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 system is absolutely vital.
Let’s discuss the significance of cannabis inventory management, a number of the biggest pain points for cannabis retailers, and how to find a proper cannabis retail pos solution for your business.
Why Dispensary Inventory Management is essential – Furthermore proper inventory management techniques keep the money from slipping from the cracks, nevertheless they protect you from major fines, license revocation, and perhaps even arrest.
States and provinces all have cumbersome regulatory frameworks. But these intense and often confusing regulations do serve a significant purpose. By closely monitoring retail cannabis inventory, the neighborhood 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 more likely for these particular products to finish up in the hands of minors.
The Greatest Pain Points for Dispensary Inventory Management – Setting up and maintaining a reliable inventory management system for the cannabis dispensary takes work and may create frustration. Here are the most common pain points cannabis retail owners experience:
Time – There is certainly simply not plenty of time for business owners to complete all 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 the procedure.
Making your inventory management procedures as efficient and streamlined as you can could save you time. And beyond that, it can 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 will need to regularly enforce inventory audits, counting the physical inventory within your store and comparing it for the inventory reported in 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 properly reporting adjustments might be a giant headache without help. Luckily, a good cannabis inventory system can help make the inventory auditing process easier and take the complexity from reporting.
Data Security – Working hard to maintain inventory and store records is all for nothing in the event that data can’t be accessed as a result of theft or corruption. And furthermore, as local governments require data to be stored long after it’s reported (2 yrs in some states or higher to seven years in others), neglecting to properly protect your cannabis retail data could cause major compliance issues for years to come.
Setting up your very own secure servers could be costly and time-consuming. To prevent possible security breaches and data compliance issues, cannabis retailers often choose reliable technology businesses that have 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 should be translated into meaningful reports. Rather than crunching numbers on your own, cannabis business owners can depend on inventory management software that features high-quality reports with actionable insights.
How to pick the best Dispensary Inventory Management Technology – To really streamline dispensary inventory management, partner using a technology provider focused on the cannabis industry. When looking for which tool to invest in, you need to look for these features:
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 many require these numbers to be reported in the right format every day.
Any POS and inventory management system you invest in should integrate directly together 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 is going to be a costly utilization of your staff’s time and opens your company 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 seeking fswqwf buy.
Data security and redundancy – Whatever POS and inventory management system you select on for your dispensary, it is critically important to ensure the provider can keep your information safe. When looking for a technology partner, make certain they can provide world-class servers and cloud-based services that ensure your data is scalable, secure, and available whenever you need it.
Product recall and loss tracking capabilities – When dealing with cannabis-based products, there is always a risk of losing inventory due to damage, deterioration, or accident. And sometimes 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.