A store in every industry would suffer without strong inventory management procedures. But for cannabis retailers operating in a fraught 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 Important
In addition proper inventory management techniques maintain your money from slipping from the cracks, however 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 a significant purpose. By closely monitoring retail cannabis inventory, the regional government can spot when regulated cannabis products are diverted into the illicit market. Without these regulations regarding inventory management and tracking, it might be much more likely for such products to terminate up at the disposal of minors.
The Largest Pain Points for Dispensary Inventory Management
Setting up and looking after a reliable inventory management system for your cannabis dispensary takes effort and may create frustration. Here are among the most frequent pain points cannabis retail owners experience:
There is certainly simply not sufficient time for business people to finish all the tasks needed in a day. So in terms of creating and looking after systems for inventory management, many cannabis business owners look to turnkey technology solutions that will 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 should regularly enforce inventory audits, counting the physical inventory inside your store and comparing it for the inventory reported within 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 cost you money or perhaps your license.
Doing inventory audits and properly reporting adjustments will be a giant headache without help. Luckily, an excellent cannabis inventory system can help make the inventory auditing process easier and take the complexity from reporting.
3. Data Security
Spending so much time to maintain inventory and store records is all for nothing in the event that data can’t be accessed because of theft or corruption. And furthermore, as local governments require data to be stored long after it’s reported (two years in certain states or higher to seven years in others), neglecting to properly protect your cannabis retail data may cause major compliance issues for many years.
Setting up your own secure servers can be costly and time-consuming. To avoid possible security breaches and data compliance issues, cannabis retailers often choose reliable technology firms that possess a track record of data security.
4. Turning inventory data into actionable business insights
Inventory management data is a treasure trove for actionable business insights. But in order to garner these insights, the numbers should be translated into meaningful reports. Instead of crunching numbers all on your own, cannabis business owners can count on inventory management software that features high-quality reports with actionable insights.
How to pick the best Dispensary Inventory Management Technology
To really streamline dispensary inventory management, partner using a technology provider focused on the cannabis industry. When looking for which tool to buy, you need to look for these features:
1. Integration using the local government’s seed-to-sale tracking system
Practically all states and provinces require retail cannabis stores to report their inventory and sales transactions to your state-administered traceability program and several require these numbers to be reported in the right format each day.
Any POS and inventory management system you invest in should integrate directly together with your state or province, eliminating any manual reporting or formatting and helping you save time, money, and the risk of costly compliance errors.
2. Integration with hardware
Manually inputting all product information or sales data is going to be a costly usage of your staff’s some time and opens your company as much as compliance risk. Before investing in a POS or inventory management system, make 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 select on for the dispensary, it really is crucial to make sure the provider can keep your computer 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
While confronting cannabis-based products, there is certainly always a danger of losing inventory due to damage, deterioration, or accident. And sometimes 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.