If you have your own cannabis business, then you might be having some trouble keeping track of inventory. After all, if you’re selling cannabis products, chances are that you have tens of thousands if not hundreds of thousands of products available in your store.
The reality is that keeping track of everything can become extremely difficult. If you fail to keep track of all of your inventory, you might just start losing products, which could eventually lead to lost money. Therefore, you should take a look at some of the best cannabis inventory tracking software out there.
This will help keep things organized and make your life much easier overall, and should also help to preserve your cash flow. Let’s take a look at some of the best cannabis inventory tracking software out there, along with why it’s so beneficial to have in the first place.
What is Cannabis Inventory Tracking Software?
In case you are wondering what cannabis inventory tracking software is, this is a specific type of inventory system. These are generally very streamlined, automated, and technology based.
For those who don’t know what inventory is, this is simply a measure of how many products you have in your storage or warehouse. For instance, if you had 20 CBD edibles in your warehouse, this would qualify as your CBD edible inventory.
Inventory tracking software is therefore designed to help you manage your stock of products. It can help you effectively organize your products into categories, count how many items you have left, schedule reorders, and much more.
The Benefits of Cannabis Inventory Tracking Software
Now that you know what exactly cannabis inventory tracking software is, let’s take a quick look at the main benefits that this type of software comes with.
- One of the main benefits of cannabis inventory tracking software is that it allows for real time inventory management and tracking. There are many strict regulations and requirements that you have to meet in terms of inventory tracking, so having a piece of software to help you on this front can be very useful.
- What’s also really cool about pieces of software like this is that they help reduce the risk of human error while also reducing the need for manual labor. In other words, this allows you to streamline operations, cut down on labor costs, and increase your overall bottom line.
- The best pieces of cannabis inventory tracking software out there will also provide you with valuable data about your sales and your supply chain. Many of these software options have comprehensive reporting features and analytics that provide you with insights about your customer preferences, business insights, sales strategies, and more.
- Although it might not be a primary function, cannabis inventory tracking software also helps you improve and manage your customer relations. It’s all about being able to understand customer purchasing habits, preferences, and your relation to them.
- The other cool aspect of cannabis inventory tracking software is that it is also scalable, so can easily meet the needs of any size of business.
How to Choose the Best Cannabis Inventory Tracking Software
Before we start talking about the best pieces of cannabis inventory tracking software out there, it’s important for you to know what the main features are that you need to look out for.
The factis that of course not all pieces of cannabis inventory tracking software are built the same, and some are better than others. Here are some of the main features that you need to look out for when deciding on a specific piece of cannabis inventory tracking software.
Reporting and Compliance Tracking
When it comes to dispensaries and cannabis businesses of all types, compliance and reporting is essential. If any cannabis business is found as being non-compliant, they may face closure, legal penalties, and more.
A good inventory management system should allow users to track compliance related data and allow for easy reporting.
This will help ensure that you are up to date with all of the most important regulations. You should look for clear data representation, automatic inventory adjustments, and other such features that will allow for easy compliance tracking.
Point of Sale Management
Viable cannabis inventory tracking software system should also come with a POS or point of sale management system. If you plan to efficiently and effectively manage your cannabis retail operations, you absolutely need a good point of sale management system.
This integrates seamlessly with inventory, so you can easily track product levels and sales. It’s all about allowing your dispensary to comply with regulations and laws to allow for a smoother customer experience.
Furthermore, a good POS system will also provide you with up to date and accurate data on customers behaviors and sales trends, so you can make informed and effective decisions to create a more profitable future.
There are also other features that some point-of-sale management systems might include, such as bulk editing, mass product adjustments, and much more.
Invoicing and Purchase Orders
You also need to consider that a good piece of cannabis inventory tracking software should also come with state-of-the-art invoicing and purchase order features. You should always be able to easily create, track, and process orders, so you can consistently improve supply chain management.
It’s all about being able to provide and produce functional invoices for your customers and vendors, so you can easily track outgoing and incoming payments. If you get a piece of cannabis inventory tracking software that focuses on point of sale, purchase orders, and compliance tracking, you should definitely be on the right track.
Ease of Use and Accessibility
Something else to consider here is that any good piece of cannabis inventory tracking software should also be very easy to use, integrate easily with other pieces of software and equipment, and should be accessible from a variety of platforms.
The reality is that you are a cannabis cultivator or retailer, not a programmer or coder. Therefore, any piece of software you use should be user friendly to the point where even someone who’s never picked up a computer before should be able to manage.
The Best Pieces of Cannabis Inventory Tracking Software to Sign Up For
Now that you know what all of the most important features to look out for are with a piece of cannabis inventory tracking software, let’s take a look at some of the best ones out on the market right now.
Katana is specially designed for cannabis cultivation. This is a state-of-the-art piece of inventory management software that helps you streamline operations, manage your supply chain, and generate state-of-the-art reports so you can easily make decisions regarding your business.
Here, you get automatic updates, the option to set reorder points, prevent stock-outs, and you also get real time inventory tracking.
What’s really cool is that here you can also monitor all of your work in progress, your raw materials, and your finished goods. The system comes complete with a user friendly interface, a multi channel inventory management system, easy integration with various ecommerce platforms, and manufacturing management as well.
FlowHub is often regarded as being one of the best, most complete, and accurate pieces of inventory tracking software for cannabis businesses in the world. It features a seed to sale tracking, customer management, point of sale integration, and much more.
What many people love about it is that it features one of the most user-friendly interfaces out there, therefore making it very easy to navigate. Furthermore, it also allows you to build your own systems with an open API, and it easily integrates with over 50 existing apps and systems.
Being able to manage discrepancies, package imports, and manage distribution across all locations is yet another bonus. What’s also neat is that every action you take with this particular system is tracked and recorded so you always know exactly what is happening. The fact that it’s also compatible with most pieces of hardware is a big bonus as well.
Distru is a special piece of ERP software designed specifically for cannabis businesses. It provides users with very powerful tools to easily manage the entire process from cultivation all the way to sale.
What you may like about it is that there are many features present here that help you manage, create, and fulfill all customer orders across all of your warehouses. What it really comes down to is that this is a pure and simple piece of inventory tracking software.
It allows you to easily manage all of your products at online locations and in physical storefronts. It also allows for easy categorization, costing, pricing, case quantities, and more. The fact that this is a piece of cloud based software combined with CRM software is also a big bonus.
Gone are the days of having to individually count pieces of inventory, because there are now super advanced and state-of-the-art pieces of cannabis inventory tracking software out there for you to take advantage of.
As you can see from above, there are plenty of options out there, with the three that we mentioned above being just the tip of the iceberg. There are dozens of cannabis inventory tracking systems out there, and they can all help make your life much easier and more profitable.
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