Maintaining an efficient process for managing inventory is crucial
Running a retail cannabis operation?
Then you know first hand just how tricky inventory management can be. The current legal climate is unpredictable. Cannabis businesses are subject to harsh and in many cases, confusing regulations. At the same time, dispensaries are also dealing with large amounts of cash and flower, both of which make them highly susceptible to theft.
Maintaining an efficient process for managing inventory is therefore crucial as it mitigates risk, lowers costs, and generates greater profits. It can also provide a better customer experience.
Here are five tips for streamlining inventory management.
1. Set Up a Barcode and Scanning System
Integrating bar code technology can transform your dispensary. With a bar code, you can simply scan the inventory, and it will be added to your POS. This method is fast and accurate. Manually typing a product’s information is tedious. It’s also subject to human error. Barcodes enable you to manage products seamlessly. Plus, you’ll know exactly how much stock you have so there won’t be any surprises for you or your customers.
2. Use Real-Time Data for Decision Making
Having an inventory system that allows you to track products in real-time is vital. Maintaining the right stock levels is tough, especially when it comes to flower. The logistics of storing and supplying fresh flower are challenging to say the least. You need enough product to meet customer demands, but you do not want too much supply on your hands either. Real-time data can help you make informed inventory decisions for better stock control.
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