The cannabis industry is booming. As more states legalize, demand will drive unfathomable expansion for cannabis companies. Start-ups are quickly turning into large scale enterprises in a matter of months, outgrowing basic software that is unable to scale. Now, businesses need to look for solutions going beyond seed-to-sale; systems that can track business operations, not just plants.
Implementing a new ERP solution doesn’t happen overnight. It requires careful planning too. Here are a few things to consider when deciding to switch to a cannabis-specific ERP solution.
1) Feature Focused
An ERP system integrates data and processes across multiple departments and locations, allowing a company to produce, move, and track cannabis and non-cannabis products alike quicker than ever.
- Incorporate your procedures and processes into the system. Look for an ERP solution that is built specifically for the cannabis industry that will give you all the tools you need and more to fit your specific operation. The right ERP will even automate certain processes that were once manual, time consuming, and error prone.
- In-depth analytics and reporting are crucial to show you where you have been, where you are, and where you can be. Future-proof your business by extracting meaningful information to make data driven decisions. From maximizing yields to maximizing 280e deductions, from catching process inefficiencies to catching the eyes of investors, choose an ERP that can deliver a variety of granular, transparent reports with ease.
- Flexibility and scalability are critical features when selecting a new ERP. The system should streamline processes and facilitate growth, not hinder your operation. Don’t end up with multiple piece-mailed software or outgrow another system.
2) Software to Scale
Especially true for cannabis, no two businesses have the same operational needs. Each operation requires specific software functionality to run efficiently. ERP software is extremely flexible, customizable, and scalable, making it ideal for the cannabis industry.
For example, a company that only cultivates needs robust facility management features such as: yield forecasting, cost per gram, and automated inventory replenishment capabilities. Dispensaries on the other hand require a solution that can automate inventory replenishments, track loyalty, and manage multiple stores. Vertically integrated companies that cultivate, manufacture, distribute, and operate their own retail dispensaries need a solution that can manage every aspect of their operation and communicate between departments.
Fortunately, cannabis industry specific ERP systems like 365 Cannabis tailor the software to accommodate every operation size and type; from cultivators to retailers, startups to multi-million-dollar enterprises. Investing in a cannabis-specific ERP ensures that no matter your operation type, size, location, your business is equipped with the right tools long-term.
3) Making the Investment
Software should not be seen as a cost, but an investment in the health and future of your business. So how do you ensure that this investment delivers ROI immediately and into the future? When selecting a solution that will house all your business-critical information in a highly regulated industry, consider the time, effort, and cost involved to implement and maintain your new system.
New technology is only as good as its implementation. Your ERP supplier should have the knowledge and industry experience to guide you through deployment. It is up to you to ensure you have a dedicated team to put in the time to train, practice, and pass this knowledge on to manage the system independently. Initial effort in equals long-term value out.
Maintaining the integrity of an ERP system requires knowledge of use, best practices, and standard procedures to be spread and passed along to employees. Under-utilization and miss-use due to staff churn or “forgetting” what features and functionality are available will degrade the value of your system. Select an ERP solution with the capacity to provide documentation as well as refresher training courses to ensure that your ERP is continuously used to its full potential.
True ERP systems connect various departments and processes that are currently fragmented in your company. Ditching a cluster of standalone systems will instantly drive efficiency, increase productivity, and reduce manual processes and errors. It’s time to switch to an integrated ERP system built to scale with you.