Cannabis Inventory Procedures – See The Team ASAP To Choose Further Tips..

A retail store in every 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 importance 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 essential

Not only do proper inventory management techniques keep your money from slipping with the cracks, but they protect you from major fines, license revocation, and maybe even arrest.

States and provinces all have cumbersome regulatory frameworks. However these intense and often confusing regulations do serve an important 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 might be very likely for these particular products to terminate up at the disposal of minors.

The Largest Pain Points for Dispensary Inventory Management

Putting together and maintaining a trusted inventory management system for your cannabis dispensary takes hard work and may create frustration. Here are the most common pain points cannabis retail owners experience:

1. Time

There exists not sufficient time for business people to complete all the tasks needed in a day. So in terms of 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 will save you time. And beyond that, it will 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 should regularly enforce inventory audits, counting the physical inventory within your store and comparing it for the inventory reported inside the state or provincial seed-to-sale tracking system. If there are any discrepancies, local governments expect those to become properly reported. And failure to comply will set you back money or maybe your license.

Doing inventory audits and effectively reporting adjustments will be a giant headache without help. Luckily, a good cannabis inventory system can help have the inventory auditing process easier and go ahead and take complexity from reporting.

3. Data Security

Working hard to keep up inventory and store records is all for nothing if this data can’t be accessed due to theft or corruption. And furthermore, as local governments require data to become stored long after it’s reported (a couple of years in certain states and up to seven years in others), neglecting to properly protect your cannabis retail data may cause major compliance issues for many years.

Setting up 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 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 so that you can garner these insights, the numbers should be translated into meaningful reports. Instead of crunching numbers all on your own, cannabis business owners can rely on inventory management software that includes high-quality reports with actionable insights.

How to pick the best Dispensary Inventory Management Technology

To really streamline dispensary inventory management, partner using a technology provider focused on the cannabis industry. When evaluating which tool to buy, you ought to try to find these features:

1. Integration with 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 many require these numbers to get reported inside the right format every 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 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 utilization 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 already have or are looking to buy.

3. Data security and redundancy

Whatever POS and inventory management system you select on for your dispensary, it is actually crucial to ensure the provider are able to keep your information safe. When evaluating a technology partner, ensure they tzcpsx provide world-class servers and cloud-based services that make sure your data is scalable, secure, and available whenever you require it.

4. Product recall and loss tracking capabilities

While confronting cannabis-based products, there exists 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.