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Data is transforming the cannabis industry across the entire cannabis industry, and technology opportunities continue to grow in importance as competition increases. It’s clear the companies that develop reliable and repeatable processes to collect, store, analyze, and use data will win in the future.
However, data alone is just numbers. Cannabis businesses and ancillary businesses need the right technology to truly leverage the power of data. Together, technology and data are a formidable force. Let’s take a look at some of the ways technology and data will influence the future of the cannabis industry.
Data and technology can improve the productivity and efficiency of cannabis and ancillary businesses in a wide variety of ways. Businesses that can consistently operate with optimal productivity and efficiency should be the most profitable over the long-term.
With that in mind, new technology is being launched in the cannabis industry that effectively automates repeatable processes so businesses can optimize their productivity and efficiency. Much of this new technology leverages data to automate tasks that businesses previously had to pay employees to complete.
For example, the springbig marketing platform for dispensaries and retailers uses data and features built into its software to automatically connect the dispensary or retailer with its customers at the best times to deliver loyalty offers, discounts, and more. By automating these processes, dispensary and retail employees can spend time on other tasks while the software takes care of the rest.
Automation won’t be a “nice to have” feature in software platforms in the near future. Instead, it will become a must-have feature as cannabis businesses race to scale rapidly without sacrificing profitability.
Artificial intelligence and machine learning are integral to the growth of the cannabis industry in the future. Through artificial intelligence and machine learning, systems gather large data sets, track the data to learn, and then use the learnings to deliver better outcomes. Rather than relying on guesswork, intuition, or benchmarking others, the system tells the business exactly what needs to be done and when.
For example, Cannabiz Media uses artificial intelligence and machine learning to help subscribers use our data more effectively. The Cannabiz Media License Database uses artificial intelligence and machine learning to identify the best day and time for an email marketing campaign to be sent based on the specific recipient list for each campaign. In addition, Cannabiz Intelligence™ uses built-in artificial intelligence to allow subscribers to simulate deal transactions.
As another example, METER Group provides systems and real-time data to cannabis cultivators that help them improve productivity, efficiency, and grams per square foot per year. By combining science, software, and cloud computing, METER Group allows growers to optimize their operations throughout cultivation and post-harvest processing.
As Scott Campbell, CEO of METER Group, explained on a recent episode of Cannabiz Media’s Cannacurio podcast, “The focus [in the cannabis industry] is going to shift in the future to productivity, which is how productively we meet demand. The producers that succeed and thrive in that atmosphere will be the ones who can continuously improve the productivity of their operations.” Artificial intelligence, machine learning, and automation can help them do it.
You can already find artificial intelligence and machine learning being used in a variety of cannabis-related systems, including tools and software used by cultivation, manufacturing, retail, testing, delivery, and ancillary businesses.
Data-driven companies make all decisions based on data, and research shows, data-driven companies outperform non-data-driven companies. Therefore, it’s not a big leap to predict that tools and software that leverage predictive analytics to help users make better decisions will be in high demand in the future across the entire cannabis industry.
In simplest terms, predictive analytics is the process of using data to predict the probably likelihood of multiple outcomes at a high level of detail. As an example of how predictive analytics are already being used in the cannabis industry, consider the Trym software for cannabis cultivators which uses predictive analytics to help growers predict and prevent potential problems so cultivators can avoid them. The software also helps growers review performance against production goals and to achieve 100% efficiency.
Since data is only as good as what you can actually do with it in terms of analyzing it and turning it into actionable insights that aid decision-making, cannabis industry technology that is built with predictive analytics that can handle large sets of structured and unstructured data will soon become the norm for software and systems.
With increased competition in any industry comes product innovations and more choices for consumers. We’re already seeing this in the cannabis industry, which could lead to market oversaturation and a number of problems for the industry. The cannabis businesses that will thrive in the future are the ones that are already looking for ways to improve industry experiences.
This doesn’t just refer to customer experiences. It also refers to community experiences, regulator experiences, media experiences, and more. As an evolving industry that still isn’t legal across the entire United States, experiences matter for audiences well beyond target buyer personas.
Consider how data, product tracking, and compliance technology will influence experiences in and with the cannabis industry in the future. For example, ePac Flexible Packaging is already working to develop special cannabis product label QR codes that will tell consumers the entire story of the origin of the product they buy.
Using this technology, when someone scans the QR code, not only will they get vital information telling them exactly what’s in the product and how it got to them, but also, the brand can get data about where that product was purchased, when, and more. In the future, data could be collected about how the package was recycled thereby documenting the circular journey of that product and package.
Undoubtedly, this high level of detail and transparency will improve experiences for customers, regulators, and businesses across the entire supply chain.
Technology and data are already influencing the cannabis industry, and that trend will continue in the future. In fact, as the world becomes more data-driven, businesses will have no choice but to be data-driven as well. Now is the time to develop a data strategy and make it a core part of your business’ processes and decision making.
To learn more about how you can use the data and technology in the Cannabiz Media License Database or Cannabiz Intelligence to reach your goals, schedule a demo.