A retail 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 locate a proper cannabis retail pos solution to your business.
Why Dispensary Inventory Management is Important – In addition proper inventory management techniques keep the 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 frequently confusing regulations do serve an important purpose. By closely monitoring retail cannabis inventory, the local government can spot when regulated cannabiscultivationconsulting.com are diverted to the illicit market. Without these regulations regarding inventory management and tracking, it would be much more likely for such products to terminate up at the disposal of minors.
The Biggest Pain Points for Dispensary Inventory Management – Establishing and maintaining a dependable inventory management system for your cannabis dispensary takes hard work and will create frustration. Here are among the most typical pain points cannabis retail owners experience:
Time – There is simply not sufficient time for company owners to end all the tasks needed in a day. So in terms of creating and looking after systems for inventory management, many cannabis company owners check out turnkey technology solutions that can largely automate this process.
Making your inventory management procedures as efficient and streamlined as is possible could save you time. And beyond that, it will 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 to the inventory reported in 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 cost you money or perhaps your license.
Doing inventory audits and effectively reporting adjustments might be a giant headache without help. Luckily, an excellent cannabis inventory system will help have the inventory auditing process easier and take the complexity away from reporting.
Data Security – Working hard 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 furthermore, as local governments require data to get stored a long time after it’s reported (a couple of years in a few 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 very own secure servers could be costly and time-consuming. To avoid possible security breaches and data compliance issues, cannabis retailers often choose reliable technology firms that use 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 to be able to garner these insights, the numbers should be translated into meaningful reports. As opposed to crunching numbers on your own, cannabis business people can count on inventory management software that features high-quality reports with actionable insights.
How to Choose the correct Dispensary Inventory Management Technology – To really streamline dispensary inventory management, partner having a technology provider focused on the cannabis industry. When looking for which tool to invest in, you should try to find these features:
Integration with all 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 many require these numbers to become reported inside the right format every single day.
Any POS and inventory management system you invest in should integrate directly 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 as well as opens your business as much as compliance risk. Before investing in a POS or inventory management system, be sure it could integrate with any hardware (barcode scanners, computers, tablets) you currently have or are searching fswqwf buy.
Data security and redundancy – Whatever POS and inventory management system you choose on to your dispensary, it is actually crucial to make sure the provider can keep your data safe. When evaluating a technology partner, make sure they are able to provide world-class servers and cloud-based services that make sure your data is scalable, secure, and available whenever you need it.
Product recall and loss tracking capabilities – When dealing with cannabis-based products, there exists always a danger of losing inventory as a result of damage, deterioration, or accident. And 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.