A store in any industry would suffer without strong inventory management procedures. But for cannabis retailers operating in a tangled up regulatory landscape, marijuana inventory procedures is completely vital.
Let’s discuss the value of cannabis inventory management, some of the biggest pain points for cannabis retailers, and how to find a proper cannabis retail pos solution for your business.
Why Dispensary Inventory Management is very important
Furthermore proper inventory management techniques keep your money from slipping from the cracks, but they protect you against major fines, license revocation, and possibly even arrest.
States and provinces all have cumbersome regulatory frameworks. However, these intense and often confusing regulations do serve an important purpose. By closely monitoring retail cannabis inventory, the neighborhood government can spot when regulated cannabis items are diverted in to the illicit market. Without these regulations regarding inventory management and tracking, it will be much more likely for such products to terminate up in the hands of minors.
The Largest Pain Points for Dispensary Inventory Management
Setting up and looking after a trusted inventory management system to your cannabis dispensary takes work and can create frustration. Here are among the most common pain points cannabis retail owners experience:
There is not really sufficient time for business people to finish all of the tasks needed in a day. So in terms of creating and maintaining systems for inventory management, many cannabis business owners look to turnkey technology solutions that will largely automate the process.
Making your inventory management procedures as efficient and streamlined as is possible could 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 should regularly enforce inventory audits, counting the physical inventory within your store and comparing it towards the inventory reported in the state or provincial seed-to-sale tracking system. If there are any discrepancies, local governments expect those to become properly reported. And failure to comply will cost you money or perhaps your license.
Doing inventory audits and properly reporting adjustments might be a giant headache without help. Luckily, a good cannabis inventory system will help make the inventory auditing process easier and consider the complexity from reporting.
3. Data Security
Making an effort to maintain inventory and store records is all for nothing if this 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 (two years in a few 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.
Setting up your personal secure servers can be costly and time-consuming. In order to avoid possible security breaches and data compliance issues, cannabis retailers often choose reliable technology companies that have a track record of 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 has to be translated into meaningful reports. Rather than crunching numbers all on your own, cannabis business owners can rely on inventory management software that has high-quality reports with actionable insights.
How to pick the correct Dispensary Inventory Management Technology
To actually streamline dispensary inventory management, partner having a technology provider focused on the cannabis industry. When looking for which tool to invest in, you ought to search for these functions:
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 your state-administered traceability program and several require these numbers to get reported inside the right format every single day.
Any POS and inventory management system you invest in should integrate directly along with your state or province, eliminating any manual reporting or formatting and helping you save time, money, and the risk of costly compliance errors.
2. Integration with hardware
Manually inputting all product information or sales data is going to be a costly utilization of your staff’s some time and opens your business as much as compliance risk. Before investing in a POS or inventory management system, be sure it may integrate with any hardware (barcode scanners, computers, tablets) you currently have or are looking to buy.
3. Data security and redundancy
Whatever POS and inventory management system you select on to your dispensary, it is actually crucial to ensure the provider will keep your data safe. When looking for a technology partner, ensure they tzcpsx provide world-class servers and cloud-based services that make sure your details are scalable, secure, and available whenever you really need it.
4. Product recall and loss tracking capabilities
While confronting cannabis-based products, there exists always a risk of losing inventory as a result of damage, deterioration, or accident. And often cultivators and manufacturers release products which 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.