Have a solid inventory auditing process.This means that different positions have varying levels of access and capabilities. Make sure employee access to your POS or operational system is granulated.Managers and assistant managers should always verify counts of cash and products as a check and balance measure. There should always be multiple eyes on cash and products.Here are some of our top loss-prevention tips: This is done with cash drawer-specific transaction tracking, employee module access, and the ability to open and close drawers at the employee level. Loss Prevention Practicesīecause cannabis is a heavy cash-only industry, having the right tools to monitor the physical cash as it moves through your business is necessary to prevent loss. Detailed reporting is crucial from a compliance perspective. Software, and employees who work with it, should also be able to track and trace compliance, identify suspicious transactions and look at data from multiple locations. When choosing a software provider, cannabis retailers should focus on systems that offer day-to-day support and emergency assistance, and systems that can seamlessly monitor employees, cash and inventory. Business owners should be proactive and utilize technology, such as a quality ERP system, to mitigate risk and safeguard inventory. How can cannabis businesses do this? By avoiding antiquated spreadsheets and by having the ability to quickly analyze vast amounts of data. Loss prevention is where dispensaries can protect their bottom line with a targeted approach and the right system in place. In the cannabis industry, along with a challenging regulatory environment, retail businesses are facing declining sales. Physical security measures can aid in loss prevention In Q1 of 2023, Proteus 420, an online enterprise resource planning (ERP) system for highly regulated industries, including alcohol and cannabis, saw a substantial uptick in POS software requests, in part attributed to the need for additional automation and auditing tools in order to more easily and accurately monitor and control inventory. Nearly half of the retail respondents reported an increase in technology spending to combat these threats. Other factors may include administrative and human error. The 2022 survey estimates that 65% of inventory loss is due to theft, a trend that is expected to continue with the rising cost of goods. Utilizing Technology to Combat Retail Shrinkage Retail shrinkage occurs when a company loses inventory from causes other than sales-and it’s a problem that costs companies $100 billion annually, according to the National Retail Federation’s (NRF) 2022 National Retail Security Survey (NRSS). In the regulated cannabis sector, retail shrinkage is a concern as business owners must navigate tight regulations in an often cash-only environment combined with the usual causes of retail shrinkage, including theft and inefficient operations.
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