The cannabis industry is experiencing competing realities. On one hand, support for cannabis—whether medicinally or recreationally or both—is at an all-time high, with many states and countries legalizing cannabis in some form. On the other hand, regulations are ever changing, and competition remains high.
Now, economic instability is becoming a major concern because of inflation. In the article Will Inflation Stunt This Growth Industry, Motely Fool states, “In theory, [inflation could stunt it], but the cannabis industry will still be growing like weeds regardless.”
That’s good news for cannabis growers and processors. If they can keep expenses as low as possible and streamline business processes, cannabis companies can weather the inflationary storm and come out strong when the winds die down. This is where cannabis business software, called CannaBusiness ERP, can help.
How CannaBusiness ERP Helps Cannabis Companies Overcome Inflation
ERP stands for Enterprise Resource Planning. It is the software that runs the everyday business from end to end through a single platform. Data from every department—financials, distribution, sales, inventory and supply chain, for example—is pulled into one database, providing team members with access to synchronized information from a single location. Unlike disconnected systems, integrated ERP allows employees to be on the same page, at the same time.
CannaBusiness ERP (also known as cannabis business software) is specifically for the cannabis industry. Day-to-day operations, finance, seed-to-sale, quality and compliance and traceability are managed in one platform. It also provides the features and functionalities—including dashboards, KPIs, and alert reporting—that cannabis businesses need in order to grow.
CannaBusiness ERP helps businesses overcome inflationary pressures by automating processes, streamlining business and helping it to run more efficiently with an optimized financial system and access to real-time data. As cannabis business management software, CannaBusiness ERP provides effective inventory management, including monitoring expiration dates, tracking inventory in multiple locations and automating orders, which helps them manage costs and reduce waste.
Cannabis businesses that implement CannaBusiness ERP software:
- Make better decisions based on accurate information (e.g., inventory replenishment, demand forecasting and insight into potential price increases).
- Standardize their processes, which simplifies employees’ workload and increases productivity.
- Reduce costs by providing visibility into where money is being spent and insights into which expenses should be cut.
Altogether, these benefits enable cannabis businesses to fight the effects of inflation, making implementing cannabis business software a no-brainer. But how do cannabis businesses choose the right solution?
It requires a bit of homework—something the team at Pure Greens, a leading wholesale cultivator based in Salida, Colorado, did before deciding to implement CannaBusiness ERP.
Choosing CannaBusiness ERP
Since its inception in 2014, Pure Greens has experienced phenomenal growth. However, its success has not come without its challenges. Finding advanced technology suited to the cannabis industry was one of them.
Former President and CEO Sterling Stoudenmire wanted—and needed—a technology partner and an ERP solution that were aligned with the cannabis industry. After finding CannaBusiness ERP, which is built in Sage X3 and configured by NexTec experts, Stoudenmire did his research, and ultimately decided it was the right cannabis ERP solution for Pure Greens.
“One of the biggest changes for me is a consolidated view of all the moving parts of our organization so that I have the ability to look out in front of the bus and see what’s coming,” Stoudenmire says. “It’s quality control overall, knowing statistically what’s happening, knowing what’s failing, where and why. CannaBusiness ERP gives me a 360-degree view of things.”
He also says, “Understanding our inputs, what are costs and our outputs, what works, what doesn’t, that’s where CannaBusiness ERP becomes a central conduit.”
This holistic view of the company along with easily extracted data, insights into business performance and clear knowledge of their costs is exactly what’s needed to conquer ongoing inflationary challenges. Unfortunately, many cannabis businesses lack this holistic view due to the mix of applications they’re relying upon to manage their complex operations. Unfortunately, utilizing multiple, disconnected applications leaves them poorly positioned when unexpected challenges arise.
Instead of accessing one solution to get company-wide data, team members are forced to manually gather and organize information from disparate applications, which takes time businesses do not have. It also opens them up to relying on inaccurate data, which can lead to poor decision-making. There are even more concerns (e.g., unaligned workflows, no visibility into the health of the organization and customer dissatisfaction), but it all boils down to the fact that cannabis businesses need a comprehensive, centralized ERP solution to help them alleviate costs and improve efficiencies—during the good times and the bad.
With CannaBusiness ERP, cannabis businesses have a fully integrated solution purpose-built for their unique needs. It increases efficiencies and reduces costs, which helps them overcome unprecedented crises, like inflation, supply chain disruptions and labor shortages.
To learn more, contact us today. We’d love to chat.