A retail store in almost any industry would suffer without strong inventory management procedures. But for cannabis retailers operating in a fraught regulatory landscape, cannabis inventory procedures is totally vital.
Let’s discuss the significance of cannabis inventory management, some 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 essential
In addition proper inventory management techniques maintain your money from slipping with the cracks, but they protect you against major fines, license revocation, and maybe 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 neighborhood government can spot when regulated cannabis items are diverted into the illicit market. Without these regulations regarding inventory management and tracking, it might be more likely for such products to end up at the disposal of minors.
The Biggest Pain Points for Dispensary Inventory Management
Setting up and maintaining a dependable inventory management system for the cannabis dispensary takes work and will create frustration. Here are among the most frequent pain points cannabis retail owners experience:
There is not sufficient time for business people to finish all the tasks needed in a day. So when it comes to creating and looking after systems for inventory management, many cannabis business people turn to turnkey technology solutions that will largely automate the procedure.
Making your inventory management procedures as efficient and streamlined as is possible can save you time. And beyond that, it can 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 in your store and comparing it to 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 can cost you money or your license.
Doing inventory audits and properly reporting adjustments would be a giant headache without help. Luckily, a great cannabis inventory system can help make the inventory auditing process easier and take the complexity out of reporting.
3. Data Security
Making an effort to keep up inventory and store records is perhaps all for nothing if this data can’t be accessed as a result of theft or corruption. And since local governments require data to get 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 could cause major compliance issues for many years.
Putting together your very own secure servers could be costly and time-consuming. In order to avoid possible security breaches and data compliance issues, cannabis retailers often choose reliable technology companies that have a good reputation for data security.
4. Turning inventory data into actionable business insights
Inventory management details are a treasure trove for actionable business insights. But in order to garner these insights, the numbers should be translated into meaningful reports. As opposed to crunching numbers all on your own, cannabis company owners can rely on inventory management software that features high-quality reports with actionable insights.
Choosing the best Dispensary Inventory Management Technology
To actually streamline dispensary inventory management, partner using a technology provider focused on the cannabis industry. When evaluating which tool to buy, you should search for these features:
1. Integration with the local government’s seed-to-sale tracking system
Nearly all states and provinces require retail cannabis stores to report their inventory and sales transactions to your state-administered traceability program and lots of require these numbers to become reported in the right format each day.
Any POS and inventory management system you invest in should integrate directly along 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 will probably be a costly utilization of your staff’s time and opens your company up to compliance risk. Before investing in a POS or inventory management system, be certain it may integrate with any hardware (barcode scanners, computers, tablets) you have or are looking to buy.
3. Data security and redundancy
Whatever POS and inventory management system you select on for your dispensary, it is critically important to make certain the provider are able to keep your information safe. When looking for a technology partner, make sure they tzcpsx provide world-class servers and cloud-based services that ensure your details are scalable, secure, and available whenever you need it.
4. Product recall and loss tracking capabilities
While confronting cannabis-based products, there is certainly always a risk of losing inventory because of damage, deterioration, or accident. And sometimes cultivators and manufacturers release products which become tainted or unsafe. Your dispensary’s POS and inventory management system should track any lost products and flag any products placed under recall.