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 powerful inventory management method is absolutely vital.
Let’s discuss the significance of cannabis inventory management, some 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 – In addition proper inventory management techniques keep the money from slipping with the cracks, however they protect you from major fines, license revocation, and possibly even arrest.
States and provinces all have cumbersome regulatory frameworks. However, these intense and quite often confusing regulations do serve an important purpose. By closely monitoring retail cannabis inventory, the neighborhood government can spot when regulated cannabis inventory control plan are diverted into the illicit market. Without these regulations regarding inventory management and tracking, it might be more likely for these particular products to end up in the hands of minors.
The Biggest Pain Points for Dispensary Inventory Management – Establishing and looking after a trusted inventory management system to your cannabis dispensary takes hard work and will create frustration. Here are some of the most typical pain points cannabis retail owners experience:
Time – There exists not really sufficient time for business owners to complete all the tasks needed in a day. So when it comes to creating and maintaining systems for inventory management, many cannabis company owners turn to turnkey technology solutions that can largely automate this process.
Making your inventory management procedures as efficient and streamlined as 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 inside 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 your license.
Doing inventory audits and properly reporting adjustments would be a giant headache without help. Luckily, an excellent cannabis inventory system can help have the inventory auditing process easier and go ahead and take complexity away from reporting.
Data Security – Making an effort to keep inventory and store records is actually all for nothing in the event that data can’t be accessed due to theft or corruption. And because local governments require data to get stored long after it’s reported (two years in some states and up to seven years in others), failing to properly protect your cannabis retail data may cause major compliance issues for many years.
Setting up your own secure servers may be costly and time-consuming. In order to avoid possible security breaches and data compliance issues, cannabis retailers often consider reliable technology companies 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 so that you can garner these insights, the numbers must be translated into meaningful reports. As opposed to crunching numbers all on your own, cannabis business people can depend on inventory management software that includes high-quality reports with actionable insights.
How to pick the Right Dispensary Inventory Management Technology – To really streamline dispensary inventory management, partner with a technology provider focused on the cannabis industry. When looking for which tool to purchase, you need to search for these functions:
Integration using the local government’s seed-to-sale tracking system – Nearly 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 be reported inside the right format every single day.
Any POS and inventory management system you put money into should integrate directly along with your state or province, eliminating any manual reporting or formatting and helping you save 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 usage of your staff’s time as well as opens your company as much as compliance risk. Before investing in a POS or inventory management system, be sure it can integrate with any hardware (barcode scanners, computers, tablets) you already have or are seeking fswqwf buy.
Data security and redundancy – Whatever POS and inventory management system you select on for your dispensary, it is essential to ensure the provider will keep your information safe. When looking for a technology partner, make certain they can provide world-class servers and cloud-based services that be sure that your information is scalable, secure, and available whenever you require it.
Product recall and loss tracking capabilities – While confronting cannabis-based products, there is always a risk of losing inventory because of damage, deterioration, or accident. And quite often cultivators and manufacturers release items 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.