The cannabis industry is unique in that every licensed participant must track its data using the same software. But despite having all that data at its fingertips, the industry doesn’t always make use of the wealth of opportunities afforded by cannabis data analytics.
According to Matt Kurtzman, founder of Canold, “You can’t control something if you don’t measure it.” Business owners who continue to avoid cannabis data analytics will also continue to miss out on the opportunities that data creates.
Kurtzman and his team “enable cannabis operators to automate analytic workflow.” Cannabusinesses already have the data they need to identify which areas of the business can and should be optimized; the key is turning that information into insight that can transform your business — and potentially the entire industry.
Here are five benefits cannabis data analytics can offer your cannabusiness development.
A Positive Influence Over the Entire Value Chain
Whether your cannabusiness is vertically integrated or not, everyone can benefit from cannabis data analytics that touch the entire value chain. Unfortunately, the cannabis industry at large lacks a culture of data sharing, even within vertically integrated operations.
But, according to Kurtzman, when we share data across verticals and departments, everybody wins. Pain points and opportunities are easier to identify, because people at every point in the chain have access to the same information and can respond accordingly.
Infinite Permutations of Customization
One of the challenges that comes with most software options is having to change standard operating procedures (SOPs) to accommodate each new system. In Kurtzman’s experience, there isn’t a standard of software platforms for cannabis data analytics platforms, and most software provide little to no customization options.
“Having a software platform that is rigid in the sense that you can’t change or customize ways in which information is either captured or visualized [is] only going to work at the superficial level,” Kurtzman explains. It’s like forcing a round peg into a square hole: If the structure doesn’t fit the operation, it only creates extra work.
With new cannabis data analytics technology like Canold, however, that’s no longer necessary. As you incorporate data analytics into your own cannabusiness, make sure to choose a partner that customizes the technology to fit your business and existing SOPs.
Nearly Instantaneous Predictive Models & Notifications
The business of cannabis moves quickly. You need cannabis data analytics that move just as quickly, or you’re likely to lose both time and money.
For example, if your inventory management system doesn’t notify you in real time that a previously sold-out high-velocity product is back in stock, the product might sit in your vault for hours or days when it should have been back on your sales floor.
Furthermore, an effective cannabis data analytics system won’t require you to enter any new information or change your SOPs. “Because we’re tying into METRC,” Kurtzman says, “we are latching onto the information that you’re already compelled to put into the system.”
Historic Backfill for Informed Future Planning
With historic backfill, cannabis data analytics help you establish a baseline of your business’s performance in the past and evaluate its evolution over time. Plants, for example, move slowly. Today’s yields are the result of what you did 100 days ago, and you need a bird’s-eye view of three to four harvest cycles to accurately plan ahead.
Kurtzman says the rich data is already there — but you have to look back in your business’s history to find it. Instead of starting with a blank slate and waiting for insight as you build data models over the next year or so, reference your historic data for a baseline and build the models now.
Clarity for Cannabusiness Operators
Ultimately, what cannabis data analytics tools like Canold provide is clarity that allows you to make timely decisions driven by facts. Most standard data tools simply can’t accomplish this, especially not speedily.
“The minute you realize that you need to get access to information in a more elegant way, and the faster you can do that, the better off you are,” Kurtzman says. That’s why he and his team work to get cannabusiness operators up and running with their analytics in five business days.
Whatever system you use for cannabis data analytics, make sure it provides the clarity you need as quickly as possible.
A Goldmine of Opportunity
The cannabis industry already has the data it needs to make transformational improvements, and that’s also true of individual cannabusiness owners. By leveraging cannabis data analytics, you can get rapid, groundbreaking clarity on both the past and the future of your business — and then take action accordingly.