A 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 completely vital.
Let’s discuss the importance 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 very important
Furthermore proper inventory management techniques maintain your money from slipping with the cracks, however they protect you from 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 products are diverted to the illicit market. Without these regulations regarding inventory management and tracking, it will be very likely for these particular 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 will create frustration. Here are among the most common pain points cannabis retail owners experience:
There is certainly simply not enough time for business people to end all 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 can largely automate this process.
Making your inventory management procedures as efficient and streamlined as possible can 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 within your store and comparing it to the inventory reported within the state or provincial seed-to-sale tracking system. If there are any discrepancies, local governments expect those to be 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 can help have the inventory auditing process easier and go ahead and take complexity away from reporting.
3. Data Security
Spending so much time to keep up inventory and store records is perhaps all for nothing if that data can’t be accessed because of theft or corruption. And since local governments require data to be stored long after it’s reported (2 yrs in certain states or higher to seven years in others), failing to properly protect your cannabis retail data may cause major compliance issues for many years.
Setting up your very own secure servers may be costly and time-consuming. To prevent possible security breaches and data compliance issues, cannabis retailers often choose reliable technology companies that use a reputation for data security.
4. Turning inventory data into actionable business insights
Inventory management information is 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 people can rely on inventory management software that includes high-quality reports with actionable insights.
How to Choose the correct Dispensary Inventory Management Technology
To really streamline dispensary inventory management, partner with a technology provider focused on the cannabis industry. When evaluating which tool to invest in, you need to search for these features:
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 your state-administered traceability program and lots of require these numbers to become reported in the right format every single 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 saving you time, money, and the 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 some time and opens your small business approximately compliance risk. Before investing in a POS or inventory management system, be sure it can integrate with any hardware (barcode scanners, computers, tablets) you already have or would like 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 sure the provider can keep your data safe. When evaluating a technology partner, make certain they tzcpsx provide world-class servers and cloud-based services that be sure that your information is scalable, secure, and available whenever you need it.
4. Product recall and loss tracking capabilities
When confronted with cannabis-based products, there is 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.