How Leading Cannabis companies leverage RFID & Intelligent Video Analytics (IVA)

To understand the full benefits of RFID and IVA (intelligent video analytics) one must consider the five (5) key drivers of cannabis facilities and retail dispensaries

  1. Compliance
  2. Improving Operations (labor, processes, etc.)
  3. Reducing Out of Stock Product
  4. Improving Conversation Rates
  5. Increasing Sales

What the research shows

Inventory Accuracy without RFID is around 60%* –  translating to missed sales opportunities and putting customer loyalty at risk.

RFID can increase inventory accuracy by up to 99.5%

One of the first steps that leading brands of marijuana growers, cultivation

Get unprecedented visibility of cannabis plants, and retail products while maintaining compliance with state laws for video surveillance.

facilities and retail dispensaries take is the pilot program. This will help you discover new insights into your business operations and unlock new opportunities for growth and sales. Starting with an existing grow house or retail location is a great way to determine the way forward. In the examples below we demonstrate the process that has been dubbed “Total Harvest Coverage™” by thought leaders in the cannabis sector.

Pilot Programs to Measure benefits & ROI of RFID & Intelligent Video Analytics

At the Cultivation Facility

Starting with business goals, we create a list of metrics that will result in accurate benefits to the growing operation. How long is the drying time at location A vs. location B?  How long do plants sit before processing? Reduce inventory carrying costs by X.

  • Tracking automation and a visual record of each plant’s location results in a 360 degree compliant operation
  • How a plant may have been removed or misplaced and who was involved
  • Discover where more staff training is required or where processes could be improved or sped up (saving labor)
  • Seamlessly share video and RFID data evidence with law enforcement as needed or required – quickly and efficiently.

At the Retail Dispensary

Managing multiple product types (flower, edibles, oils, concentrates, shatter and consumables) is a challenge for specialty retail stores. How does RFID track inventory to meet the demand in-store pickup & online orders? How do we create a seamless shopping experience that increases customer loyalty?  What can we learn from RFID / IVA / SSPOS that could integrate into Weedmaps or Leafly promotions?

Keeping business goals and compliance with state laws for security cameras and video retention (40 days, 55 days, etc.) in mind, a 360 degree view of the cannabis business will fully emerge – and items moving from vault rooms to retail display cases, back to storage rooms and ultimately at the point of sale (SSPOS) can help you unlock new insights for sales, marketing as well as loss prevention and inventory management – all in one platform.

Identify Hiccups or Pain Points by:

  • Retail Dispensary Location
  • Department
  • Item / Products

Which products is the store consistently low on inventory?

Do you have merchandising standards / branding guidelines to adhere to?

Optimize the “Order Online & In-Store Pickup” Process

What’s the dwell time from the secure vault. storage cage or ArmorStor room to the retail display case?

Accurate stock availability – if the website says the product is in stock and customers find it’s not available… your store could suffer a negative online review. In today’s day and age, reputation and customer loyalty is everything. With RFID / IVA/ SSPOS you get real-time cannabis product level visibility.

 

Intelligent Video Analytics (IVA) and SSPOS help with:

  • Video integrated with POS data can help dispensary operators cut losses by setting up alerts triggered by suspect transactions, such as voids, refunds or returns
  • Run searches across multiple dispensary locations simultaneously
  • Using video and analytics like people counting, queue length or dwell time, dispensaries can see how long customers waited in line, of they spent more time in front of a certain promotional display, or if they left the dispensary without making a purchase – and use this data to drive promotions via POS integrations with Weedmaps, Leafly, baker, and more.

The Key Stakeholders | Get them on board

The concept of Total Harvest Coverage™ spans the grow operation (supply chain) processing, IT, Security teams, C-Suite executives as well as loss prevention and the protocols for compliance with state laws & law enforcement.

4 Vital Messages for Stakeholders

  1. Clear Value of inventory accuracy
  2. Inventory tracking is vital to state law compliance
  3. Diversion of cannabis product must be reported promptly
  4. Quickly getting inventory to customers is key to growth & success

 

The RFID and IVA components of the business operation are building blocks to a complete platform that is transforming leading cannabis brands today. The complete integration of RFID, Intelligent IP Video Surveillance, Smart Safe Point of Sale (SSPOS) and 3D Sensors is the next wave of smart retail in the specialty cannabis sector. Costs of deployments from the onset of security planning, architectural programming vs. retrofit later should be taken into consideration.

For existing operations, a modular and scalable approach can help you improve business operations incrementally without major capital investments. For new business operations, seasoned and experienced security integrators will understand the end to end benefits of more than compliance, but of loss prevention and helping you drive profits to further distinguish your brand.

 

 

Information gather from the following sources, deemed reliable but not guaranteed:

*Auburn University RFID Lab, Key Considerations for RFID Pilots and Deployments

Top Brands & Manufacturers of Smart Cash Safes

Compare and review the Best features, Pros and Cons of the top rated cash safes for retail cash counting and cash management of deposits.

Retailers that are preventing loss and driving up profit margins choose to buy a smart safe that will simplify and optimize the details of cash transactions. The true cost of managing cash payments can be steep and is often unknown – but when broken down into segments, the cost of accepting cash typically proves to be worth an investment into SmartSafes.

