The US cannabis industry is booming. The federal government has green-lighted the legal medical and recreational use of marijuana for adults over 21 and older in 15 states (and D.C.). With the new wave of legalization, we are seeing more entrepreneurs enter the ever-expanding, multi-billion-dollar cannabis industry. Now, more than ever, having a dispensary management system software is crucial for keeping up, being profitable, and staying efficient.
Many factors go into running a successful business, and it comes with a set of challenges, including keeping up with required tracking and reporting, with regulations that vary from state to state. With a cannabis dispensary management ERP system such as SAP Business One, dispensaries have the capabilities to properly address these issues.
Using an industry-specific ERP system is a crucial step in establishing a successful cannabis-centered business. This type of automated business solution increases efficiency by streamlining everyday business tasks and processes on a single, centralized platform and ensures your business stays compliant.
Dispensary management ERP systems are used across the supply chain by dispensaries, distributors, growers, and retailers. Dispensary management software is designed to support the point-of-sale and retail management requirements of a cannabis retail store.
This type of solution can manage inventory for multi-location storefronts through a centralized platform with real-time updates.
What Management Software Do Dispensaries Use?
A dispensary requires a variety of automated cannabis-specific functions to operate.
This software supports different departments throughout the business such as accounting, marketing, inventory, and customer service.
Here are some of the most common software used by dispensaries:
Custom Dispensary POS (Point of Sale) Software
The first step in running a successful retail operation is to have an operating and efficient POS system, which generates invoices for every transaction and provides multiple options for secure payment.
Most POS systems today are entirely digital and have the functionality to generate QR codes and item barcode IDs while providing the appropriate scanner software to support the dispensary’s merchandising and inventory process.
E-commerce, Sales, and Customer Service Database
Integrating ERP software into your online shop also allows you to manage e-commerce platforms and track online sales on a single platform.
Regularly customize and update your product catalog, and create mobile solutions that feature secure payment transactions. Additionally, the module can generate a customer database that records purchase history and even allows you to start a membership program, all of which can improve consumer relationships.
Inventory and Seed-to-Sale Tracking
Ideally, your management software should be connected to the state’s track and trace system, which determines the current and past locations of individual units and ingredients.
Inventory management solutions can help you keep track of inventory and individual stock units across multiple locations. Additionally, the solution provides an overview of units as they move throughout the supply chain from cultivation, packaging, warehouse, delivery, and storefront, until it is purchased by the customer.
Data Management and Compliance Reporting
Just like any business, dispensaries must keep track of inventory, manufacturing, customer, and sales data to ensure they adhere to state-specific laws and industry best practices.
The retail cannabis industry is heavily regulated, and the regulations vary from state to state. METRC (Marijuana Enforcement Tracking Reporting Compliance) is a state-mandated compliance software used by many dispensaries to help stay compliant in their operations.
A compliance solution, such as METRC, will be able to digitally store all required records and information to ensure your business stays in compliance with industry standards. Compliance standards are related to data security, packaging requirements, and customer profiles, all of which are hard to record and store manually. Therefore automating the data management process will ensure you always have the proper documentation and will keep your business in code.
Accounting and Business Analytics Solutions
An accounting solution can help you review how well the business is doing by accurately tracking sales and income, and evaluating expenses.
You’ll easily be able to generate insightful financial reports to stay updated on financial performance and manage your budget throughout different departments accordingly.
Analyze business trends and sales forecasts.
What products generate the most sales?
What are your current inventory requirements?
Which marketing campaign has the highest ROI?
Your cannabis ERP software should be able to answer these questions for you. Stakeholders need to review these statistics to make decisions that will increase sales and profitability.
Other Dispensary Management System Software Available on the Market
There is multiple dispensary management system software available on the market, many of them providing end-to-end solutions for dispensaries. Here are some of the most-used solutions in the industry:
Flowhub, founded in 2015 provides innovative POS software, inventory management, and mobile solutions for cannabis dispensaries. Flowhub processes over three billion dollars in regulated cannabis sales yearly and powers over a thousand cannabis dispensaries.
Trellis is a seed-to-sale cannabis management software that provides end-to-end solutions for dispensaries with modules that include inventory tracking, dashboards, purchasing, cultivation, reporting, and more.
Cova is a seed-to-sale POS and inventory management solution that streamlines the everyday processes of cannabis retail operations and dispensary management with a compliance-first focus. Cova powers the POS system for more than 1,800 stores in the country.
Leaflink is a B2B platform that helps brands, distributors, and retailers manage daily operations and workflows. They currently serve 30 markets across North America and account for 29% of the U.S wholesale cannabis commerce.
How Can Support One and SAP Business One Help Your Dispensary?
SAP Business One is one of the most innovative cannabis ERP solutions available, providing modules for cultivation, processing, production, distribution, and sales for both medical and recreational dispensaries.
SAP Business One provides modules with cannabis-specific functionality such as:
- METRC Integration
- Financials and Accounting
- Inventory Management and Seed-to-Sale Tracking
- Materials Resource Planning (MRP)
- Sales, Order Processing and Delivery
- Advanced Purchasing
- CRM and Customer Service
Our system easily integrates with other platforms with industry-standard APIs and can increase profits in multiple departments within the organization. SAP Business One can be built and modified specifically for your unique business needs. It’s the perfect dispensary management system software – from seed to sale.
Contact Support One today to digitally transform your business and set it up for ultimate success.