A retail store in almost any industry would suffer without strong inventory management procedures. However for cannabis retailers operating in a fraught regulatory landscape, a solid inventory management system is absolutely vital.
Let’s discuss the importance of cannabis inventory management, some of the biggest pain points for cannabis retailers, and how to choose a proper cannabis retail pos solution to your business.
Why Dispensary Inventory Management is essential – In addition proper inventory management techniques keep the money from slipping through the cracks, but they protect you from major fines, license revocation, and maybe even arrest.
States and provinces all have cumbersome regulatory frameworks. However, these intense and often confusing regulations do serve an essential 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 much more likely for these particular products to finish up at the disposal of minors.
The Biggest Pain Points for Dispensary Inventory Management – Putting together and maintaining a trusted inventory management system to your cannabis dispensary takes effort and will create frustration. Here are among the most typical pain points cannabis retail owners experience:
Time – There is not really sufficient time for business owners to complete all of the tasks needed in a day. So in terms of creating and maintaining systems for inventory management, many cannabis business owners look to 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 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 need to regularly enforce inventory audits, counting the physical inventory inside your store and comparing it to the inventory reported within the state or provincial seed-to-sale tracking system. If you can find any discrepancies, local governments expect those to become properly reported. And failure to comply will set you back money or maybe your license.
Doing inventory audits and effectively reporting adjustments will be a giant headache without help. Luckily, a great cannabis inventory system can help make the inventory auditing process easier and take the complexity away from reporting.
Data Security – Working hard to keep inventory and store records is actually all for nothing if that data can’t be accessed due to theft or corruption. And since 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 can cause major compliance issues for years to come.
Establishing your personal secure servers may be costly and time-consuming. To avoid possible security breaches and data compliance issues, cannabis retailers often consider reliable technology companies that use a reputation for data security.
Turning inventory data into actionable business insights – Inventory management details are a treasure trove for actionable business insights. But to be able to garner these insights, the numbers has to be translated into meaningful reports. Instead of crunching numbers on your own, cannabis business owners can depend 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 buy, you should look for these features:
Integration with 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 become reported in the right format each day.
Any POS and inventory management system you spend money on should integrate directly along with your state or province, eliminating any manual reporting or formatting and helping you save time, money, and the potential risk of costly compliance errors.
Integration with hardware – Manually inputting all product information or sales data is going to be a costly usage of your staff’s some time and opens your business up to compliance risk. Before investing in a POS or inventory management system, be certain it may integrate with any hardware (barcode scanners, computers, tablets) you currently have or are seeking fswqwf buy.
Data security and redundancy – Whatever POS and inventory management system you select on for the dispensary, it is crucial to ensure the provider are able to keep your computer data safe. When evaluating a technology partner, make sure they could provide world-class servers and cloud-based services that be sure that your data is scalable, secure, and available whenever you require it.
Product recall and loss tracking capabilities – When confronted 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 turn out to be tainted or unsafe. Your dispensary’s POS and inventory management system should track any lost products and flag any products placed under recall.