The legal cannabis business is booming. In fact, almost half of all U.S. residents live in a state that allows cannabis sales, accounting for approximately 141 million Americans that comprise a highly diverse consumer base. As more states continue to legalize cannabis products and states with existing legalization continue to support cannabis business growth, the legal cannabis market is projected to pull in $43 billion by 2025.
With these kinds of growth projections, many cannabis business owners are focusing on their ability to scale operations to meet increased demand.
Maintaining scalability readiness is a critical process for cannabis businesses looking for a competitive advantage in a rapidly growing market.
If your business still relies on an individual accounting solution tied to independent seed-to-sale tracking software, it may be time to consider upgrading. This process begins with evaluating existing technology, identifying the key abilities of your company’s tech stack to a more functional comprehensive ERP solution that supports cannabis business scalability.
Investing in a cannabis ERP solution that fully integrates accounting systems and seed-to-sale tracking capabilities is the most effective way for companies to ensure scalability. While these solutions are fully capable of managing even the most extensive company systems out there, the benefits to small businesses in the cannabis industry can be impressive and dramatic. Small business owners may think that their operations aren’t large enough to warrant a comprehensive ERP system. Then, these companies may find themselves suddenly unable to compete with other businesses in their market that have already committed to supporting scalable growth.
The benefits of a comprehensive ERP solution for cannabis businesses are multifaceted. Here are some of the critical functions of these solutions that can help ensure your company is always ready to grow:
Complete Integration – Comprehensive ERP software fully integrates all business systems into one highly functional platform solution. Business leaders can quickly access key metrics, monitor KPIs, respond to issues, and manage operations effectively. Instead of paying to maintain several different software licenses, businesses with ERP solutions consolidate and lower their essential software licensing costs. In addition, by reducing systems into one solution, ERP software allows companies to quickly integrate the latest tech innovations with the least amount of operational disruption, minimizing any downtime associated with upgrades.
Regulatory Compliance – High-quality ERP solutions for cannabis businesses will include optimized integration with METRC systems, the leading reporting solution relied on by the majority of governmental regulatory agencies. This helps ensure that companies maintain 100% compliance with local, state, and federal regulations. The level of integration may be limited by cannabis license type, but modern ERP solutions continually optimize the level of integrated functionality as much as possible. Not only does this save companies time and money, but it also helps prevent disastrous consequences that can result from non-compliance issues.
Cloud-based Systems – Investing in dedicated hardware to maintain company systems has quickly become outdated and inefficient, particularly for businesses concerned with scalability. With cloud-based ERP solutions, companies can reduce the need for expensive hardware purchases and IT support. These systems provide all the functionality of on-premises systems while simultaneously supporting remote operations and improved cybersecurity. Cloud systems also facilitate the software upgrade process, further minimizing any downtime that might result from scaling systems upward.
Scalability On-demand – Many ERP solutions offer on-demand scalability options to help their clients respond to rapid growth. As part of a comprehensive package tailored to individual businesses, cannabis business leaders gain the confidence to move into untapped markets and take risks. Highly skilled support specialists guide clients through the scalability process, giving companies exactly what they need without the added fluff included in independent software purchases. This ensures that companies maximize their ERP investments without wasting money on unnecessary components they may never use.
Cannabis companies hoping to stay competitive as the industry continues to expand need to secure the right scalability tools to keep up with innovation and accommodate growth. By investing in a cannabis ERP solution that fully integrates accounting, seed-to-sale tracking, cloud computing, and on-demand scalability, business leaders can ensure the continuity of their company goals while capitalizing on increasing consumer demand.