A store in 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 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 your business.
Why Dispensary Inventory Management is very important – Furthermore proper inventory management techniques maintain your money from slipping through the cracks, nevertheless they protect you against major fines, license revocation, and maybe 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 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 would be much more likely for these particular products to terminate up at the disposal of minors.
The Largest Pain Points for Dispensary Inventory Management – Setting up and looking after a dependable inventory management system to your cannabis dispensary takes effort and will create frustration. Here are some of the most frequent pain points cannabis retail owners experience:
Time – There is simply not plenty of time for business owners to complete each of the tasks needed in a day. So in terms of creating and maintaining systems for inventory management, many cannabis business owners check out turnkey technology solutions which will largely automate this process.
Making your inventory management procedures as efficient and streamlined as is possible will save you time. And beyond that, it may 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 should regularly enforce inventory audits, counting the physical inventory inside your store and comparing it towards the inventory reported inside 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 can cost you money or maybe your license.
Doing inventory audits and effectively reporting adjustments would be a giant headache without help. Luckily, an excellent cannabis inventory system will help make the inventory auditing process easier and go ahead and take complexity out of reporting.
Data Security – Working hard to maintain inventory and store records is all for nothing in the event that data can’t be accessed because of theft or corruption. And because local governments require data to become stored long after it’s reported (a couple of years in some states and up to seven years in others), failing to properly protect your cannabis retail data may cause major compliance issues for years to come.
Setting up your personal secure servers may be costly and time-consuming. To avoid possible security breaches and data compliance issues, cannabis retailers often choose reliable technology firms that possess a reputation for data security.
Turning inventory data into actionable business insights – Inventory management information is a treasure trove for actionable business insights. But to be able to garner these insights, the numbers must be translated into meaningful reports. Instead of crunching numbers on your own, cannabis business people can depend on inventory management software that features high-quality reports with actionable insights.
Choosing the correct Dispensary Inventory Management Technology – To truly streamline dispensary inventory management, partner with a technology provider focused on the cannabis industry. When evaluating which tool to purchase, you should try to find these functions:
Integration using 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 your state-administered traceability program and lots of require these numbers to become reported inside the right format every single day.
Any POS and inventory management system you invest in should integrate directly along with your state or province, eliminating any manual reporting or formatting and helping you save time, money, and the chance of costly compliance errors.
Integration with hardware – Manually inputting all product information or sales data will be a costly usage of your staff’s time and opens your business approximately compliance risk. Before investing in a POS or inventory management system, be sure it may integrate with any hardware (barcode scanners, computers, tablets) you have or are searching fswqwf buy.
Data security and redundancy – Whatever POS and inventory management system you decide on to your dispensary, it is critically important to make sure the provider can keep your computer data safe. When looking for a technology partner, ensure they can provide world-class servers and cloud-based services that make sure your data is scalable, secure, and available whenever you need it.
Product recall and loss tracking capabilities – When confronted with cannabis-based products, there is certainly always a danger of losing inventory due to damage, deterioration, or accident. And quite 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.