Data leveraging becomes a differentiating feature for sustainable, long-term success in any industry that undergoes exponential growth over a short period. It is no different in the cannabis sector. Companies are required to gather and report data relating to cultivation, sales, and everything in between due to the legal status of cannabis. Therefore this article will help you find essential cannabis data relevant to any cannabis industry leader aspiring to stand out. So what are our key areas of data focus?
Many of a company’s procedures relating to plant health, harvest, and processing can be improved by harnessing data. Many cannabis businesses that have taken data seriously have discovered that examining past trends might help them achieve better results. Improved environmental conditions and constancy in growth are examples of these.
2. Delivery and shipping
A plant goes through the distribution process once it has been cultivated and produced. The shipping and logistics process must be a data-driven machine regardless of the industry. Cannabis is an organic substance. Supply and demand, as well as timing and shelf life, should all be considered.
3. Sales and marketing
Data usage and sales performance are inextricably linked. Understanding buyer behavior, dispensary or shop performance, and supply and demand are some of the uses of cannabis. Data should also be used to track the performance of the sales force, sales goals, and territory management.
Cannabis marketing data, on the other hand, can assist businesses in determining what appeals to customers through product design, advertising, demographics, segmentation, and market share.
4. Laws and regulations
When it comes to state regulatory compliance, data is the most important factor. To track the entire distribution process, states require cannabis enterprises to disclose data on cultivation, shipment, and sales. For these businesses, this can be a huge time sink, making it difficult to concentrate on other aspects of the business. Companies have begun to use state-approved cloud-based data applications to assist them in this endeavor by helping them stay current on regulatory changes.
Cannabis Data Tools.
Let’s break down the tools of the trade into a multi-step procedure to better understand them.
- The first tool will most likely be state-level cannabis regulating software. These programs will assist businesses in remaining compliant while allowing them to focus on their core business.
- The next crucial tool enables you to perform extensive analysis on the data acquired by these Seed-to-Sales systems. To accomplish so, you’ll need to use an ELT tool to extract data from the systems.
- Then, while automating the process, you’ll need a tool to conduct transformations on the data to turn it into something consumable for analytics, as well as a location to store the data models.
- Finally, you’ll need a tool to perform complex analytics and deliver the results. Tableau is an extremely effective tool for analyzing and comprehending data.
To be the greatest in almost any sector, you must know how to use data effectively. In the cannabis sector which is our focus, data will aid in the improvement of all seed-to-sale processes. It’s the key to gaining a competitive advantage and making smarter decisions.