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Grow your Cannabusiness with Data Driven Decision Making

By Seed And Beyond | Blogs |

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In a rapidly growing industry like the Cannabis industry, leveraging data collected over the years can help sustain and run your business successfully. When used effectively, data can help Cannabusinesses lower the operational costs and manage resources in an optimal manner.

Cannabis Business Intelligence:

With a number of state and country regulations in place, Cannabis companies are required to collect and report data at every point of supply chain – from seed to sale. When companies use this data collected to derive insights and enable driven decision making, they can gain competitive advantage and become a leader in the Cannabis industry.

Whether you are a Cultivator, Manufacturer, Distributor, or Retailer, here’s how you can use your data:

Cultivators:

Data can benefit cultivators/growers in a number of ways. Apart from optimizing yield quality and increasing yield, data can help growers optimize for environmental changes and variables. Based on analysis, growers can also change the strain. Growers can adapt the optimum CBD required to change the genetic makeup in order to consistently produce the type of strains that work best. Cultivators can use data to monitor and manage plant health, harvest, and processing. Thus, cultivators can use data and artificial intelligence to improve:

  • Soil Composition
  • Plant Growth
  • Strain
  • Quality of the Flowers
  • Harvest
  • Yield efficiencies

Manufacturers:

Data analytics in combination with Artificial Intelligence can be used widely in cannabis manufacturing processes to increase efficiency and optimize operations. With the help of data and AI you can identify, manage and monitor every task through your production process. Data can help manufacturers:Streamline and automate processes

  • Improve inventory management
  • Automate Cannabis product labelling based on regulations
  • Optimize cycle time and improve yield efficiency
  • Improve quality control processes and ensure to deliver high quality products consistently

Distributors:

Logistics management is a data driven process. When we take Cannabis products, along with the other factors, we also need to account for shelf life along with supply and demand data. Companies can use data to help medical marijuana retailers predict the supply and demand and change inventory and distribution based on the information. With data and analytics, distributors can:

  • Increase operational efficiency
  • Improve inventory management
  • Manage delivery efficiently
  • Monitor and track products with ease
  • Improve demand forecasting
  • Automate Order Fulfillment
  • Manage supply chain efficiently

Retailers:

Retailers can use data to understand customer behavior and buying trends to manage supply and demand in dispensaries or stores more effectively. Retailers can also track sales data, trends and how the store is performing over a period of time. Based on the data, retailers can improve marketing strategies and make the buyer journey smoother. With data and analytics, retailers can:

  • Streamline operations
  • Manage inventory effectively
  • Improve customer experience
  • Drive retail performance
  • Increase store revenue

Cannabis Compliance and Regulations:

Data is the most important factor when it comes to state regulatory compliance. Cannabis companies need to provide cultivation, processing, distribution, and sales data to monitor the entire supply chain (seed to sale). Companies spend a lot of time concentrating on the regulatory part of their business which makes it challenging to spend time and efforts on other business functions. However, with the help of end to end ERP and traceability software like Seed and Beyond, companies can focus on other areas while traceability and managing regulations are taken care of.

In order to be the leader in the Cannabis industry, you need to use data efficiently. Data driven decision making will help improve all processes related to seed-to-sale operations. Hence, it is imperative that companies need to –

  • Have data driven decision making as part of their goal
  • Understand the value of BI and analytics
  • Be open to change and embrace new technologies
  • Invest in good ERP software with BI and analytics capabilities

To know more about data driven decision making for your Cannabis business, contact us today.