Gaining Competitive Advantages with Cannabis ERP
The cannabis industry is rapidly evolving and as it becomes legal in more states across the country, cannabis businesses are cropping up at an exploding rate. This growth affects every stage of the cannabis supply chain, known as seed-to-sale, and the competition at each stage is keeping pace. From the cultivators responsible for harvesting the plant to the manufacturers creating the consumable products down to the customer-facing dispensaries that sell them, one thing is clear: whether you’re selling to other cannabis businesses or directly to patients and consumers, businesses at every stage of the cannabis supply chain gain a clear advantage over their competitors through the use of seed-to-sale ERP software.
Five primary reasons business-savvy cannabis entrepreneurs are looking to modern cannabis technology to stay ahead of their competition include:
Increasing Revenue
Cannabis ERP gives you at-a-glance access to data on your best performing products, most effective promotions as well as the buying habits of your customers. By providing a standardized method of repeatable actions, ERP helps eliminate mistakes that slow down business processes and increase costs. Identifying problems quickly for fast resolution, reducing waste and eliminating human error are all functions of seed-to-sale software and work toward improving your bottom line.
Improving Operations
The primary purpose of advanced seed-to-sale ERP technology is helping businesses run entire operations with efficiency and accuracy. Eliminating human error and reducing waste increases profits as mentioned, but they also improve the overall operational efficiency of a cannabusiness. Readily available and compiled data helps you to identify production bottlenecks while allowing you to create more sellable products with fewer resources.
With dispensary ERP management reporting, retailers are able extract relevant business data which allows more customers to be served while selling each individual customer more product per order.
Managing Regulatory Compliance
With severe consequences for non-compliance, being purpose-built for a highly regulated industry means modern cannabis ERP is purpose-built to keep you in compliance. With the industry’s ever-changing regulatory landscape, keeping abreast of the legislative requirements affecting your business is nearly impossible to manage manually. Individual departments no longer need to operate as silos and employees can access real-time information with one centralized database and integrated reporting function.
Depending where you operate in the supply chain, maintaining licensing requirements, proper testing procedures, seed-to-sale traceability, product recall capability, compliant transportation, waste disposal protocols while adhering to packaging/labeling requirements and calculating tax liabilities are just a few of compliance benefits with varying degrees of reporting capability offered by seed-to-sale ERP software.
Multi-entity Support
As an industry experiencing explosive growth, forward-thinking cannabusiness operators are looking to expand their operations to stay ahead. Multi-entity cannabis organizations need ERP software with strong financial reporting and multi-entity accounting capabilities with the flexible architecture to allow for the easy creation and management of additional locations.
Financial reporting software which seamlessly integrates multi-entity operations ensures accounting and financial tasks are completed efficiently and accurately. Allocating business expenses to multiple entities and recording bank transfers between entities within a single transaction makes life in the accounting department a lot easier.
Operating in the Cloud
Cloud accounting enables you to automate many of manual processes experienced before upgrading to advanced cannabusiness ERP. With automated reporting tools accessible virtually anywhere and anytime, organizations who leverage the cloud are able to do away with disparate systems and spreadsheets while maintaining access to their business-critical applications around the clock.
Whether you operate as a cannabis cultivator or extractor, a manufacturer or dispensary, the seed-to-sale supply chain is exploding and innovating at a rate not seen in many other industries. With Sage Intacct, cannabusiness leaders stay ahead of the competition and continue to make informed business decisions through automaton, robust reporting and processes that automatically adhere to compliance.To learn more about modern ERP for your cannabusiness contact one of our experts!
