Why managing AI risk presents new challenges

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The difficult of using AI to improve risk management

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How to bring AI into managing risk

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Pros and cons of using AI to manage risks

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Benefits and opportunities for risk managers applying AI

Introduction

In the rapidly evolving landscape of the cannabis industry, dispensaries faced a constellation of operational challenges. Key among these were fragmented system integrations, compliance adherence issues, and rigid payment methods. Artis IQ Point-of-Sale (POS) system emerged as a pioneering solution, crafted to address these multifaceted challenges.

Challenges

System Fragmentation: Inadequate integration between point-of-sale systems and third-party applications caused inventory inaccuracies, affecting the correlation between online menus and in-store stock.
Compliance and Legal Risks: Dispensaries struggled with strict state regulations, often facing the risk of operational shutdowns.
Payment Restrictions: Due to federal laws, traditional card payments for cannabis purchases were prohibited, leading to transactional complexities.

Single-stack Solution

Artis IQ unveiled an all-encompassing, single-stack Point-of-Sale system, meticulously designed to streamline dispensary operations and address the industry’s multifarious challenges.

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Detailed Feature Analysis

Comprehensive Integration: Artis IQ consolidated multiple systems into one platform, encompassing functionalities like product management, ID verification, loyalty programs, and more.
Robust Inventory Management: Real-time inventory tracking with detailed audits and category management minimized discrepancies, enhancing stock accuracy.
Customer Verification and Security: Advanced ID verification processes for medical and recreational sales were integrated, coupled with ongoing security checks and secure data storage.
Customizable Tax Management: The system offered adaptable solutions for the dynamic and complex cannabis tax landscape, ensuring dispensaries remain compliant with varying tax regulations.
User Allocations: Artis IQ included transaction limit management, enabling dispensaries to set daily purchase restrictions in line with state regulations and customer needs.
Delivery Integration: Integrated with onFleet, the system streamlined delivery operations, providing an efficient solution for the growing demand for cannabis delivery services.
Innovative Payment Solutions: To address federal payment restrictions, Artis IQ incorporated digital payment options with ACH processing and developed a NACHA file for batch processing with banks, maintaining compliance while ensuring transactional ease.
Dynamic Marketing and Engagement Tools: The platform supported direct-to-consumer marketing within legal bounds and featured a sophisticated RFM analytics model for targeted customer insights.
Enhanced Employee Management: Artis IQ’s employee management module allowed for efficient staff oversight and permission management.
Comprehensive Compliance and Tracking: Compliance with state laws was at the forefront, with features designed to track and manage all necessary legal and regulatory aspects of dispensary operations.

Catalyst for Apple’s Cannabis Policy Change

The collaboration with Apple's legal team led to the development of a compliant app framework on the App Store, ensuring geo-restricted use in licensed dispensary areas.

The Impact & Result

The introduction of the Artis IQ POS system significantly transformed the operational landscape of cannabis dispensaries. It streamlined multiple facets of dispensary management, from inventory and compliance to employee and payment processing. The system’s comprehensive features and commitment to compliance set a new benchmark for efficiency and regulatory adherence in the cannabis retail sector.

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Conclusion

The Artis IQ Point-of-Sale system stands as a testament to the power of innovative technology in addressing specific industry challenges. By providing a robust, integrated solution, Artis IQ has not only enhanced operational efficiency but also ensured compliance and improved customer engagement, marking a significant advancement in cannabis retail technology.