A store in almost any industry would suffer without strong inventory management procedures. However for cannabis retailers operating in a fraught regulatory landscape, a powerful inventory management method is absolutely vital.
Let’s discuss the importance of cannabis inventory management, a few of the biggest pain points for cannabis retailers, and how to locate a proper cannabis retail pos solution to your business.
Why Dispensary Inventory Management is very important – Furthermore proper inventory management techniques keep your money from slipping through the cracks, however they protect you 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 an essential purpose. By closely monitoring retail cannabis inventory, the local government can spot when regulated cannabis inventory control plan are diverted to the illicit market. Without these regulations regarding inventory management and tracking, it will be much more likely for these particular products to finish up at the disposal of minors.
The Largest Pain Points for Dispensary Inventory Management – Putting together and maintaining a dependable inventory management system for your cannabis dispensary takes effort and can create frustration. Here are among the most common pain points cannabis retail owners experience:
Time – There is certainly not really plenty of time for company owners to complete each of the tasks needed in a day. So with regards to creating and looking after systems for inventory management, many cannabis company owners check out turnkey technology solutions that can largely automate the process.
Making your inventory management procedures as efficient and streamlined as is possible will save you time. And beyond that, it can 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 within your store and comparing it to the inventory reported in the state or provincial seed-to-sale tracking system. If there are any discrepancies, local governments expect those to get properly reported. And failure to comply will cost you money or maybe your license.
Doing inventory audits and effectively reporting adjustments will be a giant headache without help. Luckily, a good cannabis inventory system can help create the inventory auditing process easier and consider the complexity from reporting.
Data Security – Making an effort to maintain inventory and store records is all for nothing if that data can’t be accessed as a result of theft or corruption. And because local governments require data to become stored a long time after it’s reported (2 yrs in certain states and up to seven years in others), failing to properly protect your cannabis retail data can cause major compliance issues for many years.
Establishing 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 companies that have a track record of 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 should be translated into meaningful reports. Instead of crunching numbers on your own, cannabis company owners can rely on inventory management software that includes high-quality reports with actionable insights.
How to pick the best Dispensary Inventory Management Technology – To truly streamline dispensary inventory management, partner using a technology provider focused on the cannabis industry. When looking for which tool to invest in, you ought to search for these characteristics:
Integration using 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 your state-administered traceability program and several require these numbers to be reported within 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 usage of your staff’s time as well as opens your company as much as compliance risk. Before investing in a POS or inventory management system, be sure 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 the dispensary, it really is critically important to make certain the provider can keep your information safe. When looking for a technology partner, make sure they could provide world-class servers and cloud-based services that ensure your information is scalable, secure, and available whenever you really need it.
Product recall and loss tracking capabilities – When dealing with cannabis-based products, there is always a risk of losing inventory as a result of damage, deterioration, or accident. And often cultivators and manufacturers release products that become tainted or unsafe. Your dispensary’s POS and inventory management system should track any lost products and flag any products placed under recall.