A retail store in any industry would suffer without strong inventory management procedures. However for cannabis retailers operating in a tangled up regulatory landscape, cannabis inventory control plan is absolutely vital.
Let’s discuss the value of cannabis inventory management, some of the biggest pain points for cannabis retailers, and how to choose a proper cannabis retail pos solution for your business.
Why Dispensary Inventory Management is very important
In addition proper inventory management techniques keep the money from slipping with the cracks, nevertheless they protect from major fines, license revocation, and maybe even arrest.
States and provinces all have cumbersome regulatory frameworks. However these intense and often confusing regulations do serve a significant purpose. By closely monitoring retail cannabis inventory, the neighborhood government can spot when regulated cannabis goods are diverted in to 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 Largest Pain Points for Dispensary Inventory Management
Establishing and maintaining a trusted inventory management system to your cannabis dispensary takes effort and may create frustration. Here are among the most frequent pain points cannabis retail owners experience:
There is not really plenty of time for business people to finish all the tasks needed in a day. So when it comes to creating and looking after 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 is possible could save you time. And beyond that, it can 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 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 will cost you money or your license.
Doing inventory audits and effectively reporting adjustments might be a giant headache without help. Luckily, a good cannabis inventory system will help create the inventory auditing process easier and consider the complexity away from reporting.
3. Data Security
Spending so much time to keep up inventory and store records is actually all for nothing if that data can’t be accessed due to theft or corruption. And because local governments require data to be stored a long time after it’s reported (a couple of years in some 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.
Setting up your 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 data is a treasure trove for actionable business insights. But so that you can garner these insights, the numbers should be translated into meaningful reports. Rather than crunching numbers all on your own, cannabis business people can depend on inventory management software that features high-quality reports with actionable insights.
How to pick the Right Dispensary Inventory Management Technology
To actually streamline dispensary inventory management, partner with a technology provider focused on the cannabis industry. When evaluating which tool to buy, you should look for these functions:
1. Integration with all 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 some state-administered traceability program and many require these numbers to be reported within the right format every day.
Any POS and inventory management system you invest in should integrate directly 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 and opens your company approximately compliance risk. Before investing in a POS or inventory management system, make sure it may 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 to your dispensary, it is actually critically important to make certain the provider are able to keep your data safe. When looking for a technology partner, make certain they tzcpsx provide world-class servers and cloud-based services that make sure your information is scalable, secure, and available whenever you require it.
4. Product recall and loss tracking capabilities
When dealing with cannabis-based products, there is certainly always a danger 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.