CANNATECH CORNER: Cannabis ERP
What is an ERP?
ERP is the acronym for enterprise resource planning. Businesses use these solutions to track financials, supply chain, manufacturing, operations, reporting, and even human resources. Out of the software suite of options, ERP was the first to arrive on the scene in the 1960's. The ERP system as we know it was updated quite a bit in the 90's bringing it to where it is today. Many companies offer ERP software that help businesses thrive by keeping a finger to the pulse of the company data.
Learn more about technology used in cannabis businesses later this month in a free webinar!
Why do cannabis businesses use an ERP?
As a company grows the needs grow as well. Before the ERP system was updated companies had separate software for each team. The finance team didn't have access to the manufacturing team's data, for example If the teams didn't have a communication plan, a lot of important data fell to the wayside. Today, companies use ERP to deeply understand their profit and COGS. Having the data tracked together means leadership makes better informed decisions that move businesses forward. They're able to report to supply chain partners and compliance orgs in a heartbeat. Operators that want to save time on data and compliance tasks use ERP to get back to growing their business quickly.
Why ERP instead of a MRP or QMS?
MRP (material resource planning) and QMS (quality management system) only provide a fraction of what a cannabis business needs to thrive. Inventory management and quality management are important parts of running an operation, but they are not the key element to growing a business. A traditional ERP system isn't the fit that most cannabis operators are looking for either. Early solutions from cannatech left a lot to be desired. Just like the ERP systems from the 60s were overhauled in the 90s, new cannabis options have put forth software that solves multiple issues for operators. Cannabis 2.0 is here and savvy tech-minded operations are thriving.
How is a cannabis specific ERP different?
A great cannabis ERP will go beyond the traditional ERP system to provide more options to their clients. Many, like the Flourish Software ERP, are modular to make sure the individual business has the pieces it needs to thrive. A hemp cultivator may need to also have a manufacturing component. A cannabis manufacturer may need to add a cultivation license for compliance and data collection. What's important is that each component of the software is fully functional and provides value and complete data tracking to the client.
FYI: Did you know Flourish updates or creates new features every two weeks? Our product roadmap is public. You can follow along here.
You can expect a cannabis ERP to provide the following:
- Material Tracking
- Inventory Management
- Sales tracking
- Integrated to outsourced solutions (such as Quickbooks Online and LeafLink)
Don't leave your data collection to spreadsheets or chance. Grow beyond compliance with Flourish.