Investing in a dispensary management system over a conventional point-of-sale (POS) system is one of the smartest decisions a cannabis business owner can make.
A POS system has built-in functionality for the needs of cannabis retailers. A proper dispensary management system, on the other hand, will ensure your operation stays in compliance amid volatile state and country regulations.
In this article, we will look at the most beneficial features of a dispensary management system. Likewise, we explain why the features are instrumental in building a business that is not only compliant but also competitive.
Here’s How a Dispensary Management System Can Maximize Profits
1. Streamlining Transaction Processing
Using an effective dispensary management system can significantly increase your transaction speed. This makes life easier for your budtenders but also enhances the customer experience.
Your customers are excited to check out and receive their items. If a transaction takes too long, their interest can quickly fade and eventually turn into frustration.
Customer sales aren’t the only transactions your system will help speed up. It will also modernize your receiving of inventory, end-of-day (EOD) tasks, price updates, and more.
2. Minimizing Errors
Having the right dispensary POS system in place will optimize your processes. As a result, automated functionality will decrease data errors since processes like tax calculations, inventory adjustments, and returns require minimal system interaction.
In addition, the system can also sync data across multiple devices in real-time. So, if you have multiple terminals in your store (check-in, fulfillment, cashier, etc.), there will be no need to constantly ensure that data is being transferred accurately across all platforms.
3. Real-Time Inventory Tracking
Inventory is always going to be paramount in any retail operation. With a proper dispensary management system in place, your inventory levels will be updated in real-time.
In turn, your employees won’t need to worry about your customers ordering items that you don’t have in stock. This is also helpful when it comes to stock reordering points.
Most cannabis enterprise resource planning (ERP) systems are equipped with automated inventory replenishment functionality that will automatically suggest sales orders for products based on criteria you set for reordering.
So, let’s say your OG Kush is in high demand for holidays. The system should automatically suggest that you purchase more OG Kush to satisfy this demand.
4. Programming Promotions
The difference between a run-of-the-mill dispensary and an extraordinary one is the loyalty that it builds with its customers. One of the best ways to build a strong rapport with customers is to offer them promotions or discounts to reward them for their business.
A dispensary management system will enable you to automate these discounts and notify your clientele of upcoming promotions. This automation can be as simple or as granular as you decide.
Do you want all edibles to be 20% off on Wednesdays? Not a problem. Would you like Veterans to receive a 15% discount every Friday from 12-6 pm? Also, possible.
You can get as creative as you want with promotions when using proper dispensary management software. And, in turn, create more opportunities for your customers to return.
5. Reporting and Analytics
With a wealth of data, it’d be a waste if business owners couldn’t use this data to visualize the direction of their dispensary.
With a dispensary management system in place, operators can quickly identify bottlenecks and bloat, measure employee performance, forecast promotions, and make more informed decisions in general.
Having advanced reporting and analytic capabilities can quickly propel your dispensary ahead of your competition.
Find a Dispensary Management System That Works for You
If you’re in the market for a dispensary management system that allows you to optimize your business in all the ways mentioned above and more, 365 Cannabis is a platform that is seriously worth considering. Equipped with industry-leading functionality, their system contains all the tools needed to scale your business into a neighborhood favorite or a multi-location, multi-state behemoth.
No matter how your business evolves, 365 Cannabis is a platform that can scale with you.
Equip your dispensary with a cannabis ERP system that is a cut above the rest. Request a demo with 365 Cannabis today.