A 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 completely vital.
Let’s discuss the significance 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 your business.
Why Dispensary Inventory Management is Important
In addition proper inventory management techniques maintain your money from slipping through the cracks, nevertheless they protect from major fines, license revocation, and possibly even arrest.
States and provinces all have cumbersome regulatory frameworks. However, these intense and quite often confusing regulations do serve a significant purpose. By closely monitoring retail cannabis inventory, the regional government can spot when regulated cannabis items are diverted in to the illicit market. Without these regulations regarding inventory management and tracking, it would be more likely for these particular products to terminate up at the disposal of minors.
The Greatest Pain Points for Dispensary Inventory Management
Establishing and looking after a dependable inventory management system for your cannabis dispensary takes effort and can create frustration. Here are some of the most common pain points cannabis retail owners experience:
There is certainly not plenty of time for company owners to finish each of the tasks needed in a day. So when it comes to creating and maintaining systems for inventory management, many cannabis business people look to turnkey technology solutions that will largely automate the procedure.
Making your inventory management procedures as efficient and streamlined as possible will save you time. And beyond that, it may 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 within the state or provincial seed-to-sale tracking system. If you can 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 effectively reporting adjustments would be a giant headache without help. Luckily, a great cannabis inventory system may help create the inventory auditing process easier and go ahead and take complexity away from reporting.
3. Data Security
Making an effort to keep up inventory and store records is perhaps 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 become stored a long time after it’s reported (two years in a few states and up to seven years in others), neglecting to properly protect your cannabis retail data could cause major compliance issues for many years.
Establishing your personal secure servers may be costly and time-consuming. In order to avoid possible security breaches and data compliance issues, cannabis retailers often consider reliable technology companies 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 so that you can garner these insights, the numbers should be translated into meaningful reports. Rather than crunching numbers by yourself, cannabis business people can count on inventory management software that has high-quality reports with actionable insights.
How to pick the Right Dispensary Inventory Management Technology
To truly streamline dispensary inventory management, partner having a technology provider focused on the cannabis industry. When looking for which tool to invest in, you should look for these functions:
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 many require these numbers to get reported inside the right format each 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 chance 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 as well as 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 currently 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 crucial to make sure the provider are able to keep your information safe. When evaluating a technology partner, make certain they tzcpsx provide world-class servers and cloud-based services that ensure your data is scalable, secure, and available whenever you really need it.
4. Product recall and loss tracking capabilities
When dealing with cannabis-based products, there exists always a risk of losing inventory due to damage, deterioration, or accident. And sometimes cultivators and manufacturers release products that become tainted or unsafe. Your dispensary’s POS and inventory management system should track any lost products and flag any products placed under recall.