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 method is absolutely vital.
Let’s discuss the value of cannabis inventory management, some of the biggest pain points for cannabis retailers, and how to find a proper cannabis retail pos solution for the business.
Why Dispensary Inventory Management is very important – Furthermore proper inventory management techniques keep your money from slipping from the cracks, nevertheless they protect you from major fines, license revocation, and possibly even arrest.
States and provinces all have cumbersome regulatory frameworks. But these intense and often confusing regulations do serve a significant purpose. By closely monitoring retail cannabis inventory, the neighborhood government can spot when regulated cannabiscultivationconsulting.com are diverted into the illicit market. Without these regulations regarding inventory management and tracking, it will be very likely for these particular products to finish up in the hands of minors.
The Biggest Pain Points for Dispensary Inventory Management – Establishing and looking after a trusted inventory management system for your cannabis dispensary takes work and will create frustration. Here are among the most frequent pain points cannabis retail owners experience:
Time – There is certainly simply not enough time for business owners to end all of 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 you can can save you time. And beyond that, it can 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 have to regularly enforce inventory audits, counting the physical inventory within your store and comparing it towards the inventory reported inside the state or provincial seed-to-sale tracking system. If there are any discrepancies, local governments expect those to get properly reported. And failure to comply will cost you money or maybe your license.
Doing inventory audits and properly reporting adjustments might be a giant headache without help. Luckily, an excellent cannabis inventory system can help have the inventory auditing process easier and take the complexity from reporting.
Data Security – Making an effort to keep inventory and store records is perhaps all for nothing if this data can’t be accessed due to theft or corruption. And furthermore, as local governments require data to become stored a long time after it’s reported (a couple of years in some states or higher to seven years in others), failing to properly protect your cannabis retail data can cause major compliance issues for a long time.
Putting together your very own secure servers may be costly and time-consuming. To prevent possible security breaches and data compliance issues, cannabis retailers often consider reliable technology firms that possess a 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 should be translated into meaningful reports. As opposed to crunching numbers on your own, cannabis business owners can count on inventory management software that has high-quality reports with actionable insights.
How to pick the best Dispensary Inventory Management Technology – To actually streamline dispensary inventory management, partner with a technology provider focused on the cannabis industry. When evaluating which tool to invest in, you should try to find 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 your state-administered traceability program and lots of require these numbers to be reported inside the right format every single 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 chance of costly compliance errors.
Integration with hardware – Manually inputting all product information or sales data will be a costly utilization of your staff’s time as well as opens your small business up to compliance risk. Before investing in a POS or inventory management system, be certain 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 essential to make certain the provider can keep your data safe. When looking for a technology partner, make sure they can provide world-class servers and cloud-based services that be sure that your details are scalable, secure, and available whenever you really need it.
Product recall and loss tracking capabilities – While confronting cannabis-based products, there is certainly always a danger of losing inventory because of damage, deterioration, or accident. And quite often cultivators and manufacturers release products which 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.