A retail store in almost any industry would suffer without strong inventory management procedures. However for cannabis retailers operating in a tangled up regulatory landscape, cannabis inventory control plan is completely vital.
Let’s discuss the value of cannabis inventory management, some 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 Important
Not only do proper inventory management techniques maintain your money from slipping through the cracks, however they protect from major fines, license revocation, and possibly even arrest.
States and provinces all have cumbersome regulatory frameworks. But these intense and frequently confusing regulations do serve an essential purpose. By closely monitoring retail cannabis inventory, the local government can spot when regulated cannabis products are diverted to the illicit market. Without these regulations regarding inventory management and tracking, it would be more likely for these products to terminate up at the disposal of minors.
The Biggest Pain Points for Dispensary Inventory Management
Setting up and maintaining a reliable inventory management system for the cannabis dispensary takes work and can create frustration. Here are among the most common pain points cannabis retail owners experience:
There is not really plenty of time for business people to end each of the tasks needed in a day. So in terms of creating and looking after systems for inventory management, many cannabis business owners check out turnkey technology solutions that can largely automate the procedure.
Making your inventory management procedures as efficient and streamlined as possible will 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 have to regularly enforce inventory audits, counting the physical inventory inside your store and comparing it towards the inventory reported in the state or provincial seed-to-sale tracking system. If you will find any discrepancies, local governments expect those to be properly reported. And failure to comply can cost you money or perhaps your license.
Doing inventory audits and properly reporting adjustments might be a giant headache without help. Luckily, a good cannabis inventory system will help have the inventory auditing process easier and consider the complexity out of reporting.
3. Data Security
Working hard 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 furthermore, as local governments require data to become stored a long time after it’s reported (2 yrs in some states or higher to seven years in others), failing to properly protect your cannabis retail data may cause major compliance issues for years to come.
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 turn to reliable technology firms 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 by yourself, cannabis company 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 look for these features:
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 lots of require these numbers to get reported in the right format every single 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 helping you save time, money, and the potential risk of costly compliance errors.
2. Integration with hardware
Manually inputting all product information or sales data is going to be a costly utilization of your staff’s time as well as 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 choose on for your dispensary, it is essential to ensure the provider can keep your computer data safe. When looking for a technology partner, make certain they tzcpsx provide world-class servers and cloud-based services that make sure your details are scalable, secure, and available whenever you really 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 that 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.