A store in any industry would suffer without strong inventory management procedures. However for cannabis retailers operating in a tangled up regulatory landscape, cannabis inventory control plan is totally 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 very important
In addition proper inventory management techniques keep your 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. However these intense and quite often confusing regulations do serve a significant purpose. By closely monitoring retail cannabis inventory, the neighborhood government can spot when regulated cannabis items are diverted in to the illicit market. Without these regulations regarding inventory management and tracking, it would be more likely for such products to finish up in the hands of minors.
The Largest Pain Points for Dispensary Inventory Management
Setting up and maintaining a trusted inventory management system to your cannabis dispensary takes hard work and may create frustration. Here are among the most common pain points cannabis retail owners experience:
There is not enough time for company owners to complete all of the tasks needed in a day. So when it comes to creating and maintaining systems for inventory management, many cannabis business owners turn to 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 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 inside your store and comparing it for the inventory reported within 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 perhaps your license.
Doing inventory audits and properly reporting adjustments would be a giant headache without help. Luckily, a good cannabis inventory system may help create the inventory auditing process easier and go ahead and take complexity away from reporting.
3. Data Security
Spending so much time to keep up inventory and store records is all for nothing in the event that data can’t be accessed due to theft or corruption. And since local governments require data to get stored long after it’s reported (a couple of years in certain states and up to seven years in others), failing to properly protect your cannabis retail data could cause major compliance issues for many years.
Establishing your personal secure servers may be costly and time-consuming. To avoid possible security breaches and data compliance issues, cannabis retailers often turn to reliable technology companies that possess a track record of data security.
4. Turning inventory data into actionable business insights
Inventory management information is a treasure trove for actionable business insights. But in order to garner these insights, the numbers must be translated into meaningful reports. As opposed to crunching numbers by yourself, cannabis company owners can rely on inventory management software that has high-quality reports with actionable insights.
How to pick the correct 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 purchase, you should search for these functions:
1. Integration with all 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 your state-administered traceability program and lots of require these numbers to become reported within the right format every day.
Any POS and inventory management system you spend money on should integrate directly with your state or province, eliminating any manual reporting or formatting and saving you time, money, and the risk of costly compliance errors.
2. 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 up to compliance risk. Before investing in a POS or inventory management system, be certain it could integrate with any hardware (barcode scanners, computers, tablets) you currently have or want to buy.
3. Data security and redundancy
Whatever POS and inventory management system you select on to your dispensary, it is actually essential to make certain the provider are able to keep your computer data safe. When evaluating a technology partner, make certain they tzcpsx provide world-class servers and cloud-based services that be sure that your data is scalable, secure, and available whenever you really need it.
4. Product recall and loss tracking capabilities
When confronted with cannabis-based products, there is always a risk of losing inventory as a result of damage, deterioration, or accident. And often cultivators and manufacturers release items that become tainted or unsafe. Your dispensary’s POS and inventory management system should track any lost products and flag any products placed under recall.