A retail store in every industry would suffer without strong inventory management procedures. But for cannabis retailers operating in a fraught regulatory landscape, marijuana inventory procedures is absolutely vital.
Let’s discuss the significance of cannabis inventory management, a number of the biggest pain points for cannabis retailers, and how to choose a proper cannabis retail pos solution to your business.
Why Dispensary Inventory Management is essential
Not only do proper inventory management techniques keep the money from slipping from the cracks, but they protect you against major fines, license revocation, and perhaps even arrest.
States and provinces all have cumbersome regulatory frameworks. But these intense and quite often confusing regulations do serve an essential purpose. By closely monitoring retail cannabis inventory, the neighborhood government can spot when regulated cannabis products 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 Biggest Pain Points for Dispensary Inventory Management
Setting up and maintaining a trusted inventory management system for the cannabis dispensary takes work and will create frustration. Here are the most common pain points cannabis retail owners experience:
There exists not enough time for business owners to finish all of the tasks needed in a day. So when it comes to creating and maintaining systems for inventory management, many cannabis business people check out turnkey technology solutions that can largely automate this process.
Making your inventory management procedures as efficient and streamlined as is possible will save you time. And beyond that, it can 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 inside the state or provincial seed-to-sale tracking system. If you will find any discrepancies, local governments expect those to be properly reported. And failure to comply will cost you money or maybe your license.
Doing inventory audits and properly reporting adjustments might be a giant headache without help. Luckily, a good cannabis inventory system can help have the inventory auditing process easier and take the complexity from reporting.
3. Data Security
Working hard to keep up inventory and store records is perhaps all for nothing if that data can’t be accessed due to theft or corruption. And because local governments require data to become stored long 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 may cause major compliance issues for years to come.
Setting up your personal secure servers may be costly and time-consuming. To prevent possible security breaches and data compliance issues, cannabis retailers often turn to reliable technology firms that have a track record of data security.
4. Turning inventory data into actionable business insights
Inventory management details are a treasure trove for actionable business insights. But so that you can garner these insights, the numbers has to be translated into meaningful reports. Instead of crunching numbers on your own, cannabis business owners can rely on inventory management software that features high-quality reports with actionable insights.
Choosing the best Dispensary Inventory Management Technology
To actually streamline dispensary inventory management, partner using a technology provider focused on the cannabis industry. When looking for which tool to buy, you ought to look for these features:
1. Integration using the local government’s seed-to-sale tracking system
Virtually 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 get reported in 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 saving you 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 usage of your staff’s time as well as opens your company as much as compliance risk. Before investing in a POS or inventory management system, make sure it could 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 the dispensary, it is actually crucial to make sure the provider will keep your computer data safe. When evaluating a technology partner, make sure they tzcpsx provide world-class servers and cloud-based services that make sure your data is scalable, secure, and available whenever you require it.
4. Product recall and loss tracking capabilities
While confronting cannabis-based products, there exists always a danger of losing inventory as a result of damage, deterioration, or accident. And often cultivators and manufacturers release items 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.