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 solid inventory management method is absolutely vital.
Let’s discuss the importance of cannabis inventory management, a number 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 maintain your money from slipping through the cracks, nevertheless they protect you from major fines, license revocation, and possibly even arrest.
States and provinces all have cumbersome regulatory frameworks. However these intense and often confusing regulations do serve an important purpose. By closely monitoring retail cannabis inventory, the regional government can spot when regulated cannabis inventory control plan are diverted into the illicit market. Without these regulations regarding inventory management and tracking, it would be very likely for these products to end up at the disposal of minors.
The Greatest Pain Points for Dispensary Inventory Management – Setting up and maintaining a dependable inventory management system to your cannabis dispensary takes effort and can create frustration. Here are some of the most common pain points cannabis retail owners experience:
Time – There exists simply not plenty of time for business people to finish all the tasks needed in a day. So when it comes 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 will help mitigate the 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 for the inventory reported within the state or provincial seed-to-sale tracking system. If you will find any discrepancies, local governments expect those to get properly reported. And failure to comply will set you back money or perhaps your license.
Doing inventory audits and effectively reporting adjustments will be a giant headache without help. Luckily, a great cannabis inventory system will help create the inventory auditing process easier and go ahead and take complexity from reporting.
Data Security – Working hard to maintain inventory and store records is actually all for nothing if this data can’t be accessed due to theft or corruption. And furthermore, as local governments require data to get stored a long time after it’s reported (2 yrs in certain states or higher to seven years in others), neglecting to properly protect your cannabis retail data can cause major compliance issues for many years.
Setting up your own secure servers may be costly and time-consuming. To prevent possible security breaches and data compliance issues, cannabis retailers often turn to reliable technology companies that use a good 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 company owners can count on inventory management software that includes high-quality reports with actionable insights.
How to pick the Right 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 invest in, you ought to search 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 some state-administered traceability program and many require these numbers to be reported in the right format each 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 saving you 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 use of your staff’s time and opens your business as much as compliance risk. Before investing in a POS or inventory management system, make sure 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 decide on for the dispensary, it is critically important to make sure the provider can keep your data safe. When evaluating a technology partner, make certain they are able to provide world-class servers and cloud-based services that make sure your data is scalable, secure, and available whenever you require it.
Product recall and loss tracking capabilities – While confronting cannabis-based products, there exists always a danger of losing inventory due to damage, deterioration, or accident. And quite 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.