A store in almost any industry would suffer without strong inventory management procedures. However for cannabis retailers operating in a fraught regulatory landscape, a solid inventory management system 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 locate a proper cannabis retail pos solution to your business.
Why Dispensary Inventory Management is Important – In addition proper inventory management techniques maintain your money from slipping from 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 essential purpose. By closely monitoring retail cannabis inventory, the regional government can spot when regulated cannabiscultivationconsulting.com are diverted in to the illicit market. Without these regulations regarding inventory management and tracking, it will be much more likely for these particular products to terminate up in the hands of minors.
The Greatest Pain Points for Dispensary Inventory Management – Putting together and looking after a reliable inventory management system for your cannabis dispensary takes effort and may create frustration. Here are the most typical pain points cannabis retail owners experience:
Time – There is certainly simply not sufficient time for company owners to finish all the tasks needed in a day. So in terms of creating and looking after systems for inventory management, many cannabis business people look to turnkey technology solutions that can largely automate the procedure.
Making your inventory management procedures as efficient and streamlined as is possible will save you time. And beyond that, it will help mitigate the risk of fees, license suspensions or cancellations, or worse, while lowering costs, optimizing inventory decisions, and generating greater profits.
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 inside your store and comparing it towards the inventory reported in the state or provincial seed-to-sale tracking system. If you will find any discrepancies, local governments expect those to become properly reported. And failure to comply will set you back money or perhaps your license.
Doing inventory audits and properly reporting adjustments might be a giant headache without help. Luckily, an excellent cannabis inventory system may help create the inventory auditing process easier and consider the complexity out of reporting.
Data Security – Working hard to keep inventory and store records is actually all for nothing if that data can’t be accessed as a result of theft or corruption. And furthermore, as local governments require data to get stored long after it’s reported (a couple of years in a few states and up to seven years in others), neglecting 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. In order to avoid possible security breaches and data compliance issues, cannabis retailers often turn to reliable technology firms that possess a track record of data security.
Turning inventory data into actionable business insights – Inventory management details are a treasure trove for actionable business insights. But in order to garner these insights, the numbers has to be translated into meaningful reports. Instead of crunching numbers all on your own, cannabis business people can count on inventory management software that features high-quality reports with actionable insights.
Choosing the Right Dispensary Inventory Management Technology – To actually streamline dispensary inventory management, partner with a technology provider focused on the cannabis industry. When evaluating which tool to purchase, you should look for these functions:
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 several require these numbers to get reported in the right format each 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.
Integration with hardware – Manually inputting all product information or sales data will probably be a costly use of your staff’s time as well as opens your company up to compliance risk. Before investing in a POS or inventory management system, be certain it can integrate with any hardware (barcode scanners, computers, tablets) you already have or are looking fswqwf buy.
Data security and redundancy – Whatever POS and inventory management system you select on for the dispensary, it is actually critically important to ensure the provider are able to keep your computer data safe. When evaluating a technology partner, make sure they are able to provide world-class servers and cloud-based services that be sure that your information is scalable, secure, and available whenever you require it.
Product recall and loss tracking capabilities – While confronting cannabis-based products, there is always a danger of losing inventory due to damage, deterioration, or accident. And quite 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.