A store in almost 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 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 Important
Not only do proper inventory management techniques keep your money from slipping through the cracks, but they protect you against major fines, license revocation, and maybe even arrest.
States and provinces all have cumbersome regulatory frameworks. But 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 goods are diverted in to the illicit market. Without these regulations regarding inventory management and tracking, it might be more likely for such products to finish up at the disposal of minors.
The Largest Pain Points for Dispensary Inventory Management
Setting up and looking after a dependable inventory management system to your cannabis dispensary takes hard work and can create frustration. Here are the most frequent pain points cannabis retail owners experience:
There is certainly not really sufficient time for business owners to complete each of the tasks needed in a day. So when it comes to creating and looking after systems for inventory management, many cannabis business owners turn to turnkey technology solutions which will largely automate the process.
Making your inventory management procedures as efficient and streamlined as possible will save you time. And beyond that, it may 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 in your store and comparing it for the inventory reported in 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 set you back money or your license.
Doing inventory audits and properly reporting adjustments will be a giant headache without help. Luckily, a good cannabis inventory system can help create the inventory auditing process easier and go ahead and take complexity from reporting.
3. Data Security
Making an effort to maintain inventory and store records is all for nothing in the event that data can’t be accessed because of theft or corruption. And furthermore, as local governments require data to become stored long after it’s reported (two years in some states or higher to seven years in others), failing to properly protect your cannabis retail data may cause major compliance issues for years to come.
Putting together your personal secure servers could be costly and time-consuming. To avoid possible security breaches and data compliance issues, cannabis retailers often consider reliable technology firms that possess a 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 should be translated into meaningful reports. Rather than crunching numbers by yourself, cannabis business owners can count on inventory management software that has 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 invest in, you need to search for these characteristics:
1. Integration using 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 be reported within the right format every single day.
Any POS and inventory management system you put money into should integrate directly with your state or province, eliminating any manual reporting or formatting and saving you time, money, and the chance of costly compliance errors.
2. Integration with hardware
Manually inputting all product information or sales data is going to be a costly usage of your staff’s time and opens your small business 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 currently have or would like to buy.
3. Data security and redundancy
Whatever POS and inventory management system you decide on for your dispensary, it really is crucial to ensure the provider can 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 really need it.
4. Product recall and loss tracking capabilities
When dealing with cannabis-based products, there is certainly always a risk of losing inventory because of damage, deterioration, or accident. And often cultivators and manufacturers release products that end up being tainted or unsafe. Your dispensary’s POS and inventory management system should track any lost products and flag any products placed under recall.