A store in almost any industry would suffer without strong inventory management procedures. But for cannabis retailers operating in a fraught regulatory landscape, a solid inventory management method is absolutely vital.
Let’s discuss the value of cannabis inventory management, a few of the biggest pain points for cannabis retailers, and how to locate a proper cannabis retail pos solution to your business.
Why Dispensary Inventory Management is very important – In addition proper inventory management techniques maintain your money from slipping from the cracks, but they protect you from major fines, license revocation, and possibly even arrest.
States and provinces all have cumbersome regulatory frameworks. However these intense and frequently confusing regulations do serve an important purpose. By closely monitoring retail cannabis inventory, the local government can spot when regulated cannabiscultivationconsulting.com are diverted in to the illicit market. Without these regulations regarding inventory management and tracking, it might be very likely for these products to terminate up in the hands of minors.
The Greatest Pain Points for Dispensary Inventory Management – Putting together and maintaining a trusted inventory management system for the cannabis dispensary takes hard work and may create frustration. Here are the most frequent pain points cannabis retail owners experience:
Time – There exists not really enough time for business owners to complete each of the tasks needed in a day. So in terms of creating and maintaining systems for inventory management, many cannabis business people look to turnkey technology solutions that will largely automate this process.
Making your inventory management procedures as efficient and streamlined as is possible can 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.
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 towards the inventory reported within the state or provincial seed-to-sale tracking system. If you can find any discrepancies, local governments expect those to get properly reported. And failure to comply will set you back money or perhaps your license.
Doing inventory audits and properly reporting adjustments might be a giant headache without help. Luckily, a good cannabis inventory system will help make the inventory auditing process easier and take the complexity away from reporting.
Data Security – Making an effort to keep up inventory and store records is perhaps all for nothing if this data can’t be accessed due to theft or corruption. And since local governments require data to get stored long after it’s reported (two years in a few states or higher to seven years in others), neglecting to properly protect your cannabis retail data can cause major compliance issues for many years.
Putting together your very own secure servers could be costly and time-consuming. To avoid possible security breaches and data compliance issues, cannabis retailers often consider reliable technology firms that have 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 so that you can garner these insights, the numbers should be translated into meaningful reports. Instead of crunching numbers all on your own, cannabis business people can count on inventory management software that includes high-quality reports with actionable insights.
How to Choose 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 buy, you ought to try to find these features:
Integration with 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 many require these numbers to get reported in the right format every single day.
Any POS and inventory management system you spend money on should integrate directly together with your state or province, eliminating any manual reporting or formatting and saving you 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 time as well as opens your company up to compliance risk. Before investing in a POS or inventory management system, be sure it can integrate with any hardware (barcode scanners, computers, tablets) you have or are searching fswqwf buy.
Data security and redundancy – Whatever POS and inventory management system you decide on to your dispensary, it is actually crucial to ensure the provider can keep your information safe. When evaluating a technology partner, make certain they are able to provide world-class servers and cloud-based services that make sure your data is scalable, secure, and available whenever you really need it.
Product recall and loss tracking capabilities – When dealing with cannabis-based products, there is always a risk of losing inventory because of damage, deterioration, or accident. And sometimes cultivators and manufacturers release products 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.