A store in almost any industry would suffer without strong inventory management procedures. However for cannabis retailers operating in a tangled up regulatory landscape, marijuana inventory control plan is totally vital.
Let’s discuss the value of cannabis inventory management, a number 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 essential
Furthermore proper inventory management techniques keep your money from slipping through the cracks, however they protect you from major fines, license revocation, and perhaps even arrest.
States and provinces all have cumbersome regulatory frameworks. But 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 items are diverted into the illicit market. Without these regulations regarding inventory management and tracking, it would be very likely for these particular products to finish up in the hands of minors.
The Largest Pain Points for Dispensary Inventory Management
Setting up and maintaining a reliable inventory management system to your cannabis dispensary takes work and will create frustration. Here are the most typical pain points cannabis retail owners experience:
There exists not sufficient time for company owners to finish all of the tasks needed in a day. So when it comes to creating and maintaining systems for inventory management, many cannabis business people look to turnkey technology solutions that can largely automate this process.
Making your inventory management procedures as efficient and streamlined as possible could save you time. And beyond that, it will 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 need to regularly enforce inventory audits, counting the physical inventory within your store and comparing it towards the inventory reported within the state or provincial seed-to-sale tracking system. If there are any discrepancies, local governments expect those to get properly reported. And failure to comply will cost you money or perhaps your license.
Doing inventory audits and properly reporting adjustments would be a giant headache without help. Luckily, a great cannabis inventory system may help have the inventory auditing process easier and take the complexity from reporting.
3. Data Security
Making an effort to maintain inventory and store records is perhaps all for nothing in the event that data can’t be accessed because of theft or corruption. And because local governments require data to become stored a long time after it’s reported (a couple of years in a few states or higher to seven years in others), failing to properly protect your cannabis retail data could cause major compliance issues for a long time.
Establishing your personal secure servers could 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 have a reputation for data security.
4. Turning inventory data into actionable business insights
Inventory management data is a treasure trove for actionable business insights. But to be able to garner these insights, the numbers must be translated into meaningful reports. Instead of crunching numbers all on your own, cannabis business owners can rely on inventory management software that features high-quality reports with actionable insights.
How to pick the correct Dispensary Inventory Management Technology
To truly streamline dispensary inventory management, partner having a technology provider focused on the cannabis industry. When evaluating which tool to purchase, you ought to search for these features:
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 several require these numbers to be reported inside 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 as well as opens your company up to compliance risk. Before investing in a POS or inventory management system, be sure it could 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 for your dispensary, it is actually critically important to make sure the provider will 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 data is scalable, secure, and available whenever you need it.
4. Product recall and loss tracking capabilities
When dealing with cannabis-based products, there is certainly always a danger of losing inventory due to 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.