Analytics
Analytics Can Give Your Cannabis Dispensary the Edge It Needs
The power of data analytics can give you the competitive edge you need to build a stronger, growing organization. Whether you monitor retail marijuana sales and consumer marijuana consumption or analyze cannabis production efficiency and marijuana testing.
Insights from big data can be used to enhance decisions and provide certainty when making strategic business decisions. However, not every technology solution will help you capture data strategically and decompose the complicated analytics to deliver actionable insights.
Data Analytics Optimize A Cannabis Company’s Entire Value Chain
These tools can assist businesses in optimizing their inventory at different stages. It also helps with:
- manufacturing decisions
- forecasting sales
- optimizing supply networks
- optimizing distribution
Importantly, businesses will be able to gain an edge over their competitors as a result of these data-driven decisions. Notably, data analytics isn’t just for forecasting and inventory management. Data analytics optimize a company’s entire value chain, from product development (in this case, factory expansion) to logistics, sales, and regulation.
“Data driven decisions will give you and edge.“
-Hippy
Big data can benefit businesses in various domains, including:
- cultivation
- distribution
- logistics
- inventory management
- forecasting
- marketing
- customer service
Meanwhile, predictive analytics can increase revenues and reduce costs by optimizing nearly all value chain stages. For example, data mining and predictive analytics can provide valuable insights into your company’s:
- growth
- production
- products
- customers
- industry trends
Data Analytics and Cannabis Marketing
During the examination of the business data that your cannabis business is already collecting, it is crucial to understand the differences between data mining and predictive analytics. Then, using predictive data analytics, you can optimize propagation and batch scheduling. As a result, you minimize wastage in the cultivation supply chain and get a sense of the yields from a single batch or your entire growth in a given year.
All retailers, growers, and processors must collect and retain data, define key performance indicators, and choose analytics to make prediction promises more effective. Manufacturing companies can benefit from leveraging proven data systems to act, monitor trends, and target the best markets to serve their businesses.
Data Analytics Is Essential in the Cannabis Industry
Cannabis companies must provide data about the cultivation, delivery, productization, and sale processes (Seed-to-Sale) by state. As a result of cannabis regulatory status, businesses are already required to collect, report, and analyze information related to cultivation, sales, and everything else.
Regulators are already asking businesses for Seed-to-Sale tracking information. A robust analytics platform with the capability of tracking data from cultivation to retail is essential as most of these requirements are imposed via data collection systems.
Growers Need Accurate and Reliable Data
The marijuana industry relies heavily on accurate, reliable data for growers. Also, businesses in the emerging cannabis industry need real-time data reporting because the market is volatile. Also, this data allows them to adjust quickly and effectively to ever-changing conditions. In addition, businesses need to leverage raw data to stay ahead of the market trends because of the vast potential of the cannabis industry.
Undoubtedly, an adequately analyzed raw data set derived from sales tracking systems, point-of-sale systems, consumer websites and apps, and unstructured data from social media can completely change the cannabis industry landscape. Businesses can better understand their target audiences by analyzing raw data from sales tracking systems, point-of-sale systems, consumer websites, applications, and social media. Therefore, through branding, design, advertising, demographics, market segments, and even information about product names, cannabis marketing data can aid businesses in determining what is appealing to customers.
As a result of analytics and features derived from this data, cannabis retailers can aggregate information on people, such as product preferences, e-commerce search histories, purchasing patterns, spending habits, marketing tactics, and engagement tactics. In addition, analyzing real-time data and generating business intelligence reports allows cannabis retailers to predict demand better and adapt their strategies accordingly.
Our comprehensive review of marijuana data analytics and business intelligence platforms will help you learn how to measure social media analytics, web analytics, industry trends, and shopping psychology.
Analyzing Trends And Data
Kief Studio helps cannabis businesses stay on top of collected industry data and what it means for their operation. Clearly, cannabis companies realize that analyzing historical trends may yield better results for cannabis businesses. Basically, the cannabis businesses that are serious about data use see the growth.
The cannabis industry’s smaller companies may not have the resources to employ dedicated analytics teams, which is why outsourcing the heavy lifting of data to Kief Studio becomes a cost-effective solution. Therefore, many companies rely on technology that integrates data tools. This technology is very complex to configure and requires a knowledgeable staff member to analyze the information captured by the system properly.
Data Can Provide Valuable Insights
On the whole, as the cannabis industry is relatively new, finding the right tools and skill sets to solve business problems using data has been challenging. It should be noted, this issue is due to the complexity of cloud data collection systems. Indeed, managing the data of your business is a breeze with Kief Studio.
During the last few years, the legalization of cannabis in many states has increased the data available to organizations to make better decisions. None the less, with the passage of laws allowing cannabis to be grown, distributed, and consumed in many states, many cannabis businesses have a large amount of untapped data. As a result, most dispensaries struggle to stay relevant in an increasingly competitive market. Fortunately, data analytics can provide valuable insights, such as:
- improving sales
- minimize losses
- improve worker efficiency
Using Different Methods of Capturing Data Is Key
With this in mind, Kief Studio can address the shortage of research data by using data collection methods and analyzing consumer data. As well as that, we can use the collected consumer data to develop new products. Moreover, there are many reasons to employ data analytics:
- tight margins
- threat of stock theft and money loss
- complex tracking and reporting requirements
- revenue loss from overproduction
- excessive manual labor for limited resources
The collected data from your cannabis business can cut costs, generate better reports, and prevent fraud, waste, and abuse by integrating them into its processes.
Furthermore, data is crucial to optimizing schedules, coordinating operations between growing facilities and dispensaries, maximizing cargo loads, complying with regulations, and minimizing risk throughout the value chain. In addition to comparing trends and revenues, executives and marketing teams can discover trends. Also, executives can also set long-term corporate strategies and realistic goals using data in decision-making. To sum it up, the fast-growing market offers excellent opportunities for business organizations that correctly harness rich data sets.
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