A store in every 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 importance of cannabis inventory management, some of the biggest pain points for cannabis retailers, and how to find a proper cannabis retail pos solution to your business.
Why Dispensary Inventory Management is Important
Not only do proper inventory management techniques keep the money from slipping through the cracks, but they protect from 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 a significant purpose. By closely monitoring retail cannabis inventory, the neighborhood government can spot when regulated cannabis products are diverted into the illicit market. Without these regulations regarding inventory management and tracking, it will be very likely for these products to end up at the disposal of minors.
The Greatest Pain Points for Dispensary Inventory Management
Putting together and maintaining a dependable inventory management system for the cannabis dispensary takes hard work and can create frustration. Here are some of the most frequent pain points cannabis retail owners experience:
There exists not really sufficient time for business owners to end all the tasks needed in a day. So in terms of creating and maintaining systems for inventory management, many cannabis company owners turn to turnkey technology solutions that will largely automate the process.
Making your inventory management procedures as efficient and streamlined as is possible can 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 inside your store and comparing it to the inventory reported in 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 can cost you money or maybe your license.
Doing inventory audits and effectively reporting adjustments would be a giant headache without help. Luckily, a good cannabis inventory system may help create the inventory auditing process easier and consider the complexity away from reporting.
3. Data Security
Spending so much time to maintain inventory and store records is all for nothing if this data can’t be accessed due to theft or corruption. And furthermore, as local governments require data to become stored long after it’s reported (a couple of years in some states and up to seven years in others), neglecting to properly protect your cannabis retail data may cause major compliance issues for a long time.
Putting together your very own secure servers may be costly and time-consuming. To prevent possible security breaches and data compliance issues, cannabis retailers often turn to reliable technology companies that possess 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. As opposed to crunching numbers all on your own, cannabis company owners can rely on inventory management software that features high-quality reports with actionable insights.
How to pick the Right Dispensary Inventory Management Technology
To really streamline dispensary inventory management, partner using a technology provider focused on the cannabis industry. When looking for which tool to purchase, you ought to search for these characteristics:
1. Integration using 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 many require these numbers to be reported within the right format every single day.
Any POS and inventory management system you invest in 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.
2. Integration with hardware
Manually inputting all product information or sales data will be a costly use of your staff’s time and opens your company as much as 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 would like to buy.
3. Data security and redundancy
Whatever POS and inventory management system you choose on for the dispensary, it really is essential to make certain the provider can keep your computer data safe. When evaluating 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 really need it.
4. Product recall and loss tracking capabilities
When confronted with cannabis-based products, there exists always a risk of losing inventory because of damage, deterioration, or accident. And sometimes cultivators and manufacturers release products 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.