This is not to say cannabis manufacturing does not come without its challenges. Legislation varies from state-to-state. The types of products being made – from edibles, to infused beverages, to cosmetics, and supplements – are tightly regulated. There are rapidly changing consumer preferences to consider, and of course – supply chain disruptions.

How can your cannabis manufacturing business navigate these complexities? Material Requirements Planning (MRP) software is a good place to start.

MRP System vs ERP System

MRP is a system designed to help manufacturers better manage their production, from material requirements planning, to inventory management, to waste reduction, and delivery. Simply put, it helps cannabis manufacturers better understand their operations so they can optimize their supply chain.

If you think it sounds similar to an ERP system, you’re not far off. In a way, MRP can best be described as a component of an ERP. It offers much of the same functionality as an ERP, while lacking the accounting and finance aspects you would expect from a true ERP system.

Benefits of Cannabis MRP

Why do manufacturers need a cannabis manufacturing software? You have likely relied on a seed-to-sale system to track your products throughout their lifecycle. However, as you look to scale your operation, you may find traditional seed-to-sale software to be limited in its features and functionality. This is where an MRP system can benefit your business.

Inventory management

Inventory makes up a significant portion of your operation’s expenses. It must be managed properly for you to remain profitable. With the help of cannabis MRP software, cannabis manufacturers can effectively monitor a wide range of products across various locations, providing you complete visibility into your manufacturing production.

Demand forecasting

The ability to forecast and plan for materials is a key component of successful supply chain management. It requires the review of critical data while also looking at a number of outside factors including current market trends and seasonal swings in consumer demands. Cannabis MRP software can help you keep this data organized and easy to access.

Waste Reduction

Cannabis MRP software allows operators to prioritize lean manufacturing – limiting overproduction, delays and underutilized materials – significantly reducing waste.

Cannabis MRP Software Built to Scale

Cannabis manufacturing can be complex. Cannabis MRP software allows you to manage all the moving parts of your business, remain flexible when challenges arise, and adapt to changing consumer demands. Request a demo of 365 Cannabis today!

The post How a Cannabis MRP Can Benefit Your Business appeared first on 365 Cannabis.

However, the lack of federal legalization makes for a fragmented industry where operators are forced to build their businesses state-by-state. Inconsistent laws at the state-level and restrictive regulations limit the ability of most smaller operators to scale. As a result, multi-state operators (MSOs) are starting to expand their footprint, leading to rapid consolidation across the industry.

Just last year we had two of the largest industry acquisitions on record. Global pharma company Jazz Pharmaceuticals agreed to buy GW Pharmaceuticals, one of the largest medical cannabinoid companies in the world, for $7.2 billion. Florida-based multistate operator (MSO) Trulieve Cannabis acquired Arizona-based Harvest Health & Recreation in a deal valued at $2.1 billion.

With consolidation expected to continue, the need for an enterprise resource planning (ERP) software is quickly becoming a question of “when,” not “if”, for many cannabis operators. How do you know when your business is ready to make that transition from seed-to-sale to a cannabis ERP solution?

Seed to Sale Software vs. Cannabis ERP Software

At this point you might be thinking, “Wait, I already have seed-to-sale software. Isn’t that the same thing as an ERP?” If you take nothing else away from this blog, know this, seed to sale software is not the same as an ERP. While the terms are often used interchangeably, there are fundamental differences in their features and functionalities.

Seed-to-sale software, otherwise understood as cannabis tracking software, is typically used by small to medium-sized cannabis operators to track each individual plant as its grown, merchandised, and distributed throughout the cannabis supply chain. It is used by manufacturers, growers, dispensaries, and local governments to ensure product safety and maintain compliance.

Cannabis ERP systems offer much of the same functionality as seed-to-sale (it can also be used to track your plants). However, an ERP also helps you manage all of your critical business functions, from finance, to operations, to seed-to-sale, compliance, quality, and traceability – all within a single solution.

When to Transition to a Cannabis ERP Solution

In the early days of legal cannabis, the primary concern for operators was compliance. While seed to sale software has proven to be capable in this regard, it is limited in its overall functionality, forcing operators to rely on multiple systems.

As a growth-minded company who has plans on expansion, you will inevitably reach a point when your seed-to-sale software, despite all its compliance and tracking benefits, starts to hinder your growth. You have to find ways to streamline your business.

