The Importance of Effective Inventory Management
When you have a thriving cannabis business, one of the more complex tasks you’ll face is staying on top of your inventory levels. Whether you own a dispensary or a facility that manufactures cannabis products, you will need to employ the right inventory management solutions to help you monitor and control your supply, tracking your stock level so that you can accurately predict when your inventory will be exhausted. You will need to keep track of the number of cannabis plants, harvested flowers, processed goods, and packaging components and monitor the transfer of these goods from one production stage to the next. Having the right system in place allows you to maintain compliance with legal standards, stop inventory loss or theft, and keep up with record-keeping, labeling, and security procedures.
A Unique Industry Requires Special Handling
Why is it so important to have effective cannabis inventory management in place? There are certain nuances unique to this industry, including regulatory compliance, digital and physical storefronts to maintain, high-value inventory, and stock management that is dependent on accurately assessing supply and demand. Businesses that efficiently manage inventory can expect not only to stay on top of their stock but also improve their profitability.
Components of Effective Inventory Management
To effectively manage your inventory, you need to ensure that every component of the business functions cohesively. This requires the successful implementation of several different aspects of inventory management.
- Point of Sale Systems and B2B Marketplaces: Tracking inventory in a cannabis dispensary requires a reliable point of sale (POS) system. There are several different companies that design POS systems specifically for use in this industry, including Flowhub, Cova, and LeafLogix. In addition to logging incoming inventory, tracking other sales, and otherwise managing facets of a store’s inventory, most of these systems now integrate with online cannabis menu platforms and METRC. Having this kind of system in place ensures that your inventory will be accurate, no matter where purchases take place. If you are transporting products or using a warehouse distribution model, it is crucial that you work with a well-established cannabis logistics company.
- Effective Systems and Practices: Depending on your location, state laws and regulations will differ regarding the protection of merchandise inside your store. In some states, inventory muse be secured to deter and prevent theft. No matter where you are, adequate surveillance cameras and alarms are critical.
- Reliable Order and Delivery Tracking: Your inventory management is only as reliable as your suppliers. From the time your orders leave a supplier until they are delivered to the store, they must be reliably tracked. It is important to work with an experienced cannabis logistics company because whether you are transporting products or using a warehouse distribution model, certain laws and regulations apply to the legal transportation of merchandise. Look for a company that uses the latest technology compliance tools to ensure that your products are secured both during transportation and at the warehouse.
- Comprehensive Inventory Management Strategy: Managing an inventory in any place of business requires a comprehensive strategy, and this is particularly important in the cannabis industry. Routine inventory counts and analysis, anti-theft measures, rock-solid security measures, and in-depth employee screening and monitoring are all vital to the successful operation of your business. The more organized your operation, the lower the risk of inventory losses.
- Well-Rounded Logistics Company: All of the many components of successful inventory management can be challenging, which is why it’s good business to work with an established cannabis logistics company. Looking for a company that can handle more than one facet of your operation’s logistical requirements can give you the freedom to run your business successfully.
Partnering with Professionals
If you’re interested in the cannabis business, it makes sense to partner with an experienced company for your cannabis inventory management. Since 2017, RUKLI has been licensed and operating as a cannabis distributor in California. Now that we’re experienced veterans, we have a vast distribution network that serves both Southern and Northern California, and we operate out of facilities in both regions. Coordinating product intake using a precise “Track & Trace” system, we manage inventory, make compliance testing arrangements, and take on picking and packing in time to ensure next-day deliveries. In addition to managing receipt, storage, and outflow of your products, we handle invoicing and collection, as well as tax payments and filings. We service some of the top brands, but we do not have our own brands or compete against our customers. To learn more about how RUKLI can provide supply chain management to meet your distribution needs, call (909) 494-1076, contact us through the website, or schedule an appointment.