A retail store in every industry would suffer without strong inventory management procedures. But for cannabis retailers operating in a tangled up regulatory landscape, marijuana inventory procedures is absolutely vital.
Let’s discuss the value of cannabis inventory management, some 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
Not only do proper inventory management techniques maintain your money from slipping from the cracks, nevertheless they protect you against major fines, license revocation, and perhaps even arrest.
States and provinces all have cumbersome regulatory frameworks. However these intense and quite often confusing regulations do serve an important purpose. By closely monitoring retail cannabis inventory, the neighborhood government can spot when regulated cannabis items are diverted to the illicit market. Without these regulations regarding inventory management and tracking, it will be much more likely for these particular products to finish up in the hands of minors.
The Largest Pain Points for Dispensary Inventory Management
Establishing and looking after a reliable 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 exists not really plenty of time for business owners to complete all of the tasks needed in a day. So with regards to creating and maintaining systems for inventory management, many cannabis business owners check out turnkey technology solutions that can largely automate this process.
Making your inventory management procedures as efficient and streamlined as you can will save you time. And beyond that, it can 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 should regularly enforce inventory audits, counting the physical inventory within your store and comparing it for 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 maybe your license.
Doing inventory audits and properly reporting adjustments will be a giant headache without help. Luckily, a great cannabis inventory system may help make the inventory auditing process easier and go ahead and take complexity out of reporting.
3. Data Security
Spending so much time to keep inventory and store records is perhaps all for nothing if this data can’t be accessed due to theft or corruption. And because local governments require data to become stored long after it’s reported (two years in some states and up to seven years in others), failing to properly protect your cannabis retail data can cause major compliance issues for many years.
Establishing your personal secure servers can be costly and time-consuming. To avoid possible security breaches and data compliance issues, cannabis retailers often turn to reliable technology firms that possess 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 in order to garner these insights, the numbers must be translated into meaningful reports. As opposed to crunching numbers all on your own, cannabis business owners can count on inventory management software that has high-quality reports with actionable insights.
How to Choose the correct Dispensary Inventory Management Technology
To truly streamline dispensary inventory management, partner with a technology provider focused on the cannabis industry. When looking for which tool to invest in, you should try to find these characteristics:
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 several require these numbers to become reported within the right format every day.
Any POS and inventory management system you spend money on should integrate directly along 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 be a costly utilization of your staff’s time and opens your company approximately compliance risk. Before investing in a POS or inventory management system, be certain it may integrate with any hardware (barcode scanners, computers, tablets) you currently have or want to buy.
3. Data security and redundancy
Whatever POS and inventory management system you decide on for your dispensary, it is actually essential to ensure the provider are able to keep your computer data safe. When looking for a technology partner, make sure they tzcpsx provide world-class servers and cloud-based services that make sure your data is scalable, secure, and available whenever you require it.
4. Product recall and loss tracking capabilities
While confronting cannabis-based products, there is always a risk 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.