A retail 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 completely 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 to your business.
Why Dispensary Inventory Management is Important
Furthermore proper inventory management techniques maintain your money from slipping with the cracks, however they protect you against major fines, license revocation, and perhaps even arrest.
States and provinces all have cumbersome regulatory frameworks. However these intense and frequently confusing regulations do serve an essential purpose. By closely monitoring retail cannabis inventory, the regional government can spot when regulated cannabis items are diverted in to the illicit market. Without these regulations regarding inventory management and tracking, it would be more likely for these particular products to terminate up in the hands of minors.
The Largest Pain Points for Dispensary Inventory Management
Setting up and maintaining a trusted inventory management system for the cannabis dispensary takes effort and can create frustration. Here are among the most common pain points cannabis retail owners experience:
There is certainly not plenty of time for business people to end all the tasks needed in a day. So when it comes to creating and maintaining systems for inventory management, many cannabis company owners check out turnkey technology solutions that can largely automate the procedure.
Making your inventory management procedures as efficient and streamlined as possible could save you time. And beyond that, it may help mitigate the potential 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 in your store and comparing it for the inventory reported inside the state or provincial seed-to-sale tracking system. If you will find any discrepancies, local governments expect those to get properly reported. And failure to comply can cost you money or perhaps your license.
Doing inventory audits and properly reporting adjustments will be a giant headache without help. Luckily, a good cannabis inventory system may help create the inventory auditing process easier and consider the complexity away from reporting.
3. Data Security
Making an effort to maintain inventory and store records is actually all for nothing if that data can’t be accessed as a result of theft or corruption. And furthermore, as local governments require data to be stored long after it’s reported (2 yrs in a few states and up to seven years in others), failing to properly protect your cannabis retail data could cause major compliance issues for many years.
Setting up 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 use a reputation for data security.
4. Turning inventory data into actionable business insights
Inventory management information is a treasure trove for actionable business insights. But to be able to garner these insights, the numbers must be translated into meaningful reports. As opposed to crunching numbers by yourself, cannabis business owners can depend on inventory management software that features high-quality reports with actionable insights.
Choosing the correct Dispensary Inventory Management Technology
To really streamline dispensary inventory management, partner with a technology provider focused on the cannabis industry. When looking for which tool to purchase, you should look for these characteristics:
1. Integration with all 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 some state-administered traceability program and lots of require these numbers to get reported inside the right format every day.
Any POS and inventory management system you invest in should integrate directly with your state or province, eliminating any manual reporting or formatting and saving you time, money, and the potential risk of costly compliance errors.
2. Integration with hardware
Manually inputting all product information or sales data will probably be a costly use of your staff’s some time and opens your business approximately compliance risk. Before investing in a POS or inventory management system, make sure it can integrate with any hardware (barcode scanners, computers, tablets) you currently have or would like to buy.
3. Data security and redundancy
Whatever POS and inventory management system you choose on to your dispensary, it really is crucial to make sure the provider are able to keep your computer data safe. When evaluating a technology partner, make certain they tzcpsx provide world-class servers and cloud-based services that make sure your data is scalable, secure, and available whenever you really need it.
4. Product recall and loss tracking capabilities
When dealing with cannabis-based products, there exists always a danger of losing inventory as a result of damage, deterioration, or accident. And often cultivators and manufacturers release items 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.