Cannabis Inventory Software: 5 Features to Consider

Learn about the 5 Key Features to Consider Before Purchasing Cannabis Inventory Software

Whether you’re a small-scale producer or a large-scale distributor, keeping track of your inventory is crucial for the success of your cannabis business plan. And trust me, trying to do it all manually is a recipe for disaster. That’s where cannabis inventory software comes in. Read on to learn about the key features to consider, and one drawback that you should keep in mind.

How Cannabis Inventory Software Streamlines Operations

Cannabis inventory software is specifically designed to eliminate the potential for human error in inventory tracking. By automating the process, it minimizes the risks of miscounting, misplacing, or inaccurately recording inventory data. This not only saves time and resources but also ensures that businesses maintain compliance with regulations. That being said, here are some of the ways that cannabis inventory software streamlines operations..

Real-Time Visibility

One significant advantage of cannabis inventory software is its ability to provide real-time visibility into inventory levels and movements. This allows business operators to have an up-to-date understanding of their stock and make informed decisions regarding purchasing, production, and sales. By having this comprehensive overview, businesses can avoid stockouts, prevent overstocking, and optimize their inventory levels.

Minimizes Errors

Unfortunately, a recent report has shown that 43% of small to medium-sized businesses do not track their inventory, or they rely on manual systems. This puts these businesses at a significant disadvantage. Manual systems are prone to human error, making it challenging to maintain accurate inventory records. This can lead to a wide range of costly problems, such as sunk capital costs, inventory servicing costs, and storage space costs.

Eliminates Risk of Non-Compliance

Poor inventory management can also have severe consequences for cannabis businesses in terms of compliance with regulations. While it is challenging to quantify the costs of non-compliance, some of the “soft costs” include penalties and fines from regulators for non-compliance stemming from poor inventory management. These costs can quickly add up and have a significant impact on a business’s bottom line.

Hurts Business Reputation

Non-compliance can also result in negative impacts on brand reputation and loss of trust with suppliers and customers. In an industry that is still facing many stigmas and stereotypes, maintaining a strong reputation and trustworthiness is crucial. Cannabis inventory software can help businesses avoid compliance-related issues and ensure that they are operating within the bounds of the law.

2 Key Benefits of Cannabis Inventory Software

Cannabis inventory software provides numerous benefits to cannabis business operators, making it an essential tool in their operations. 

Opportunity to Automate

A significant advantage of cannabis inventory software is its ability to reduce manual labor and minimize the risk of human error. By automating the inventory management process, operators can efficiently manage the supplies and materials they receive, as well as track the product’s movement from production to customer delivery. This automation significantly reduces the chances of errors, ensuring that accurate information is available at all times.

Allows for Continual Improvement Process

By freeing operators from the burden of manual inventory management, cannabis inventory software allows them to focus on improving their business. They can identify key problems in their inventory management process, such as inefficiencies or discrepancies, and take appropriate actions to rectify them. Moreover, operators can use the software’s reporting capabilities to analyze data and identify opportunities to reduce costs or increase revenues. This ability to focus on improving the business rather than working on it is a game-changer for cannabis operators.

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Pro Tip for Cannabis Cultivators

GrowerIQ’s seed to sale cannabis software is a comprehensive solution that allows cannabis operators to effortlessly track the entire journey of their products, from seed to sale. Not only does it provide the ability to track the cultivation, harvesting, and sales processes, but it also seamlessly integrates with the inventory management system to help operators receive and manage supplies from vendors and suppliers.

Did you know? GrowerIQ has an industry-leading Seed-to-Sale Cannabis Software (with quality management built in) that is designed to uncomplicate cannabis production for cannabis producers throughout the world.

Learn more here.

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5 Key Features to Consider in Your Cannabis Inventory Software

Receiving inventory is a critical step in cannabis business management. To effectively manage inventory, it is important to add all the necessary information related to the received items. This includes details such as the variety of the product, whether it is a SKU or batch, package type, quantity, weight, and more. By capturing this information, you can accurately track and manage your inventory.

