A retail store in almost any industry would suffer without strong inventory management procedures. However for cannabis retailers operating in a fraught regulatory landscape, cannabis inventory control plan is absolutely vital.
Let’s discuss the importance 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
Not only do proper inventory management techniques keep the money from slipping with 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 often confusing regulations do serve an essential 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 much more likely for such products to finish up in the hands of minors.
The Greatest Pain Points for Dispensary Inventory Management
Setting up and maintaining a trusted inventory management system to your cannabis dispensary takes effort and will create frustration. Here are some of the most frequent pain points cannabis retail owners experience:
There is certainly simply not enough time for business owners to finish all of the tasks needed in a day. So in terms of creating and looking after systems for inventory management, many cannabis business owners turn to turnkey technology solutions which will largely automate the procedure.
Making your inventory management procedures as efficient and streamlined as you can will 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 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 you can find any discrepancies, local governments expect those to be properly reported. And failure to comply can cost you money or your license.
Doing inventory audits and properly reporting adjustments will be a giant headache without help. Luckily, an excellent cannabis inventory system may help create the inventory auditing process easier and take the complexity from reporting.
3. Data Security
Making an effort to keep 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 long after it’s reported (two years in a few states or higher to seven years in others), neglecting to properly protect your cannabis retail data may cause major compliance issues for a long time.
Setting up your very own secure servers could be costly and time-consuming. To prevent possible security breaches and data compliance issues, cannabis retailers often choose reliable technology businesses 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 to be able to garner these insights, the numbers must be translated into meaningful reports. As opposed to crunching numbers by yourself, cannabis company owners can rely on inventory management software that has high-quality reports with actionable insights.
How to pick the best 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 purchase, you need to look for these characteristics:
1. Integration with all 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 a state-administered traceability program and several require these numbers to become 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 saving you time, money, and the risk of costly compliance errors.
2. Integration with hardware
Manually inputting all product information or sales data will probably be a costly utilization of your staff’s time and opens your business 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 have or are looking to buy.
3. Data security and redundancy
Whatever POS and inventory management system you select on for your dispensary, it is actually crucial to make sure 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 data is scalable, secure, and available whenever you really need it.
4. Product recall and loss tracking capabilities
When confronted with cannabis-based products, there is always a risk of losing inventory as a result of damage, deterioration, or accident. And sometimes 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.