A store in almost any industry would suffer without strong inventory management procedures. However for cannabis retailers operating in a fraught regulatory landscape, marijuana inventory procedures is totally vital.
Let’s discuss the significance of cannabis inventory management, a few of the biggest pain points for cannabis retailers, and how to find a proper cannabis retail pos solution for your business.
Why Dispensary Inventory Management is essential
Furthermore proper inventory management techniques keep the money from slipping with the cracks, however they protect from 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 regional government can spot when regulated cannabis products are diverted to the illicit market. Without these regulations regarding inventory management and tracking, it will be more likely for these particular products to end up at the disposal of minors.
The Greatest Pain Points for Dispensary Inventory Management
Establishing and looking after a reliable inventory management system to your cannabis dispensary takes hard work and will create frustration. Here are some of the most frequent pain points cannabis retail owners experience:
There exists not sufficient time for business people to complete all 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 which will largely automate the procedure.
Making your inventory management procedures as efficient and streamlined as possible can save you time. And beyond that, it may help mitigate the 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 inside your store and comparing it to the inventory reported within the state or provincial seed-to-sale tracking system. If you can find any discrepancies, local governments expect those to get properly reported. And failure to comply will set you back money or your license.
Doing inventory audits and properly reporting adjustments would be a giant headache without help. Luckily, a good cannabis inventory system can help have the inventory auditing process easier and consider the complexity from reporting.
3. Data Security
Working hard to keep inventory and store records is perhaps all for nothing in the event that data can’t be accessed as a result of theft or corruption. And furthermore, as local governments require data to get 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 years to come.
Establishing your own secure servers may be costly and time-consuming. To avoid possible security breaches and data compliance issues, cannabis retailers often consider reliable technology businesses that have a reputation for data security.
4. Turning inventory data into actionable business insights
Inventory management data is a treasure trove for actionable business insights. But to be able to garner these insights, the numbers should be translated into meaningful reports. Rather than crunching numbers all on your own, cannabis business owners can rely on inventory management software that features high-quality reports with actionable insights.
Choosing the Right 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 invest in, you ought to try to find these features:
1. Integration with all 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 a state-administered traceability program and several require these numbers to become reported within the right format every 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 usage of your staff’s time and opens your small business 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 have or would like to buy.
3. Data security and redundancy
Whatever POS and inventory management system you decide on for your dispensary, it is actually crucial to make certain 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 ensure your data is scalable, secure, and available whenever you need it.
4. Product recall and loss tracking capabilities
When confronted with cannabis-based products, there exists always a danger 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.