You may be wondering how data can help you to optimize and grow your cannabis business. Data is the most valuable commodity in the entire world. Cannabis enterprise data helps grow your business by strategizing, finding problems, optimizing, planning, and reporting.
Table of Contents
Cannabis enterprise data.
It is essential to track cannabis across the supply chain. Where is it grown? Where do the consumers acquire the product? You should collect, analyze and process this data to grow your business. This data enables cannabis retailers to:
- Comply with state regulations.
- Know where their products are.
- How much they have in store.
- Know when they need to make another order.
State regulations ensure the cannabis product does not end up being used by minors and dangerous products are not released in the market. Marijuana dispensaries should comply with track-and-trace rules to avoid legal issues with the state. Retail data helps retailers to understand the consumer’s mind. It enables retailers to know which type of cannabis product is well-liked by consumers, what they shouldn’t add to the stock, and understand individual consumers’ purchasing habits. It enables them to have an advantage over their competitors.
To track your customer’s activities, you should consider:
- The time they visited the site.
- The pages visited.
- The device that accessed the website.
- Items purchased together.
You should know more about your consumers to serve them well. For your cannabis company to progress, you should find a system that collects and analyzes data efficiently.
Data collection points.
1. People.
You should understand the amount of time taken to complete each task. This kind of data will help you to know the weaknesses and strengths of each employee. You get to understand the productivity of the people working for you. When collecting data, you should consider issues such as workers’ freedom and personal privacy.
Data points to track.
- The number of employees.
- Payment.
- Working hours per day.
- Business operations that cost you more labor hours.
2. Place.
Understand your growing, building, and production spaces to maximize the product’s efficiency.
Data points to track.
- Air quality.
- Freezer temperature.
- Humidity.
- Temperature.
- Irrigation pressure.
- PH of irrigation water.
- Carbon (IV) oxide.
- Water quality.
3. Product.
Products in the cannabis business include edibles, concentrate, and flowers. You should know the product you provide and the thing that makes your brand unique.
Data points to track.
- Yield.
- Market size.
- Potency.
- Compliance.
- Market trends.
- Testing and validation.
- Price.
- Quality control.
- Product development.
- Marketing cost.
- Brand recognition and reach.
- ROI.
- Cost of production per gram.
Conclusion.
Collecting, analyzing, and processing data about your cannabis business increases your chances of success. This data is essential for cannabis retailers as it enables them to know the product they have in store, what needs to be stocked, the location of their products, and ensure compliance with the state’s regulations. Consider the pages visited, the number of times the site was visited, and the time the site was visited when tracking your customer’s activities. The people, place, and product should be the main data collection points.