A true cannabis ERP eliminates the need for multiple systems. It brings together seed-to-sale functionality with back-office features to run all facets of your business efficiently, from sales, inventory, payroll, reporting, compliance, and many other critical operations. Having a single source of information ensures superior data integrity across your organization, freeing you up to focus on the aspects of your company that really matter to you (not just compliance).

Making the Transition

Regardless of what stage you’re at in the business lifecycle, if you have plans on expanding, it’s important to keep the big picture in mind. Start thinking of your tracking software beyond a simple compliance tool, and start thinking how it can help you effectively manage every aspect of your business. Request a demo of 365 Cannabis today!

The post When to Transition from Seed to Sale to a Cannabis ERP Solution appeared first on 365 Cannabis.

Quickbooks

Owned by Intuit, Quickbooks has been around for a long time, with multiple versions available such as QuickBooks Online Plus, and QuickBooks Enterprise Solutions Platinum, Gold, and Silver. As you move to a more elite version, you get increased functionality in instances such as advanced reporting, payroll, inventory, and pricing.

Some strengths of Quickbooks include:

• Longevity and Market Presence – It would be difficult to find an experienced accountant that has never relied on QuickBooks. Since the support, community, and public knowledge is very strong, you can greatly reduce training costs if implementing this software to your cannabusiness.
• Full Range of Deployment Options – With Quickbooks, you can run solutions in a “single-tenant” configuration, giving you the option to move the app from hosting in a private cloud to a public cloud, if necessary. Quickbooks is also extremely easy to buy and set up without help.
• Easily Integrated Payroll and Payment Processing – Perhaps the best feature within Quickbooks is its reliable and convenient payroll and merchant service add-ons. These add-ons are well integrated into the QuickBooks platforms, and provide cannabusinesses with plenty of leverage regarding payment.

Overall, Quickbooks is mostly ideal for small companies and tends to lack the full range of functionality required by many vertically integrated or multi-state operators looking to scale. These weaknesses include:

• Weak User Roles and Security Options – With Quickbooks, it’s often too easy for mistakes to be made and for users to have improper access to crucial data.
• Not So Great Audit Trails – With no record of logins/logoffs, or changes to master records, Quickbooks fails to deliver well with audits.
• Limited and/or Inconvenient Reporting Options — Those using Quickbooks may have some general difficulty analyzing customer insights and reporting analytical capabilities.
• Requires Siloed Systems – If your cannabis business is looking to scale in any way, you will quickly outgrow Quickbooks. Having to combine a separate financial software with a seed-to-sale software along with several other piecemeal systems will quickly create inefficiencies and block growth.

Microsoft Dynamics 365 Business Central

One of the most glaring differences between Quickbooks vs Dynamics 365 Business Central is that the latter is a much more robust software that is part of a true ERP solution, making it significantly more comprehensive and suitable for growing cannabusinesses. Microsoft Dynamics 365 Business Central provides numerous benefits, which include aspects such as:

• One Solution for your Cannabusiness – Microsoft Dynamics 365 Business Central is a complete ERP software solution with financials and accounting as the cornerstone of the system. Combining financials, supply chain, manufacturing, operations, and reporting in one place provides real-time data, eliminates double entry, and significantly reduces costly errors.
• Overall Value – Microsoft claims that its softwares have nearly 800 features that QuickBooks does not have. When comparing Dynamics 365 pricing to QuickBooks, the former rings in at $70 USD/user/month, whereas the latter can cost up to $184 USD/user/month for the Platinum edition.
• Good Audit Trail and Reporting – Microsoft Dynamics 365 has a much more clear cut audit trail, better protecting cannabusinesses against errors and employee theft. Its reporting capabilities give users the chance to use a web-based reporting portal, easily connect data to a full reporting solution, see open purchase orders and purchase comparisons in accounts payable, and give different data access permissions to different users.
• Integration With Microsoft Office – For those who also use Microsoft Office, Outlook, Excel, or any other Microsoft products, Microsoft Dynamics 365 Business Central allows for full integration with these programs. This allows for businesses to process quotes and invoices right inside Outlook, which is hugely convenient for many.

