Every cannabis cultivator, processor, and distributor has a unique set of needs and can face specific challenges related to inventory tracking. Unfortunately, conventional methods of cannabis inventory tracking don't satisfy today's demands, and may even result in errors being made.
Accurate seed-to-sale inventory management and tracking should always be among the top priorities of a cannabis business, as this can impact its profitability, scaling, and compliance with state regulations.
Is a cannabis inventory software solution the ideal tool to streamline this process? That's exactly what we'll discover today. Let's go over the main reasons why you may need one and how it'll impact your cannabis operation!
How do you manage inventory? Don't worry. We won't judge you. But it's important to learn about these practices in order to understand why your business may need to use cannabis inventory management software.
Many operators use spreadsheets or physical ledgers. Others prefer old-school methods and manually determine what's on hand or running low by counting inventory in their warehouses.
Although these were common ways to keep track of inventory in the past, the truth is that they're no longer reliable. One of the main issues with these methods is that they're vulnerable to human errors and miscommunications.
Data-entry errors and jumbled numbers can result in inventory shortages or stock outs. This can negatively impact your production or sales capabilities and, ultimately, affect your cannabis business's bottom line.
However, this isn't the only consequence of improper inventory tracking. Many overlook the effects that these errors can have on other important aspects of their business. Let's evaluate the following scenarios:
Cannabis inventory management software can save you from some major headaches. These solutions can give you and your team a real-time, accurate picture of what your warehouses look like, ensure the materials you need to manufacture products are always available, and help you complete requests.
Additionally, seed-to-sale software with inventory tracking features can help your team avoid stock outs and shortages. You won't even have to worry about items that are expiring because all this information will be available in just one place.
Do you know how many people in your business need access to inventory data? Well, it's a lot! This information must be accessible to your sales, management, processing, and finance teams.
However, they won't collectively work off one data source if you are manually tracking inventory. This increases the chance of someone on the team making a mistake.. If there's no proper synchronization and a change is made in one data source but not in another, this will cause discrepancies in the information each party gets.
Fortunately, one of the biggest benefits of using cannabis inventory management software is data centralization, which enhances coordination between different departments, improves accuracy and control, and simplifies the tracking process.
As mentioned, using comprehensive cannabis inventory software offers many benefits to cultivators, processors, distributors, and almost any company operating in the cannabis industry.
Still not sure if you need one of these solutions? Let's take a look at the benefits that inventory-focused seed-to-sale software offers:
Cultivators, processors, distributors, and other companies operating in the cannabis industry must comply with state-specific regulatory requirements for reporting cannabis inventory and sales.
In most states, this must be done through Metrc’s track and trace software. That means Metrc compliance is mandatory for many cannabis businesses.
What would happen if you failed to do proper inventory tracking? What if you ever get audited and your information isn't organized? The cannabis industry is strictly regulated, so non-compliant businesses can face financial penalties or closure.
You can make sure your inventory is aligned with industry regulations by using cannabis inventory management software. As explained above, these solutions incorporate features that allow you to monitor the process from seed to sale, keeping records of each transaction at every step of the way.
In simple terms, when management and tracking are optimized, accounting for your inventory at every stage to comply with state regulations will be a piece of cake!
The best part? A seed-to-sale software solution like Distru has two-way Metrc integration, which automatically syncs and audits your goods in stock against the inventory in Metrc.
Managing inventory can be challenging, but the right software will make all the difference. Distru is an example of what these solutions can do for cannabis businesses.
Our seed-to-seed software has been designed to function as an all-inclusive central hub where you can manage and track your inventory, monitor transactions at every stage of the process, ensure Metrc compliance, audit your stock levels, and more.
Find out more about how Distru can help you save over 100 hours per week with a short demo of our software. Click here to learn more!