5 Reasons Why You Need Inventory Visibility
If you run a cannabis brand— let’s say a hash-making company— this may not be too hard to imagine. Your METRC inventory data is being logged by a distributor who’s responsible for selling your top-of-the-line products. Aptly put, the maintenance of your data is a hands-off operation. It’s surely convenient. But, why not elevate your success beyond the standard? You need to see your inventory.
Inventory visibility places you back behind the wheel of your ship so to speak. A multitude of key decisions that any cannabis brand has to make are certainly influenced what’s in its inventory. And, as we all know, every good decision brings about a slew of new opportunities. Let’s dive into some of the gains surrounding inventory visibility.
Elevated Data Control
Inventory visibility enables any cannabis brand to own its data. This is imperative to success, especially as supply scalability becomes increasingly important in the wake of COVID-19. Data control enables cannabis brands to make informed decisions on what needs to be ordered and prepared for the future.
Did you know that 48% of businesses report that out-of-stock products resulted in lost customers? Without a doubt, there are products in your arsenal that consumers keep coming back to. Why not push those to the forefront and start setting the tone for any new releases?
Dispensaries across the United States are keen on in-store demos and promotions. Increased inventory visibility enables cannabis brands to put the keepsake consumables into production, stock the shelves for eager patrons, and coordinate the next move for new product development.
No cannabis company wants regulators knocking on their door with a hefty fine. Inventory visibility puts you in control of your business rather than offsetting the crucial responsibility to an organization distributing multiple brands. Overseeing essential inventory is imperative remaining compliant
Like we said, smart decision-making leads to a slew of new opportunities. Inventory visibility enables any cannabis brand to devise strategy that will increase sales. In keeping track of your inventory, you’d learn how to make the most value out of your product lines. You’d coordinate the latest releases. And you’d keep every client on the pulse of your brand.
Inventory visibility requires an investment of capital and time. On Outspoke, we’ve ensured that, by prioritizing inventory visibility, you get an immediate ROI value. Our software is synchronizing 24/7 to METRC and brings all of your inventory and allocations into an easy-to-understand visual platform— for no cost at all. The only decision you have to make is signing up.