By Seed And Beyond | Blogs |
The Cannabis industry has witnessed a massive growth in the last few years and one critical aspect for sustainability and long-term success of the businesses will be to use data and business intelligence to gain actionable insights and drive better decision making. Most successful industries leverage the power of data analytics, artificial intelligence and machine learning to improve their bottom line and enable significant growth.
Due to the regulatory requirements of the Cannabis industry, companies are required to collect and report data across the entire supply chain – from cultivation to sale. Leveraging this data and converting them to actionable insights and intelligent decision making will help in the success of your Cannabusiness. With the help of a good ERP system, you gain an overall visibility of your Cannabis business and access to key business performance metrics and customized reports that help drive better decisions.
Here are 5 reasons why your company needs Business Intelligence
With the help of BI, cannabis businesses can identify new opportunities and chalk out strategies gaining a competitive edge. You can track new sales trends by analyzing customer data and market conditions, and also find out any issues that arise.
Business Intelligence helps cannabis businesses analyze customer behavior and patterns. With the help of artificial intelligence, you can identify customer buying patterns, enhance their experience and deliver better service. For eg. with the help of AI we can understand a customer’s requirement and recommend the best cannabis products to suit their needs. This helps retain existing customers and also reach new customers.
Business Intelligence can help optimize production while delivering high quality Cannabis Products. Data and BI helps save operational costs, improve efficiency and increase profitability. For eg. with the help of data and AI we can identify optimal growing conditions for a strain that would give us the best quality yields with less human interference. Applying the power of BI to every business function from seed to sale will help optimize operations and increase profitability.
You can easily track what works for your Cannabusiness and what doesn’t with the hep of BI. Gain access to key performance indicators and alert driven reports , and gain overall visibility / specific visibility into key areas. With the help if AI and predictive analytics, you can gain valuable insights into every function – from inventory, finance, sales, to HR etc. and minimize risks. You can optimize every stage of the Cannabis supply chain with the help of data and increase revenue.
The entire Cannabis industry is heavily regulated. Often, companies spend a lot of time, resources and money to make sure the regulatory requirements are adhered to. With the help of BI, all the regulatory needs can be automated and communicated to the regulatory systems like Metrc etc. Leveraging predictive analytics on compliance data, can assess the possibilities of regulatory non-compliance. Thus, with the combination of BI, machine learning and predictive analytics, companies can focus on the growing their business while the compliance part of it is taken care of.
Seed and Beyond is an end-to-end ERP software solution powered by SAP that helps address almost every area of business: from marketing, sales, and customer support to finance, accounting, human resources and project management. To know more about our service offerings, get in touch with us.