A store in any industry would suffer without strong inventory management procedures. But for cannabis retailers operating in a fraught regulatory landscape, cannabis inventory control plan is totally vital.
Let’s discuss the value 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 the business.
Why Dispensary Inventory Management is essential
In addition proper inventory management techniques keep the money from slipping with the cracks, nevertheless they protect from major fines, license revocation, and perhaps even arrest.
States and provinces all have cumbersome regulatory frameworks. But 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 will be much more likely for such products to end up at the disposal of minors.
The Largest Pain Points for Dispensary Inventory Management
Putting together and maintaining a trusted inventory management system for the cannabis dispensary takes effort and can create frustration. Here are the most typical pain points cannabis retail owners experience:
There is certainly simply not plenty of time for business people to complete all the tasks needed in a day. So when it comes to creating and maintaining systems for inventory management, many cannabis business owners look to turnkey technology solutions which will largely automate the procedure.
Making your inventory management procedures as efficient and streamlined as is possible could save you time. And beyond that, it may help mitigate the chance 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 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 cost you money or maybe your license.
Doing inventory audits and properly reporting adjustments might be a giant headache without help. Luckily, a good cannabis inventory system may help make the inventory auditing process easier and take the complexity out of 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 as a result of theft or corruption. And since local governments require data to become stored a long time after it’s reported (2 yrs in a few states or higher to seven years in others), failing to properly protect your cannabis retail data can cause major compliance issues for years to come.
Establishing your very own 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 have a reputation for data security.
4. Turning inventory data into actionable business insights
Inventory management details are a treasure trove for actionable business insights. But so that you can garner these insights, the numbers should be translated into meaningful reports. As opposed to crunching numbers on your own, cannabis business owners can count on inventory management software that features high-quality reports with actionable insights.
How to Choose the correct Dispensary Inventory Management Technology
To really streamline dispensary inventory management, partner with a technology provider focused on the cannabis industry. When evaluating which tool to purchase, you ought to try to find these characteristics:
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 many require these numbers to get reported in the right format every single day.
Any POS and inventory management system you spend money on 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 is going to be a costly use of your staff’s time and opens your business up to compliance risk. Before investing in a POS or inventory management system, be certain it could 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 select on to your dispensary, it is actually essential to make sure the provider are able to keep your data safe. When looking for a technology partner, make certain they tzcpsx provide world-class servers and cloud-based services that be sure that your data is scalable, secure, and available whenever you require it.
4. Product recall and loss tracking capabilities
When confronted with cannabis-based products, there is always a risk of losing inventory due to damage, deterioration, or accident. And sometimes cultivators and manufacturers release products which turn out to be tainted or unsafe. Your dispensary’s POS and inventory management system should track any lost products and flag any products placed under recall.