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 significance of cannabis inventory management, a few of the biggest pain points for cannabis retailers, and how to locate a proper cannabis retail pos solution for the business.
Why Dispensary Inventory Management is very important
In addition proper inventory management techniques keep the money from slipping with the cracks, but they protect you against major fines, license revocation, and perhaps even arrest.
States and provinces all have cumbersome regulatory frameworks. But these intense and frequently confusing regulations do serve a significant purpose. By closely monitoring retail cannabis inventory, the local government can spot when regulated cannabis items are diverted to the illicit market. Without these regulations regarding inventory management and tracking, it might be much more likely for these particular products to terminate up in the hands of minors.
The Biggest Pain Points for Dispensary Inventory Management
Putting together and maintaining a dependable inventory management system for the cannabis dispensary takes hard work and will create frustration. Here are the most frequent pain points cannabis retail owners experience:
There exists simply not plenty of time for business owners to finish all the tasks needed in a day. So in terms of creating and looking after systems for inventory management, many cannabis company owners turn to turnkey technology solutions which will largely automate this process.
Making your inventory management procedures as efficient and streamlined as you can will save you time. And beyond that, it will help mitigate the potential risk 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 should regularly enforce inventory audits, counting the physical inventory within your store and comparing it to the inventory reported inside the state or provincial seed-to-sale tracking system. If you can find any discrepancies, local governments expect those to be properly reported. And failure to comply will set you back money or maybe your license.
Doing inventory audits and properly reporting adjustments will be a giant headache without help. Luckily, a good cannabis inventory system will help create the inventory auditing process easier and take the complexity away from reporting.
3. Data Security
Spending so much time to maintain inventory and store records is perhaps all for nothing if this data can’t be accessed because of theft or corruption. And because local governments require data to become stored long after it’s reported (2 yrs in some states or higher to seven years in others), neglecting to properly protect your cannabis retail data can cause major compliance issues for a long time.
Setting up your personal 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 firms that use 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 to be able to garner these insights, the numbers has to be translated into meaningful reports. Rather than crunching numbers all on your own, cannabis business owners can depend on inventory management software that includes 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 evaluating which tool to purchase, you ought to try to find 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 some state-administered traceability program and lots of require these numbers to get reported within the right format every 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 risk of costly compliance errors.
2. Integration with hardware
Manually inputting all product information or sales data is going to be a costly utilization of your staff’s time as well as opens your small business as much as compliance risk. Before investing in a POS or inventory management system, be certain it can 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 select on for your dispensary, it really is critically important to ensure the provider can keep your data safe. When looking for a technology partner, make sure they tzcpsx provide world-class servers and cloud-based services that be sure that your details are scalable, secure, and available whenever you need it.
4. Product recall and loss tracking capabilities
While confronting cannabis-based products, there exists always a danger of losing inventory because of damage, deterioration, or accident. And quite often 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.