A store in almost any industry would suffer without strong inventory management procedures. But for cannabis retailers operating in a tangled up regulatory landscape, cannabis inventory procedures is absolutely vital.
Let’s discuss the importance of cannabis inventory management, a few of the biggest pain points for cannabis retailers, and how to find a proper cannabis retail pos solution to your business.
Why Dispensary Inventory Management is very important
Furthermore proper inventory management techniques keep the money from slipping through the cracks, however they protect you from major fines, license revocation, and perhaps even arrest.
States and provinces all have cumbersome regulatory frameworks. However these intense and quite often confusing regulations do serve an essential purpose. By closely monitoring retail cannabis inventory, the neighborhood government can spot when regulated cannabis products are diverted in to the illicit market. Without these regulations regarding inventory management and tracking, it might be much more likely for these products to terminate up in the hands of minors.
The Biggest Pain Points for Dispensary Inventory Management
Establishing and looking after 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:
There is certainly simply not plenty of time for business people to finish all of the tasks needed in a day. So with regards to creating and maintaining 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 you can will 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.
2. Recording & Reporting in a Compliant Manner
Every local government develops robust laws regarding inventory tracking and reporting for cannabis businesses. You should regularly enforce inventory audits, counting the physical inventory inside your store and comparing it to the inventory reported inside the state or provincial seed-to-sale tracking system. If there are any discrepancies, local governments expect those to be properly reported. And failure to comply will set you back money or maybe your license.
Doing inventory audits and properly reporting adjustments would be a giant headache without help. Luckily, an excellent cannabis inventory system will help have the inventory auditing process easier and consider the complexity from reporting.
3. Data Security
Spending so much time to keep up 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 since local governments require data to get stored long after it’s reported (a couple of years in certain states or higher 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 own secure servers could be costly and time-consuming. To prevent possible security breaches and data compliance issues, cannabis retailers often turn to reliable technology businesses that use a track record of data security.
4. 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. Instead of crunching numbers by yourself, cannabis business people can rely on inventory management software that includes high-quality reports with actionable insights.
How to Choose the Right 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 purchase, you ought to search for these functions:
1. 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 some state-administered traceability program and lots of require these numbers to become reported within the right format every single day.
Any POS and inventory management system you put money into should integrate directly with your state or province, eliminating any manual reporting or formatting and saving you time, money, and the chance of costly compliance errors.
2. Integration with hardware
Manually inputting all product information or sales data will be a costly use of your staff’s time and opens your small business approximately compliance risk. Before investing in a POS or inventory management system, make sure it can integrate with any hardware (barcode scanners, computers, tablets) you already have or want to buy.
3. Data security and redundancy
Whatever POS and inventory management system you choose on to your dispensary, it really is essential to ensure the provider are able to keep your data safe. When evaluating a technology partner, make certain they tzcpsx provide world-class servers and cloud-based services that be sure that your details are scalable, secure, and available whenever you need it.
4. Product recall and loss tracking capabilities
While confronting cannabis-based products, there is always a risk of losing inventory due to damage, deterioration, or accident. And quite often cultivators and manufacturers release products which 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.