A retail store in almost 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 your business.
Why Dispensary Inventory Management is Important – Furthermore proper inventory management techniques maintain your money from slipping through the cracks, nevertheless they protect you against major fines, license revocation, and perhaps even arrest.
States and provinces all have cumbersome regulatory frameworks. But these intense and quite often confusing regulations do serve an important purpose. By closely monitoring retail cannabis inventory, the regional 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 Greatest Pain Points for Dispensary Inventory Management – Establishing and looking after a reliable inventory management system for your cannabis dispensary takes work and will create frustration. Here are among the most frequent pain points cannabis retail owners experience:
Time – There exists not really plenty of time for business people to complete all of the tasks needed in a day. So in terms of creating and maintaining systems for inventory management, many cannabis business people check out turnkey technology solutions which will largely automate the process.
Making your inventory management procedures as efficient and streamlined as you can 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 need to regularly enforce inventory audits, counting the physical inventory within your store and comparing it to 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 maybe your license.
Doing inventory audits and effectively reporting adjustments would be a giant headache without help. Luckily, a good cannabis inventory system can help have the inventory auditing process easier and go ahead and take complexity from reporting.
Data Security – Making an effort to keep inventory and store records is all for nothing if this data can’t be accessed due to theft or corruption. And since local governments require data to get stored long after it’s reported (2 yrs in certain states or higher to seven years in others), neglecting to properly protect your cannabis retail data may cause major compliance issues for years to come.
Putting together your very own secure servers may be costly and time-consuming. To prevent possible security breaches and data compliance issues, cannabis retailers often choose reliable technology businesses 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 so that you can garner these insights, the numbers has to be translated into meaningful reports. Instead of crunching numbers on your own, cannabis business people can depend on inventory management software that includes 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 looking for which tool to purchase, you need to look for these characteristics:
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 a state-administered traceability program and several require these numbers to be reported within the right format each 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 helping you save 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 utilization of your staff’s time as well as opens your business approximately compliance risk. Before investing in a POS or inventory management system, make sure it may 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 select on to your dispensary, it is essential to make sure the provider can keep your data safe. When evaluating a technology partner, make certain they could provide world-class servers and cloud-based services that be sure that your information is scalable, secure, and available whenever you need it.
Product recall and loss tracking capabilities – When dealing with cannabis-based products, there is certainly always a risk of losing inventory as a result of damage, deterioration, or accident. And often 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.