Some weaknesses that Microsoft Dynamics 365 faces include:

• Larger investment, but a more comprehensive and secure solution
• Harder to implement, incorporate, and use without prior knowledge

What Cannabis businesses Should Look for in Software

Some major aspects a cannabusiness should explore for their cannabis financial software include:

• Granular tracking and audit trails
• Customizable and scalable software
• Multilingual and multi-currency capabilities (great with Microsoft 365)
• Full integration in line with operations

365 Cannabis

The battle between Microsoft Dynamic 365 Business Central vs Quickbooks is really comparing apples to baseballs. If your cannabusiness is looking to expand, either in size or across state or country lines, the choice is simple. Quickbooks can be a suitable option for small startups, but Microsoft Dynamics is superior for cannabis operators looking to scale.

At 365 Cannabis, our professional team and cannabis ERP software is committed to helping you grow your cannabusiness. We offer a comprehensive, vertically integrated ERP software that scales as you do. 365 Cannabis is built on Microsoft Dynamics 365 Business Central and customized to meet the needs of the cannabis industry. 

Learn more about how we can bring an optimized solution to your business, or contact us directly for any questions regarding our products or services.

The post Microsoft Dynamic 365 Business Central vs Quickbooks For Cannabis Financial Software appeared first on 365 Cannabis.

The inner workings of any cannabusiness can easily get thrown off by constantly changing laws and regulations, and keeping track of the whole operation during these changes only grows more difficult as a result. So what is Cannabis ERP? It’s the solution that combines industry compliance with a fully-integrated software system that scales as you do. But as any business should know, no software lasts forever, and 2022 is set to bring some spectacular upgrades over pre-existing ERP softwares for cannabis companies.

How to Identify an Outdated ERP System

While an ERP software is sure to help any business increase overall efficiency, productivity, growth and cost savings, knowing how to identify an outdated ERP system can be a challenge. Here are some key indicators that your ERP software for cannabis may be in need of an upgrade:

• Lack of Functionality and Scalability – Older business solutions often require a number of add-ons or manual workarounds to manage increased volumes of transactions, leading to higher costs and more inefficiencies. The reports of these outdated systems are also process-specific, and not fully encompassing like they should be. Making strategic business decisions is easier with company-wide data and real-time reports on finance, scheduling, purchasing and sales.
• Unreliable Data – Businesses that utilize multiple processes and procedures often have more difficulty accumulating relevant data among all operational components with an outdated ERP system. For cannabusinesses, bad data can result in compliance issues or costly recalls, so an upgraded ERP system can help properly track all relevant data for every process with complete efficiency.
• Lack of Operational Capabilities – As a cannabis company becomes more complex, outdated ERP softwares won’t have the capabilities to accurately track costs, labor, audits, and other critical components of a successful cannabis operation as they expand.

Why Do We Need an ERP System Upgrade in 2022?

As a result of the increasing significance of the cannabis industry, any scaling business should immediately consider upgrading a pre-existing system to stay up-to-date with any and all resource planning implementations. ERP business management

• Financial data, considered the cornerstone of a true ERP system
• Cultivation, to forecast, plan, track, and register your plants throughout the cultivation process
• Processing, to help configure routes, and to calculate requirements and costs for maximum profits
• Distribution, to ensure you always have the right supply for your vertical integration seed to sale operation
• Retail, with built-in POS designed specifically for dispensaries, which enable users to manage and fulfill patient and recreational orders

Making the Upgrade

The 365 Cannabis ERP system is an optimized solution for bringing more green to your business, with functionality specifically tailored to the unique requirements of the cannabis industry. Our mission at 365 Cannabis is to provide a comprehensive software solution designed specifically for cannabis cultivators, producers, distributors and dispensaries that allows users to maximize efficiency, promote growth, and ensure compliance.

We’ve made it our promise to listen to the industry, and evolve our technologies with purpose. If you are in need of an upgraded ERP software system for cannabis, look no further than 365 Cannabis for a fully-integrated experience. For more information regarding our services, or for any questions or comments, contact us today.

The post Why You Need an Cannabis ERP Business Management System in 2022 appeared first on 365 Cannabis.

With KPIs surging in significance, here are some cannabis business tips to help you manage, monitor, and adjust the most important metrics.

