As a cannabis business grows, the processes for procuring the basic supplies necessary to operate are often left to employees to run manually — as needed, as opposed to on a schedule. The workflows for acquiring things like vape cartridges, custom packaging, receipt rolls, and other ongoing essentials are usually enacted independently of each other, leading to dozens of separate contacts with different suppliers, often with little or no price comparison or competitive shopping.
A recent report published by Negotiatus, a digital procurement platform serving a wide variety of industries, has highlighted the unique benefits that cannabis brands in particular can reap as a result of implementing a centralized purchasing workflow in their business. In preparing the report, Negotiatus compared statistics across multiple different industries and business models to identify where inefficiencies in the procurement process could be reworked to the business owner’s benefit.
“Out of all the industries studied, cannabis businesses had some of the highest savings by purchasing through a digital procurement platform.” — Excerpt from the report
A centralized purchasing platform is a software suite that gives business owners a unified view of the various commodities they need to run their business, allowing them to compare prices and vendors, track shipments, approve purchase orders, and run reports from a single dashboard. When comparing how different industries benefited from integrating centralized purchasing, Negotiatus discovered that cannabis industry brands — specifically those in the process of growing and scaling quickly — saw some of the highest savings reflected in their bottom line.
In this report, Negotiatus takes an in-depth look at the reasons why cannabis businesses are uniquely positioned to benefit from digital procurement, as well as some of the common results they can expect to see after implementing it. The report also includes a detailed cross-comparison of the leading software platforms and features most useful to cannabis brands, and a how-to guide for integrating digital procurement into one’s operations.
The report is currently available for download via Ganjapreneur.com for a limited time: click here to reserve a copy. For more information about Negotiatus and digital procurement for cannabis companies, visit Negotiatus.com.