Despite best efforts, economic factors like Panama Canal blockages, viral epidemics, and global climate changes create supply chain hang ups and setbacks around the clock. Real problems don’t wait until the next business day to make serious impacts, so cannabis businesses need a way to respond to these issues outside of the conventional 9 to 5, on-site approach.
Leaders in the cannabis industry know that the needs of businesses are not restricted by hours of operation, so they turn to cannabis Enterprise Resource Planning (ERP) solutions to respond to real-time business problems.
Businesses operate on data and cannabis companies are no exception to this rule. Even in locations like Las Vegas, where many cannabis businesses can remain open 24 hours a day, the ability to respond quickly to vital inventory issues and consequential business metrics is still an essential part of achieving success.
Through the use of innovative real-time technologies like biometric/process analysis, automated inventory tracking, and secure remote access, cannabis businesses never have to worry that critical information and managerial controls are beyond their reach.
Real-Time Visibility and Real-Time Control
To some, the ever-encroaching nature of technology into everyday objects might be alarming. From weather-reporting refrigerators to coffee pots providing stock updates, the benefits of integrating smart technology into every household appliance are questionable, at best. With the exception of home security applications, like live video streaming doorbells, these integrations seldom meet a pre-existing need that is not already met successfully by other devices. People do not really need a weather report from the refrigerator when they have a smartphone already in their pocket, although it may be somewhat more convenient.
The same cannot be said for the commercial integration of smart technology. Smart devices in the economic sector meet a wide variety of business needs, particularly in the cannabis industry. For example, cultivators dependent on maintaining optimal growing environments can meet their needs by integrating smart equipment like climate control systems.
Integrated climate control systems communicate growing environment data in real-time, transferring information from sophisticated sensors installed in agricultural facilities directly into accessible ERP software solutions. Operators can use this real-time visibility to monitor factors like humidity, lighting, temperature, and airflow.
By integrating with ERP software, these smart climate systems provide businesses with direct control over their crops, either through interactive remote applications that respond on command or through the customizable configuration of automated threshold contingency operations.
Comprehensive cannabis ERP software also provides advanced inventory management solutions that monitor warehouses and track products in real-time. This likewise meets a real need for cannabis businesses, as thorough seed-to-sale tracking is required by law.
Regulators and compliance officers can request to inspect the inventory records of a cannabis business at any time, and violations can result in serious legal and financial consequences. Cannabis businesses need to have access to accurate historical data, with the ability to generate necessary reports and maintain reliable audit trails.
Through RFID tag tracking applications, cannabis ERP systems accumulate vital inventory data automatically. In addition to meeting compliance requirements, this information also has significant analytical value for businesses, providing the opportunity for multidimensional metric analyses.
Business leaders can track specific strains, suppliers, dispensaries, etc., for various strategic planning activities, like product cost reduction or predict sales trends. Real-time inventories also ease different accounting processes, such as inventory valuations outlined by IRC §471.
A Finger on the Pulse of Your Business
Cannabis-specific ERP solutions can dramatically change the way you do business, and competition in the industry is sure to get more intense as sales continue to rise. Rather than working for the business by letting it dictate where and when you can respond to critical issues, make the business work for you by being able to respond to them anywhere at any time.
Real-time visibility provided by comprehensive ERP solutions for cannabis businesses gives business leaders the necessary opportunity to keep their fingers on the pulse of operations. Even if your cannabis business is located in a 24/7 area like Las Vegas, managerial oversight of business activity when you are no longer on the premises offers clear benefits.
Modern ERP solutions tailored to the needs of cannabis businesses make every executive action more strategic, more impactful, and more effective overall. Don’t risk falling behind by waiting too late to integrate the latest ERP advancements. Investing in a comprehensive ERP solution for your cannabis business is an investment in your cannabis company’s longevity.
If you need help deciding which system is right for your cannabis business, speak to one of our cannabis solution experts today.