A store in almost any 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 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
Not only do proper inventory management techniques keep the money from slipping from the cracks, but they protect you against major fines, license revocation, and possibly even arrest.
States and provinces all have cumbersome regulatory frameworks. But these intense and quite often confusing regulations do serve a significant purpose. By closely monitoring retail cannabis inventory, the neighborhood government can spot when regulated cannabis goods are diverted to the illicit market. Without these regulations regarding inventory management and tracking, it will be very likely for such products to end up at the disposal of minors.
The Greatest Pain Points for Dispensary Inventory Management
Putting together and maintaining a dependable inventory management system to your cannabis dispensary takes work and will create frustration. Here are the most common pain points cannabis retail owners experience:
There exists not really plenty of time for company owners to end all of the tasks needed in a day. So with regards to creating and looking after systems for inventory management, many cannabis business people check out turnkey technology solutions that will largely automate this process.
Making your inventory management procedures as efficient and streamlined as you can will 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 will have to regularly enforce inventory audits, counting the physical inventory within your store and comparing it towards the inventory reported inside the state or provincial seed-to-sale tracking system. If you can find any discrepancies, local governments expect those to be properly reported. And failure to comply will cost you money or perhaps your license.
Doing inventory audits and effectively reporting adjustments will be a giant headache without help. Luckily, a good cannabis inventory system will help create the inventory auditing process easier and take the complexity from reporting.
3. Data Security
Spending so much time to keep inventory and store records is actually all for nothing if this 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 (a couple of years in some states or higher to seven years in others), failing to properly protect your cannabis retail data can cause major compliance issues for many years.
Setting up your very own secure servers may be costly and time-consuming. To prevent possible security breaches and data compliance issues, cannabis retailers often consider reliable technology businesses that possess a good reputation for data security.
4. Turning inventory data into actionable business insights
Inventory management information is a treasure trove for actionable business insights. But so that you can garner these insights, the numbers must be translated into meaningful reports. Rather than crunching numbers on your own, cannabis business people can depend on inventory management software that has high-quality reports with actionable insights.
How to Choose the best Dispensary Inventory Management Technology
To truly streamline dispensary inventory management, partner using a technology provider focused on the cannabis industry. When evaluating which tool to purchase, you need to search for 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 some state-administered traceability program and many require these numbers to get reported in the right format every day.
Any POS and inventory management system you put money into 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 is going to be a costly use of your staff’s time as well as opens your small business up to compliance risk. Before investing in a POS or inventory management system, be sure it can 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 crucial to make sure the provider will keep your computer data 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 require it.
4. Product recall and loss tracking capabilities
When confronted with cannabis-based products, there exists always a danger of losing inventory because of damage, deterioration, or accident. And often cultivators and manufacturers release products that 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.