A store in every industry would suffer without strong inventory management procedures. But for cannabis retailers operating in a tangled up regulatory landscape, marijuana inventory procedures is totally vital.
Let’s discuss the value of cannabis inventory management, a few of the biggest pain points for cannabis retailers, and how to find a proper cannabis retail pos solution for your business.
Why Dispensary Inventory Management is essential
In addition proper inventory management techniques keep the money from slipping with the cracks, however they protect you against major fines, license revocation, and perhaps even arrest.
States and provinces all have cumbersome regulatory frameworks. However these intense and often confusing regulations do serve an essential purpose. By closely monitoring retail cannabis inventory, the local government can spot when regulated cannabis products are diverted in to the illicit market. Without these regulations regarding inventory management and tracking, it will be more likely for these products to end up at the disposal of minors.
The Greatest Pain Points for Dispensary Inventory Management
Setting up and looking after a reliable inventory management system to your cannabis dispensary takes effort and can create frustration. Here are among the most common pain points cannabis retail owners experience:
There is not sufficient time for business owners to finish all 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 will largely automate the process.
Making your inventory management procedures as efficient and streamlined as you can could 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.
2. 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 for the inventory reported within the state or provincial seed-to-sale tracking system. If you can find any discrepancies, local governments expect those to get properly reported. And failure to comply will set you back money or maybe your license.
Doing inventory audits and effectively reporting adjustments would be a giant headache without help. Luckily, an excellent cannabis inventory system will help make the inventory auditing process easier and take the complexity out of reporting.
3. Data Security
Working hard to keep up inventory and store records is perhaps all for nothing in the event that data can’t be accessed due to theft or corruption. And because local governments require data to become stored a long time after it’s reported (2 yrs in some states or higher to seven years in others), failing to properly protect your cannabis retail data can cause major compliance issues for many years.
Putting together your own secure servers may be costly and time-consuming. To avoid possible security breaches and data compliance issues, cannabis retailers often turn to reliable technology companies that use a good reputation for data security.
4. Turning inventory data into actionable business insights
Inventory management data is a treasure trove for actionable business insights. But so that you can garner these insights, the numbers must be translated into meaningful reports. Rather than crunching numbers by yourself, cannabis business people can rely on inventory management software that includes high-quality reports with actionable insights.
Choosing the best 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 need to search for these characteristics:
1. 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 a state-administered traceability program and lots of require these numbers to become reported inside the right format each day.
Any POS and inventory management system you spend money on should integrate directly together with your state or province, eliminating any manual reporting or formatting and helping you save time, money, and the chance of costly compliance errors.
2. Integration with hardware
Manually inputting all product information or sales data will probably be a costly usage of your staff’s some time and opens your small business as much as 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 are looking to buy.
3. Data security and redundancy
Whatever POS and inventory management system you choose on to your dispensary, it is actually essential to ensure the provider will keep your information safe. When evaluating a technology partner, make sure they tzcpsx provide world-class servers and cloud-based services that ensure your information is scalable, secure, and available whenever you require it.
4. 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 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.