A store in every industry would suffer without strong inventory management procedures. However for cannabis retailers operating in a fraught regulatory landscape, cannabis inventory procedures 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 find a proper cannabis retail pos solution to your business.
Why Dispensary Inventory Management is very important
Furthermore proper inventory management techniques keep your money from slipping through the cracks, nevertheless they protect you against 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 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 will be much more likely for such products to end up at the disposal of minors.
The Biggest Pain Points for Dispensary Inventory Management
Setting up and maintaining a trusted inventory management system to your cannabis dispensary takes hard work and will create frustration. Here are among the most common pain points cannabis retail owners experience:
There exists not sufficient time for business owners to complete all of the tasks needed in a day. So with regards to creating and looking after systems for inventory management, many cannabis business owners look to turnkey technology solutions that will largely automate this process.
Making your inventory management procedures as efficient and streamlined as is 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 should 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 there are 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 effectively reporting adjustments will be a giant headache without help. Luckily, a great cannabis inventory system may help make the inventory auditing process easier and go ahead and take complexity away from reporting.
3. Data Security
Spending so much time to keep inventory and store records is actually all for nothing if that data can’t be accessed due to theft or corruption. And since local governments require data to get stored a long time after it’s reported (2 yrs in a few states and up to seven years in others), neglecting to properly protect your cannabis retail data may cause major compliance issues for many years.
Putting together your personal secure servers can be costly and time-consuming. To avoid possible security breaches and data compliance issues, cannabis retailers often turn to reliable technology businesses that possess 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 so that you can garner these insights, the numbers has to be translated into meaningful reports. As opposed to crunching numbers by yourself, cannabis business people can count 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 need to try to find these features:
1. Integration with 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 a state-administered traceability program and lots of 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 along with your state or province, eliminating any manual reporting or formatting and helping you save time, money, and the potential 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 as well as opens your company up to compliance risk. Before investing in a POS or inventory management system, make sure it can integrate with any hardware (barcode scanners, computers, tablets) you have or want 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 ensure the provider are able to 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 really need it.
4. Product recall and loss tracking capabilities
When dealing with cannabis-based products, there is always a risk of losing inventory due to damage, deterioration, or accident. And sometimes cultivators and manufacturers release products which 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.