A store in every industry would suffer without strong inventory management procedures. But for cannabis retailers operating in a fraught regulatory landscape, marijuana inventory procedures is totally vital.
Let’s discuss the value of cannabis inventory management, some 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 your money from slipping with the cracks, but they protect you against major fines, license revocation, and maybe even arrest.
States and provinces all have cumbersome regulatory frameworks. However these intense and quite often confusing regulations do serve an essential purpose. By closely monitoring retail cannabis inventory, the regional government can spot when regulated cannabis products are diverted to the illicit market. Without these regulations regarding inventory management and tracking, it might be more likely for such products to terminate up in the hands of minors.
The Largest Pain Points for Dispensary Inventory Management
Putting together and maintaining a dependable inventory management system to your cannabis dispensary takes hard work and may create frustration. Here are the most frequent pain points cannabis retail owners experience:
There exists not sufficient time for business owners to finish all the tasks needed in a day. So with regards to creating and looking after systems for inventory management, many cannabis business people check out turnkey technology solutions that can largely automate the process.
Making your inventory management procedures as efficient and streamlined as is possible could save you time. And beyond that, it may 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 in your store and comparing it for the inventory reported inside the state or provincial seed-to-sale tracking system. If you will find any discrepancies, local governments expect those to be properly reported. And failure to comply can cost you money or your license.
Doing inventory audits and properly reporting adjustments might be a giant headache without help. Luckily, a good cannabis inventory system can help create the inventory auditing process easier and go ahead and take complexity from reporting.
3. Data Security
Spending so much time 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 since local governments require data to become stored a long time after it’s reported (2 yrs in some states and up to seven years in others), neglecting to properly protect your cannabis retail data could cause major compliance issues for a long time.
Putting together your personal secure servers can be costly and time-consuming. In order to avoid possible security breaches and data compliance issues, cannabis retailers often turn to reliable technology firms that possess a track record of 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 has to be translated into meaningful reports. As opposed to crunching numbers all on your own, cannabis business owners can depend on inventory management software that has high-quality reports with actionable insights.
Choosing the best Dispensary Inventory Management Technology
To truly streamline dispensary inventory management, partner using a technology provider focused on the cannabis industry. When looking for which tool to buy, you should look for these characteristics:
1. Integration with 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 many require these numbers to be reported within the right format every single 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 chance of costly compliance errors.
2. Integration with hardware
Manually inputting all product information or sales data will be a costly usage of your staff’s time and opens your company up to 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 are looking to buy.
3. Data security and redundancy
Whatever POS and inventory management system you decide on to your dispensary, it is crucial to make certain the provider are able to keep your data safe. When looking for a technology partner, make sure they tzcpsx provide world-class servers and cloud-based services that ensure 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 quite often cultivators and manufacturers release items that 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.