A retail store in any industry would suffer without strong inventory management procedures. However for cannabis retailers operating in a fraught regulatory landscape, a solid inventory management system is absolutely vital.
Let’s discuss the value of cannabis inventory management, some of the biggest pain points for cannabis retailers, and how to choose a proper cannabis retail pos solution for the business.
Why Dispensary Inventory Management is essential – In addition proper inventory management techniques maintain your money from slipping with the cracks, nevertheless they protect you against major fines, license revocation, and possibly even arrest.
States and provinces all have cumbersome regulatory frameworks. However, these intense and often confusing regulations do serve a significant purpose. By closely monitoring retail cannabis inventory, the local government can spot when regulated cannabis inventory control plan are diverted in to the illicit market. Without these regulations regarding inventory management and tracking, it would be much more likely for these products to finish up at the disposal of minors.
The Largest Pain Points for Dispensary Inventory Management – Establishing and maintaining a reliable inventory management system for the cannabis dispensary takes effort and may create frustration. Here are the most common pain points cannabis retail owners experience:
Time – There exists not sufficient time for business people to complete all of the tasks needed in a day. So with regards to creating and looking after systems for inventory management, many cannabis business people turn to turnkey technology solutions that will largely automate this process.
Making your inventory management procedures as efficient and streamlined as possible could save you time. And beyond that, it may 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 inside your store and comparing it for the inventory reported in 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 cost you money or your license.
Doing inventory audits and effectively reporting adjustments will be a giant headache without help. Luckily, a great cannabis inventory system will help have the inventory auditing process easier and consider the complexity from reporting.
Data Security – Making an effort to keep inventory and store records is all for nothing if that data can’t be accessed as a result of theft or corruption. And because local governments require data to get 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 may cause major compliance issues for many years.
Putting together 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 businesses that have a reputation for 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 must be translated into meaningful reports. Rather than crunching numbers all on your own, cannabis business owners can rely on inventory management software that features high-quality reports with actionable insights.
Choosing the correct Dispensary Inventory Management Technology – To actually streamline dispensary inventory management, partner using a technology provider focused on the cannabis industry. When looking for which tool to purchase, you ought to search for these features:
Integration with 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 several require these numbers to get reported within the right format each 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 saving you time, money, and the potential risk of costly compliance errors.
Integration with hardware – Manually inputting all product information or sales data will be a costly usage of your staff’s time as well as opens your company approximately compliance risk. Before investing in a POS or inventory management system, make sure it could integrate with any hardware (barcode scanners, computers, tablets) you currently have or are seeking fswqwf buy.
Data security and redundancy – Whatever POS and inventory management system you select on to your dispensary, it really is crucial to ensure the provider will keep your data safe. When evaluating a technology partner, make sure they are able to provide world-class servers and cloud-based services that ensure your information is scalable, secure, and available whenever you need it.
Product recall and loss tracking capabilities – When confronted 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 turn out to be tainted or unsafe. Your dispensary’s POS and inventory management system should track any lost products and flag any products placed under recall.