Cannabis Business Planning With KPIs

In your cannabis business planning, KPIs (key performance indicators) should help you determine your cannabusiness’s strategic, financial, and operational achievements on a daily basis. These metrics must support a clear cannabis business strategy, covering anything from transaction times and trends to inventory and sales data. While many KPIs and metrics are valuable in their own right, here are eight top KPIs that all cannabis retail operations should track to forecast overall long-term performance correctly.

Top KPIs For Cannabis Operations

When it comes to monitoring the success and progress of your cannabis business, understanding and utilizing the right cannabis dispensary KPIs is crucial. Here are some of the most critical KPIs that every cannabis retail operation should track:

Transaction Times

This metric is arguably the most important since it directly impacts customer experience, therefore directly impacting sales. Tracking transaction times can help identify any bumps or roadblocks in the sales process or the workflow of an operation. If this metric gets too long, an operation may be subject to long lines that hurt the overall customer experience. When deciding how to shape these indicators better, transaction times can also be used to help determine staffing.

Sales Per Transaction

Tracking how many goods were bought and how much money was spent overall during these discounts is crucial. This metric weighs heavily into customer trends, buying habits, and location-based factors that go into general product value.

Customer Trends

You may modify your product offers and marketing efforts by knowing your clients’ purchasing patterns and preferences. By studying customer data, you can find patterns and trends that can result in more sales and satisfied customers.

Traffic Flow

Understanding the peak hours of operation for a cannabis business can help inform when staff increases are necessary or when more products may be required from a vendor or grow operation. When business is sluggish, scheduling fewer employees can maintain a stable and healthy bottom line. It just requires understanding how the traffic is moving and using that information to make the appropriate corrections.

Sales by Product Category

Keeping track of sales by product category can provide valuable insights into which products are popular among customers and which ones may need further attention. This metric can help inform inventory management decisions and marketing and promotion strategies.

Discounts/Marketing Promotions Used/Applied

You can discover the most effective strategies for increasing sales and customer engagement by monitoring the results of promotions and marketing efforts. Future promotions can be optimized with the help of this data, and successful marketing efforts could be more likely.

Total Sales

Total sales are an essential KPI for any cannabis business. Tracking total sales can help identify trends and growth patterns, which can, in turn, inform decision-making and future business planning.

Employee And Budtender Performance

Monitoring employee and budtender performance can help identify areas for improvement and ensure that staff members provide the best possible customer experience. By tracking performance metrics, cannabis businesses can optimize staffing decisions and provide targeted training and support.

Maximizing Your Cannabusiness’s Sales Potential

Implementing Effective Inventory Management Practices

Effective inventory management practices are crucial in a cannabis business, and reliable cannabis tracking software can be instrumental. By closely monitoring inventory levels and utilizing cannabis seed-to-sale software, you can prevent stockouts, reduce waste, and ensure that your customers always have access to desired products. Implementing a just-in-time inventory system, conducting regular inventory audits, and accurately forecasting demand can all contribute to effective inventory management.

Creating a Memorable Customer Experience

In the competitive world of cannabis retail, providing a memorable and positive customer experience can set your dispensary apart from the rest. From knowledgeable budtenders to a comfortable and inviting store atmosphere, every aspect of your business should be designed with the customer in mind. Offering loyalty programs, personalized product recommendations, and exceptional customer service can help you build lasting relationships with your customers and encourage repeat business.

Evaluating and Improving Business Operations

Continuously evaluating and improving your business operations is crucial for long-term success in the cannabis industry. By monitoring the KPIs mentioned earlier and analyzing the data provided by your seed-to-sale tracking system, you can identify areas for improvement and implement changes that will enhance your business performance. Regularly reviewing your business practices, refining your strategies, and staying adaptable to industry changes are all essential for maintaining a competitive edge and fostering business growth.

Building Strong Partnerships with Suppliers

Establishing and maintaining strong relationships with suppliers is essential for any cannabis business. Quality products are the foundation of your dispensary, so it’s important to work with suppliers that share your commitment to excellence. Building trust and open communication with your suppliers can help ensure that you receive the best products at the best prices and timely deliveries to keep your inventory stocked. Cultivate these relationships by meeting with suppliers regularly, providing feedback on their products, and discussing any potential areas for improvement.