When a business begins to analyze the time and labor that a store manager uses to count and reconcile cash drawers, as well as the time it takes away from actually being a “Manager” to monitor and reconcile cash accounting errors, the costs can be enormous – especially if a retail business has more than one location. Add to this the time it takes to make daily deposits and your manager ends up running errands more than managing the store & employees.

Compare Cash safes and get prices on a top rated brand names

It’s been said that a $10 reconciliation error can cost as much as $100 in wages to find, reconcile and update – over time, retail cash management pays for itself and improves business operations, cash flow and ultimately profit margins.

 

Below is a comprehensive list of the best brand names and features.

Learn more about each brand name, FAQs

American Security Products Co. aka AMESEC

https://www.amsecusa.com/about-cashwizard/

AMSEC CashWizard Smart Safes are top rated cash management Solutions for retail business. The CashWizard Smart Safe empowers your business and employees to streamline cash management.

Centralized management connecting safes via cloud-based platform accessible from any Internet capable device provides easy to use customer managed, remote administration of users and reports. Users can also set defined email alerts for exception-based management. Fully Push-based API for cash transactions integrating with POS systems and reconciliation software

Armor Safe Technologies

https://www.armorsafe.com/

Armor Safe Technologies specializes in the development, deployment, and servicing of the industry’s most innovative cash-management systems. Armor Safes validate, count and secure cash in cassettes ready for delivery to your bank, establishing an effective closed-loop solution.

Effective closed-loop solution for many of your toughest challenges such as  loss prevention, employee accountability and financial transparency.

 Fireking

https://safes.fireking.com/products/cash-management-safes/bill-validating-safes

Bill Validating Safes from the FireKing Security Group is a top rated choice for cash accepting environments like specialty retail, convenience stores, and quick-serve restaurants are bill-validating safes.

Gunnebo

https://www.gunnebo.com/Cash-Management

Gunnebo Cash Management safes and Software improve efficiency and cash flow. Smart cash management solutions improve cash process efficiency and reduce the cost of cash. Gunnebo also offers UL 291 Rated Safes for the highest cash vault security.

Calculate Which Gunnebo Smart Cash Safe is Best for your business and Get Pricing in 3 steps

  1. Cash Only or Cash & Coin
  2. Enter Daily Deposit in Dollars
  3. Select Number of Days 5,6,7

Try the Calculator here >

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TIDEL Quality Cash Solutions

www.tidel.com/smart-safes/

Tidel smart safes provide advanced technological features that enable the automation of cash management functions within a busy retail environment. From automated bill counting and deposit functions along with reporting capability, Tidel smart cash safes enable retailers to gain tremendous efficiencies and optimization of cash management processes and in-store labor.  Tidel smart safes connect to the widest range of cash management peripherals in the industry, allowing them to be deployed across a wide spectrum of industries.

Triton VersaSafe

www.versasafe.com

https://www.triton.com/

Versasafe By Triton (makers of ATMs) offer a color display, a simple interface and speech feedback. VersaSafe makes it easy for you to customize its functions to fit your business and can track and timestamps every transaction, increasing both effectiveness and efficiency. A high-capacity electronic journal even stores thousands of individual transactions and user histories for easy reference.

Triton is a smart safe manufacturer offering cash management safes that are tested to the UL 291 Level 1 attack test.  This requirement covers the construction and security of the VersaSafe and provides for a degree of protection against unauthorized removal of currency within the VersaSafe.  Triton’s UL 291 Level 1 certified vault is constructed of ½ inch thick steel on all six sides and features a patented anti-theft door design, making it one of the highest security cash safes on the market.

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Smart Safes protect your cash and coins from retail POS transactions and can enable the retail store to deposit credit at their bank from the point of sale. Large retailers can monitor and manage all cash deposits at all store locations from a single dashboard with customized Cash Management Software. Smart Safes improve cash management processes, reduce shrinkage, and can secure checks in a safe that is networked and accessible from central IS and IT work environments. IT teams can set permissions and allow corporate management to see daily, hourly and or weekly transactions.

Furthermore, fully integrated cash safes and point of sale software can be dovetailed with video cameras and software such as SearchLight from March Networks to determine which retail locations are performing best and gain new insights into walk in foot traffic to sales conversions. Known as Smart Safe Point-of-Sale or SSPOS, this new wave of smart retail is highly adopted by leading cannabis retailers and cultivation facilities.

Once a Smart Cash safe is installed at a retail store (either bolted to the floor or mounted under counter), users (employees and retail store managers) feed currency into the bill acceptor at the point of sale and the notes are verified (counterfeit bills are rejected) by denomination, counted and immediately deposited in the high security safe (AKA cash cassette). All transaction data from each day of deposits is electronically saved and can be transmitted across the secured network for enterprise-wide financial reporting and improved transparency to the CFO or finance department.

Once deposited,  the cash cassettes can be accessed by either key locks, bio-metric locks or digital combination keypad locks. Additional processes for two-person authentication or dual authentication are available such as a key locks with Personal Identification Numbers (PIN), enabling a dual control security protocols to be used in tangent with an armored car service such as Brinks, Dunbar, Loomis, Garda or Rochester or Axiom.

Retail cash management safes combined with armored car services help businesses with Cash, Coin and Check Processing and optimize security. Smart Cash safes can also be integrated with video cameras to identify false transactions at the point of sale and identified faster and more efficiently

 

All brand names are registered trademarks of their respective owners. Information has been gathered from sources deemed reliable but not guaranteed and is subject to change without notice.