In the early days of the legal cannabis industry, few companies had the tools or acumen to recognize the importance of cannabis analytics. However, in recent years, as technology becomes more sophisticated, analytical data is more accessible to cannabis operators.
Analytics play a crucial role in all levels of commerce, but particularly in cannabis. Whether you manage a single grow or function as a multi-state operator, how do you leverage cannabis analytics to work for you?
If you are running a cannabis operation and are using an integrated seed-to-sale software solution, you are already gathering data at every point along the supply chain. The ability to analyze that data gives you the power to make impactful, data-driven business decisions.
In this post, we’ll break down how each industry vertical can use cannabis analytics to grow their business.
Cannabis Cultivation
Data, reporting, analytics – probably not the first words that come to mind when we think of cannabis cultivators. We know you love your old-fashioned spreadsheets. And while there is something to the old saying, “if it ain’t broke don’t fix it,” as the industry grows and becomes more competitive, so does the need for technology to support your cannabis cultivation operations.
With MJ Analytics, cannabis cultivators can dig deep into their plant data. You will have access to reports based on plants, plant movement, plant feeding schedules, and harvest batches. You will even know what strain produces the highest yield with the smallest footprint. This translates into significant savings for a grow operation.
Ultimately, you get to spend more of your energy on keeping your plants happy, and less time tracking updating inventory.
Cannabis Retail
Whether it’s in-store, online or curbside pickup, customers expect unique and personalized shopping experiences. Data gathered from MJ Analytics can help support these experiences.
Analytical data on your customers, such as age, gender, frequency and product preferences can help you understand the demographics and purchasing behavior of your core clientele.
You can optimize everything from designing your dispensaries to stocking high performing products.
This allows you to make on-the-fly adjustments in pricing strategy and inventory management, ensuring the continued growth and success of your cannabis retail operation.
Cannabis Manufacturing and Processing
While cultivation and retail seem to get all the shine, cannabis manufacturing has arguably the most significant growth potential in the cannabis industry.
As cannabis manufacturing becomes more prevalent, consumers are also demanding more consistency and quality. Manufacturers need to earn customer trust and loyalty through repeat purchases at retail. By tracking cost of goods and yields of certain products, you can protect your brand and ensure consistency.
Leveraging Cannabis Analytics
Leveraging cloud-based business intelligence systems, MJ Analytics allows cannabis operators to optimize their business and fulfill regulatory compliance reporting. Request a demo today to see how MJ Analytics can streamline your cannabis operation.
