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 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 locate a proper cannabis retail pos solution to your business.
Why Dispensary Inventory Management is Important – Not only do proper inventory management techniques maintain your 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 frequently confusing regulations do serve an important 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 might be much more likely for such products to end up at the disposal of minors.
The Biggest Pain Points for Dispensary Inventory Management – Putting together and looking after a dependable inventory management system to your cannabis dispensary takes hard work and can create frustration. Here are some of the most typical pain points cannabis retail owners experience:
Time – There is simply not sufficient time for business owners to end each of the tasks needed in a day. So when it comes to creating and looking after systems for inventory management, many cannabis company owners turn to turnkey technology solutions that can largely automate the procedure.
Making your inventory management procedures as efficient and streamlined as possible will save you time. And beyond that, it may 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 towards the inventory reported inside the state or provincial seed-to-sale tracking system. If you will find any discrepancies, local governments expect those to be properly reported. And failure to comply will cost you money or your license.
Doing inventory audits and effectively reporting adjustments will be a giant headache without help. Luckily, a good cannabis inventory system will help have the inventory auditing process easier and consider the complexity from reporting.
Data Security – Working hard to keep inventory and store records is all for nothing in the event that data can’t be accessed because of theft or corruption. And furthermore, as local governments require data to become stored long after it’s reported (2 yrs in some states or higher to seven years in others), failing to properly protect your cannabis retail data may cause major compliance issues for years to come.
Setting up your personal secure servers could be costly and time-consuming. To prevent possible security breaches and data compliance issues, cannabis retailers often choose reliable technology businesses that use a good reputation for data security.
Turning inventory data into actionable business insights – Inventory management information 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 by yourself, cannabis business owners can count on inventory management software that includes high-quality reports with actionable insights.
Choosing the correct Dispensary Inventory Management Technology – To really streamline dispensary inventory management, partner using a technology provider focused on the cannabis industry. When evaluating which tool to buy, you need to try to find these functions:
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 your state-administered traceability program and several require these numbers to get reported inside the right format each day.
Any POS and inventory management system you invest in should integrate directly together 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 probably be a costly utilization of your staff’s time as well as opens your business up to compliance risk. Before investing in a POS or inventory management system, be certain it can 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 select on for your dispensary, it really is essential to make certain the provider can keep your data safe. When looking for a technology partner, ensure they can provide world-class servers and cloud-based services that make sure your details are scalable, secure, and available whenever you really need it.
Product recall and loss tracking capabilities – When dealing with cannabis-based products, there exists always a risk of losing inventory due to damage, deterioration, or accident. And sometimes cultivators and manufacturers release products that become tainted or unsafe. Your dispensary’s POS and inventory management system should track any lost products and flag any products placed under recall.