properly reported. And failure to comply will set you back money or perhaps your license.
Doing inventory audits and effectively reporting adjustments would be a giant headache without help. Luckily, a great cannabis inventory system will help have the inventory auditing process easier and take the complexity from reporting.
Data Security – Making an effort to keep up inventory and store records is perhaps all for nothing if that data can’t be accessed because of theft or corruption. And because local governments require data to become stored a long time after it’s reported (two years in certain states and up to seven years in others), neglecting to properly protect your cannabis retail data can cause major compliance issues for many years.
Setting up your very own secure servers may be costly and time-consuming. To avoid possible security breaches and data compliance issues, cannabis retailers often turn to reliable technology companies that use a reputation for data security.
Turning inventory data into actionable business insights – Inventory management data is a treasure trove for actionable business insights. But in order to garner these insights, the numbers must be translated into meaningful reports. Rather than crunching numbers all on your own, cannabis business people can rely on inventory management software that features high-quality reports with actionable insights.
How to Choose the best 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 purchase, you should look for these features:
Integration with the local government’s seed-to-sale tracking system – Nearly all states and provinces require retail cannabis stores to report their inventory and sales transactions to a state-administered traceability program and many require these numbers to be reported inside the right format every day.
Any POS and inventory management system you spend money on should integrate directly together with your state or province, eliminating any manual reporting or formatting and saving you time, money, and the chance of costly compliance errors.
Integration with hardware – Manually inputting all product information or sales data will probably be a costly use of your staff’s time and opens your small business as much as compliance risk. Before investing in a POS or inventory management system, be certain it can integrate with any hardware (barcode scanners, computers, tablets) you already have or are seeking fswqwf buy.
Data security and redundancy – Whatever POS and inventory management system you decide on for your dispensary, it is actually essential to make sure the provider are able to keep your computer data safe. When evaluating a technology partner, make certain they are able to provide world-class servers and cloud-based services that make sure your data is scalable, secure, and available whenever you require it.
Product recall and loss tracking capabilities – While confronting cannabis-based products, there exists always a danger of losing inventory because of damage, deterioration, or accident. And quite often cultivators and manufacturers release items 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.