With the frequency of rapid change in technology, companies today are always looking for ways to keep a competitive edge. Cannabis businesses specifically seek industry management software that will help them solve cannabis-specific problems.
Finding the right cannabis software can be an intricate task, especially with all the options on the market. Among the available options include platforms designed to serve the cannabis industry and help cannabis business owners remain compliant.
Whether you need cannabis business software for increased visibility, inventory tracking or managing financials, cannabis enterprise resource planning (ERP) is ready to meet the demand.
Here are some essential features to look for if you’re in the market for business management software such as cannabis ERP for your business:
Compliance and traceability
Non-compliance in the cannabis industry comes with stiff penalties, but the amount of data necessary to trace, record, and report is extraordinary. Operators face intense scrutiny related to how cannabis products are tracked and monitored through the supply chain, also known as traceability.
The most significant compliance challenge for your cannabusiness arises with the traceability requirement that accompanies every cannabis product and production materials. This requires that you track, trace, and monitor every seed, plant, and product through its entire lifecycle.
Cannabis ERP systems are designed from the ground up with cannabis in mind and offer features that inherently collect and maintain all of the information necessary for regulatory compliance and traceability.
Functionality & Ease of use
Does the cannabis software you’re considering have features that facilitate more efficient operations? ERP systems, in general, are known for exposing operational inefficiencies through advanced data comparison and tracking by integrating all business data from different pipelines under a single umbrella. Ultimately, these features streamline work processes to create cost-saving opportunities.
But the more difficult a system is to use, the harder it will be for employees to adopt employees. The longer it takes your team to use it, the more it will negate the benefits you hoped to achieve.
Take a look at the software used by other cannabis companies in your network. What platform are they using? On-premise or cloud ERP. Who is their software vendor?
You want to make sure that your vendor won’t disappear along the way and have a good reputation within the cannabis industry. Reputable cannabis software vendors will be willing to put you in touch with a customer who is ready to talk about their experience.
This is an excellent opportunity to ask the tough questions and find out how well you might fit with a particular vendor or platform.
Reports, Forecasts, and Analysis
Cannabis ERP automatically generates many forms of reporting required for cannabis compliance, including reports detailing where inventory has been, where it’s headed, and who’s interacted with it.
Forecasting capabilities are particularly crucial for companies looking to grow. A cannabis ERP system helps you forecast product demand so that you can prevent shortages and overstock while maintaining enough supply. Demand forecasting further helps you better manage your cash and staff.
By centralizing and democratizing your cannabis data, you give your staff the power to collect and analyze information from a single source to use toward business objectives and timely reporting to stakeholders.
The Bottom Line
Building a cannabis business in this competitive landscape requires an investment in the right cannabis technology. Whether you operate as a cannabis cultivator or extractor, manufacturer or dispensary, a cloud-based cannabis ERP and accounting solution is uniquely positioned to deliver the tools needed to meet the requirements of an ever-changing industry.
Contact us to learn more about how a cloud-based cannabis ERP and accounting solution can improve your business performance.