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, marijuana inventory procedures is totally 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 for the business.
Why Dispensary Inventory Management is very important
Not only do proper inventory management techniques keep your money from slipping through the cracks, but they protect you against major fines, license revocation, and perhaps 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 neighborhood government can spot when regulated cannabis items are diverted in 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 Biggest Pain Points for Dispensary Inventory Management
Putting together and looking after a trusted inventory management system for your cannabis dispensary takes effort and may create frustration. Here are the most common pain points cannabis retail owners experience:
There is simply not enough time for company owners to end all of 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 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 will 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 need to regularly enforce inventory audits, counting the physical inventory in 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 become properly reported. And failure to comply will set you back money or your license.
Doing inventory audits and properly reporting adjustments might be a giant headache without help. Luckily, a great cannabis inventory system may help make the inventory auditing process easier and take the complexity away from reporting.
3. Data Security
Making an effort to maintain inventory and store records is perhaps all for nothing in the event that data can’t be accessed due to theft or corruption. And because local governments require data to become stored a long time after it’s reported (a couple of years in a few states and up to seven years in others), failing to properly protect your cannabis retail data can cause major compliance issues for a long time.
Establishing your own secure servers can be costly and time-consuming. To prevent possible security breaches and data compliance issues, cannabis retailers often choose reliable technology firms that use a 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. Instead of crunching numbers by yourself, cannabis business people can count on inventory management software that includes 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 invest in, you should search 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 several require these numbers to become reported inside 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 will probably be a costly usage of your staff’s some time and opens your company approximately 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 decide on for your dispensary, it really is crucial to ensure the provider will keep your computer data safe. When looking for a technology partner, make certain they tzcpsx provide world-class servers and cloud-based services that be sure that your information is scalable, secure, and available whenever you need it.
4. Product recall and loss tracking capabilities
When dealing 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 which 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.