Employee Training and Development

Your employees play a critical role in the success of your cannabis business. Investing in their training and development can lead to better customer service, increased sales, and improved overall business performance. Regular training sessions can keep your team up-to-date on industry trends, regulations, and product knowledge, while also fostering a culture of continuous improvement. Encourage employee growth by offering opportunities for professional development, such as attending conferences or workshops and providing feedback and support to help them achieve their career goals.

Keeping Up with Industry Trends and Innovations

The cannabis industry is rapidly evolving, with new products, technologies, and market trends emerging constantly. Keeping up with these advances is essential for maintaining competitiveness and spotting new growth prospects. To stay current on the most recent information and developments in the cannabis sector, attend industry conferences, subscribe to trade periodicals, and join professional associations. You’ll be more equipped to modify your business plans and take advantage of new trends if you keep ahead of the curve.

365 Cannabis Seed-to-Sale Software

Tracking metrics and cannabis dispensary KPIs is vital for better management and reaching short- and long-term business goals. Through better-informed decisions, these metrics shape the entire process and provide a coherent understanding of where things need to be adjusted. One of the best ways to achieve this is using a seed-to-sale or POS system.

The 365 Cannabis ERP system is an optimized solution for bringing more green to a business, with functionality specifically tailored to the unique requirements of proper cannabis business planning. Our mission is to provide a comprehensive software solution designed specifically for cannabis cultivators, producers, distributors, and dispensaries that allows users to maximize efficiency, promote growth, and ensure compliance. With seed-to-sale tracking and solutions, 365 Cannabis is making reporting & analytics easy to understand and digest.

See why canna-businesses worldwide trust 365 Cannabis to bring their accounting, operations, and data together in one solution. For any questions or for more information, contact 365 Cannabis today to request a demo.

The post Utilizing Your Seed to Sale Tracking System: Top Cannabis Metrics and KPIs Your Business Should Be Tracking appeared first on 365 Cannabis.

What is Cannabis ERP?

With the rise of marijuana legalization spreading rapidly throughout the United States, many cannabis businesses are now on the hook to find the right technology to efficiently run any to all facets of their company, from sales, inventory, payroll, data, compliance, and many other critical elements. So what is a seed to sale software system? It’s a tracking process to record everything regarding your cannabis growing, processing, and selling operation. Cannabis ERP softwares provides an easy solution to combine seed-to-sale functionality with back-office features to run all of these facets efficiently. Businesses use these seed to sale ERP softwares to gain much needed insights into operational performance, identify areas of improvement, provide automation, and reach local and state regulations as they arrive. 

What to Consider

There are many things to consider when looking into a new cannabis ERP system, from company specifics to general ease of use.

• Business needs/what previous software lacked – Identifying key business needs is perhaps the first step any company should take when considering a new software. A great way to kickstart this process is by determining some of the discrepancies and inefficiencies caused by your current system. By highlighting your company’s workflow and business methods, and finding ways the previous system failed to contribute efficiently to these features, you can create a comprehensive list of requirements to prioritize the new technology.

• Ease of use/implementation – Knowing who will be using this new software can help in the long run, so managers and employees can be kept in the loop and help in the evaluation of potential solutions. Ease of use can also go a long way, especially when implementing this new system. Be on the lookout for software training access for employees, so implementing the new system can be smooth and effective.

• Business size and future growth – It’s hard for a company to know what their future holds in terms of size and growth. But any small to medium sized company with some idea of future expansion should be aware of software scalability, and how this new chosen ERP system coincides with a growing business.

Choosing the Right Software

365 Cannabis provides comprehensive software solutions designed specifically for cannabis cultivators, producers, distributors and dispensaries that allows users to maximize efficiency, promote growth, and ensure compliance. We are committed to helping any company grow, by offering targeted cannabis business solutions optimized for the industry, including vertical integration software that scales as you do. With modules available for every cannabis operation, we can help you evolve with a purpose, by providing world-class software, support, and resources needed to run an efficient, compliant business in an unprecedented high-growth industry.

Learn more about our story to discover what makes us the #1 choice for cannabis and seed to sale ERP softwares. You can also contact us for any questions, or request a demo to see how we can provide your growing business with the best-in-class technology and service.

The post What to Consider When You’ve Outgrown Your Generic ERP appeared first on 365 Cannabis.