Ability to Track Receiving Inventory

One key aspect of receiving inventory is linking it to specific suppliers, lot numbers, and purchase orders. This allows you to establish a clear trail of accountability and ensures that you can easily trace back the origins of your inventory. By linking inventory to suppliers, you can easily identify which suppliers have provided the products and assess their reliability and quality. Additionally, linking inventory to lot numbers and purchase orders helps you match the received inventory with the corresponding orders, ensuring accuracy and preventing any mix-ups.

Tracking & Working with Received Inventory

Once inventory is received, your team needs to take further actions to process it. This can include approving the inventory, moving it between rooms and facilities, transferring lots to batches, creating activity logs, adding pesticide if necessary, returning items, and more. Each of these actions plays a crucial role in managing and maintaining the integrity of your inventory.

Receiving and Working with Supplies

Working with supplies is another important aspect of cannabis business management. It is essential to accurately log the types of supplies used, such as pesticides, nutrients, and additives. By keeping records of supply purchases and usage, you can effectively manage your inventory and ensure that you have enough supplies to meet your business needs. 

Linking supplies received to suppliers helps you track the source of your supplies and maintain a reliable supply chain. Additionally, adding critical information such as item information, account details, inspection notes, documents, and purchase order signatures/receipts further enhances your ability to manage and track your supplies.

Ability to Differentiate Batches and Lots

It is crucial to differentiate between batches and lots. Batches refer to inventory that is currently being processed or needs to be processed, while lots are collections of inventory that have completed their batch plans and are ready for sale. By categorizing your inventory into batches and lots, you can effectively track and manage the progress of your inventory from production to sale.

Ability to Track from Seed to Sale

Seed to sale tracking is a vital component of cannabis business management. This involves tracking cannabis plants from seed to sale, integrating with facility systems such as sensors and building controls, managing batches, and tracking the inventory through processing to eventual sale. This comprehensive tracking system ensures compliance and transparency, allowing you to confidently monitor and control your inventory every step of the way.

What is a Drawback to Cannabis Inventory Software?

Cannabis inventory software has undoubtedly revolutionized the way businesses manage their inventory. It streamlines the entire process, making business more efficient and effective. However, it’s essential to recognize that while cannabis inventory software is great at streamlining inventory management, it often falls short when it comes to streamlining overall business operations.

Cannabis Software Should Encompass All Aspects of the Business

The bigger picture lies in having a comprehensive seed to sale software system that encompasses all aspects of the cannabis business. This software provides business operators with the ultimate flexibility, allowing them to seamlessly manage every stage of the cannabis product lifecycle. From cultivation and manufacturing to processing and quality control, a seed to sale software system covers it all.

Seed to Sale Enables Centralization of Business Operations

By implementing a robust seed-to-sale software system, cannabis businesses can centralize their operations and have real-time visibility into every aspect of their business. This means that they can track the progress of each product from the moment it’s planted as a seed to the final sale. This level of transparency enables businesses to optimize their processes, identify areas for improvement, and make data-driven decisions.

Enhanced Reporting Capabilities

Seed to sale software system allows businesses to generate custom reports for any stage of the product lifecycle. Whether it’s tracking cultivation yields, monitoring manufacturing efficiencies, or analyzing sales data, businesses can easily access the information they need to make informed decisions. This level of customization ensures that businesses can tailor their reporting to their specific needs, providing invaluable insights into their operations. This added reporting capability also aids in regulatory compliance, by enabling businesses to track and document every step of the process.

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How GrowerIQ helps Cannabis Business Operators Seamlessly Manage their Inventory

GrowerIQ simplifies cannabis business operations by integrating Compliance, Cultivation, Manufacturing, Quality Management System, and Customer Relationship Management (CRM) all in one easy-to-use platform. This powerful tool streamlines and automates essential tasks, allowing cannabis operators to focus on what they do best – growing and selling high-quality cannabis products.

Discover how GrowerIQ’s seed-to-sale software can help you set up all of the administrative components of a successful cannabis cultivation operation, without any hassle. Questions we haven’t covered? Please reach out and let us know. GrowerIQ serves clients coast to coast, and we’re ready to help your team today.