A retail store in almost any industry would suffer without strong inventory management procedures. But for cannabis retailers operating in a fraught regulatory landscape, marijuana inventory control plan is completely vital.
Let’s discuss the value of cannabis inventory management, a number of the biggest pain points for cannabis retailers, and how to locate a proper cannabis retail pos solution for the business.
Why Dispensary Inventory Management is very important
Not only do proper inventory management techniques maintain your money from slipping with the cracks, nevertheless 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 an essential purpose. By closely monitoring retail cannabis inventory, the local government can spot when regulated cannabis goods are diverted to the illicit market. Without these regulations regarding inventory management and tracking, it will be much more likely for these particular products to finish up at the disposal of minors.
The Largest Pain Points for Dispensary Inventory Management
Setting up and maintaining a dependable inventory management system for the cannabis dispensary takes effort and will create frustration. Here are the most common pain points cannabis retail owners experience:
There is certainly not enough time for business owners to complete all the tasks needed in a day. So in terms of creating and looking after systems for inventory management, many cannabis business people turn to 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 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 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 will find any discrepancies, local governments expect those to be properly reported. And failure to comply will set you back money or perhaps your license.
Doing inventory audits and properly reporting adjustments would be a giant headache without help. Luckily, an excellent cannabis inventory system will help make the inventory auditing process easier and go ahead and take complexity out of reporting.
3. Data Security
Working hard to keep 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 get stored a long time after it’s reported (two years in some states or higher to seven years in others), neglecting to properly protect your cannabis retail data may cause major compliance issues for years to come.
Setting up your own secure servers can be costly and time-consuming. To prevent possible security breaches and data compliance issues, cannabis retailers often consider reliable technology companies that use 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 to be able to 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 features high-quality reports with actionable insights.
Choosing the best 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 ought to search for these features:
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 your state-administered traceability program and several require these numbers to be reported inside the right format each day.
Any POS and inventory management system you put money into should integrate directly 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 as well as opens your business as much as compliance risk. Before investing in a POS or inventory management system, be sure it may integrate with any hardware (barcode scanners, computers, tablets) you have or want to buy.
3. Data security and redundancy
Whatever POS and inventory management system you decide on to your dispensary, it is crucial to ensure the provider can keep your data safe. When evaluating a technology partner, make sure they tzcpsx provide world-class servers and cloud-based services that be sure that your data is scalable, secure, and available whenever you need it.
4. Product recall and loss tracking capabilities
While confronting cannabis-based products, there is always a danger of losing inventory due to damage, deterioration, or accident. And quite often cultivators and manufacturers release products that become tainted or unsafe. Your dispensary’s POS and inventory management system should track any lost products and flag any products placed under recall.