A retail store in 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 value of cannabis inventory management, a few of the biggest pain points for cannabis retailers, and how to locate a proper cannabis retail pos solution for your business.
Why Dispensary Inventory Management is very important – Furthermore proper inventory management techniques maintain your money from slipping with 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 quite often confusing regulations do serve a significant purpose. By closely monitoring retail cannabis inventory, the regional government can spot when regulated cannabiscultivationconsulting.com are diverted into the illicit market. Without these regulations regarding inventory management and tracking, it will be much more likely for these products to finish up in the hands of minors.
The Greatest Pain Points for Dispensary Inventory Management – Setting up and looking after a reliable inventory management system for the cannabis dispensary takes hard work and will create frustration. Here are some of the most common pain points cannabis retail owners experience:
Time – There is not plenty of time for business owners to finish all the tasks needed in a day. So with regards to creating and maintaining systems for inventory management, many cannabis company owners turn to turnkey technology solutions that can 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 inside your store and comparing it for the inventory reported inside the state or provincial seed-to-sale tracking system. If you can find any discrepancies, local governments expect those to be 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 will help make 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 in the event that data can’t be accessed because of theft or corruption. And since local governments require data to be stored a long time after it’s reported (a couple of years in certain states and up to seven years in others), neglecting to properly protect your cannabis retail data may cause major compliance issues for a long time.
Putting together your very own secure servers can be costly and time-consuming. In order to avoid possible security breaches and data compliance issues, cannabis retailers often choose reliable technology companies that possess a good reputation for 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 has to be translated into meaningful reports. As opposed to crunching numbers on your own, cannabis company owners can rely on inventory management software that has high-quality reports with actionable insights.
How to Choose the best Dispensary Inventory Management Technology – To actually streamline dispensary inventory management, partner with a technology provider focused on the cannabis industry. When looking for which tool to invest in, you ought to try to find these features:
Integration using the local government’s seed-to-sale tracking system – Practically all states and provinces require retail cannabis stores to report their inventory and sales transactions to some state-administered traceability program and several require these numbers to get reported within the right format every day.
Any POS and inventory management system you put money into should integrate directly along with your state or province, eliminating any manual reporting or formatting and saving you time, money, and the risk of costly compliance errors.
Integration with hardware – Manually inputting all product information or sales data will probably be a costly usage of your staff’s time as well as opens your small business as much as compliance risk. Before investing in a POS or inventory management system, be certain it could integrate with any hardware (barcode scanners, computers, tablets) you have or are searching fswqwf buy.
Data security and redundancy – Whatever POS and inventory management system you select on for the dispensary, it is actually crucial to ensure the provider are able to keep your data safe. When looking for a technology partner, make certain they can provide world-class servers and cloud-based services that be sure that 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 certainly always a risk of losing inventory as a result of damage, deterioration, or accident. And sometimes cultivators and manufacturers release products which become tainted or unsafe. Your dispensary’s POS and inventory management system should track any lost products and flag any products placed under recall.