A retail store in 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, a number 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 essential – In addition proper inventory management techniques keep the money from slipping with the cracks, nevertheless they protect you against major fines, license revocation, and perhaps 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 local government can spot when regulated cannabiscultivationconsulting.com are diverted to the illicit market. Without these regulations regarding inventory management and tracking, it will be very likely for such products to end up in the hands of minors.
The Greatest Pain Points for Dispensary Inventory Management – Setting up and maintaining a trusted 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 exists not really enough time for business owners to finish each of the tasks needed in a day. So when it comes to creating and looking after systems for inventory management, many cannabis business owners check out turnkey technology solutions which will largely automate the procedure.
Making your inventory management procedures as efficient and streamlined as possible could save you time. And beyond that, it can help mitigate the potential risk 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 to the inventory reported within the state or provincial seed-to-sale tracking system. If you will find any discrepancies, local governments expect those to become properly reported. And failure to comply will set you back money or maybe your license.
Doing inventory audits and effectively reporting adjustments might be a giant headache without help. Luckily, a great cannabis inventory system may help have the inventory auditing process easier and consider the complexity out of reporting.
Data Security – Making an effort to maintain inventory and store records is actually all for nothing if this data can’t be accessed because of theft or corruption. And because 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), failing to properly protect your cannabis retail data may cause major compliance issues for years to come.
Establishing your very own secure servers could be costly and time-consuming. In order to avoid possible security breaches and data compliance issues, cannabis retailers often choose reliable technology firms that possess a track record of data security.
Turning inventory data into actionable business insights – Inventory management details are 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 all on your own, cannabis business people can count on inventory management software that features high-quality reports with actionable insights.
Choosing the Right Dispensary Inventory Management Technology – To truly streamline dispensary inventory management, partner having a technology provider focused on the cannabis industry. When looking for which tool to buy, you need to search for these features:
Integration with all 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 become reported inside the right format each day.
Any POS and inventory management system you put money into should integrate directly together with your state or province, eliminating any manual reporting or formatting and helping you save time, money, and the risk of costly compliance errors.
Integration with hardware – Manually inputting all product information or sales data will be a costly use of your staff’s some time and opens your business as much as compliance risk. Before investing in a POS or inventory management system, be certain it can integrate with any hardware (barcode scanners, computers, tablets) you already have or are looking fswqwf buy.
Data security and redundancy – Whatever POS and inventory management system you select on for the dispensary, it is actually essential to make certain the provider can keep your information safe. When evaluating a technology partner, make certain they could provide world-class servers and cloud-based services that make sure your details are scalable, secure, and available whenever you require it.
Product recall and loss tracking capabilities – When dealing with cannabis-based products, there is certainly always a risk of losing inventory due to damage, deterioration, or accident. And often cultivators and manufacturers release products which become tainted or unsafe. Your dispensary’s POS and inventory management system should track any lost products and flag any products placed under recall.