A store in almost any industry would suffer without strong inventory management procedures. However 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 Important
Furthermore proper inventory management techniques keep your money from slipping with the cracks, but they protect from major fines, license revocation, and maybe even arrest.
States and provinces all have cumbersome regulatory frameworks. But these intense and often confusing regulations do serve an important purpose. By closely monitoring retail cannabis inventory, the neighborhood government can spot when regulated cannabis goods are diverted to the illicit market. Without these regulations regarding inventory management and tracking, it might be much more likely for these products to end up at the disposal of minors.
The Greatest Pain Points for Dispensary Inventory Management
Putting together and looking after a reliable inventory management system for the cannabis dispensary takes hard work and will create frustration. Here are some of the most common pain points cannabis retail owners experience:
There exists not sufficient time for company owners to end all of the tasks needed in a day. So when it comes to creating and maintaining systems for inventory management, many cannabis business people check out turnkey technology solutions that will largely automate the procedure.
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 need to regularly enforce inventory audits, counting the physical inventory inside your store and comparing it towards the inventory reported within the state or provincial seed-to-sale tracking system. If there are any discrepancies, local governments expect those to be properly reported. And failure to comply will cost you money or maybe your license.
Doing inventory audits and effectively reporting adjustments will be a giant headache without help. Luckily, a great cannabis inventory system may help create the inventory auditing process easier and go ahead and take complexity out of reporting.
3. Data Security
Spending so much time to keep inventory and store records is actually all for nothing if this data can’t be accessed due to theft or corruption. And furthermore, as local governments require data to get stored a long time after it’s reported (two years in certain states or higher to seven years in others), neglecting to properly protect your cannabis retail data may cause major compliance issues for years to come.
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 businesses that have a good reputation for data security.
4. Turning inventory data into actionable business insights
Inventory management details are a treasure trove for actionable business insights. But so that you can garner these insights, the numbers should be translated into meaningful reports. Rather than crunching numbers by yourself, cannabis business people can depend on inventory management software that features high-quality reports with actionable insights.
How to pick the best Dispensary Inventory Management Technology
To really streamline dispensary inventory management, partner with a technology provider focused on the cannabis industry. When evaluating which tool to purchase, you should look for these features:
1. 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 your state-administered traceability program and lots of require these numbers to be reported in the right format every single day.
Any POS and inventory management system you invest in should integrate directly 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 be a costly utilization of your staff’s some time and opens your business approximately compliance risk. Before investing in a POS or inventory management system, make sure it may integrate with any hardware (barcode scanners, computers, tablets) you already have or want to buy.
3. Data security and redundancy
Whatever POS and inventory management system you decide on for your dispensary, it is actually crucial to ensure the provider can keep your information safe. When evaluating a technology partner, make sure they tzcpsx provide world-class servers and cloud-based services that be sure that your data is scalable, secure, and available whenever you need it.
4. Product recall and loss tracking capabilities
When confronted with cannabis-based products, there is always a risk of losing inventory because of 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.