The marijuana market has overcome so much of the stigma associated with illegal sales that the U.S. Government deemed cannabis an essential item in most states at the onset of COVID-19 shelter-in-place directives. At the same time, global supply chain disruption continues to be a hot topic in the cannabis industry, but some companies who rely on overseas products have managed better than others.
In an industry that faces more than its share of challenges to achieve even the simplest of short and long term goals, relying on an international supply chain without visibility into your suppliers puts your business in jeopardy of running too thin. Entire revenue streams can evaporate when all it takes is running out of one part or ingredient to shut down production.
That’s why cannabis companies implement and rely on cannabis-specific business software to help mitigate supply chain disruption and support their business requirements effectively.
If you are a cannabis company that hasn’t already, the time has come to implement a cannabis business solution for modern times – whether it’s business as usual or a pandemic.
Benefits of Adopting a Cannabis ERP
Implementation of an industry-specific Enterprise Resource Planning software solution can put your cannabusiness on the side that fared better during the disruption to the global supply chain and support your supply chain management effectiveness.
Read More: Is Seed-to-sale Software Cannabis ERP?
An ERP solution offers robust, comprehensive, and scalable functionality designed to manage all the critical aspects of your cannabis business, including distribution, traceability, and compliance.
Here are some other factors to consider when choosing an ERP solution to grow your cannabis business:
Manages and Monitors Inventory Regularly
Equipped with real-time tracking, a cannabis ERP solution monitors the movement of your cannabis inventory, parts, supplies, and accessories. With cannabis accounting ERP software, you can also manage and automate transactions that deliver accurate visibility to stock levels while adhering to regulatory processes and accessing best-in-class financial technology.
Cannabis ERP uses predictive technology to analyze future needs for automated reordering, helping avoid lags in manufacturing shortages.
Maintains Supplier Details with Rankings
Cannabis ERP offers unique features to manage inventory as well as supplier-specific details to decide which material should be purchased from which vendor and when. A strong relationship with each supplier helps you collect this information and plays a significant role in managing and assigning a risk level to every supplier.
For example, throughout the pandemic, cannabis companies using ERP have gotten accurate information regarding their suppliers and vendors through on-site inspections and reports on sanitation practices and social distancing policies. These and other vital details indicate whether a company is taking necessary precautions to stay open, productive, and provide the best raw material to you.
Establishes Supplier Transparency
Cannabis ERP accounting software helps you manage and monitor supplier transactions to help communicate your needs while measuring vendor viability. Cannabis ERP software detects potential issues in real-time, such as delivery delays, prices-increases, and inventory shortages. This allows you to communicate with suppliers to address the problems immediately or find an alternative for raw materials.
The Bottom Line
The marijuana industry has seen an international supply chain disruption as a result of the pandemic. Many cannabis businesses have already implemented modern cannabis technology to mitigate potential risks that speed up a business and grow with a company.
Cannabis enterprise resource planning (ERP) software delivers a single source of accurate and up-to-date business data to cannabis companies. By integrating a purpose-built system that supports your specific cannabis industry needs, you get real business data and intelligence tools to reveal non-compliance issues, manage complex cannabis accounting processes, and the cannabis supply chain.
c2b teknologies offers financial management packages that deliver automation and accounting controls to keep your cannabis operation audit-ready and positioned to scale. Contact us to learn how we can bring improved business performance to your cannabis organization.