Cannabis Big Data was founded on one very simple principle:
Increase profit & peace of mind = easier decisions = better insights = intuitive data
It really is that simple – the more you know, the more you can do, the more you’ll earn.
At its core, every business has to grow and improve or risk being outpaced by its competitors. The cannabis industry has reached a critical tipping point where owners and managers at cultivations, manufacturers, distributors, and dispensaries or retailers need a better way to manage their data so they can better manage their business.
The cycle of growth and expansion fueled by analyzing and acting on core business data, generally referred to as “business intelligence”, has played out time and again across all industry verticals in the last 20-30 years. Fortune 500 companies often have entire departments dedicated exclusively to business analytics and many companies see double- or triple-digit returns on investment with their data and reporting.
Cannabis industry needs better data & reporting for owners & managers
This becomes especially important in maturing industries such as the regulated cannabis market. Although seed-to-sale and POS softwares usually have some built-in reporting functions, our independent analysis indicates that 93% of all regulated businesses either “have never used” or are “extremely dissatisfied” with their reporting features. Practically, that means most businesses miss the mark on basic analyses – all-in margins, campaign ROIs, forecasting & growth rates – and completely lose out on more sophisticated algorithms such as the hyper-personalized marketing and predictive analytics performed by Amazon, Apple, Facebook, Target, Google and many more.
Top 6 reasons cannabis businesses don’t run reports or look at their data
If analyzing business data is so important and will earn the business more revenue and profit, why do so few regulated cannabis businesses use their data systems? Here are the top reasons:
- Owners aren’t clear how they will use the data insights
- It is (used to be*) technically complicated to set up
- It is (used to be*) expensive to set up and maintain
- It is (used to be*) hard to identify key reports & glean actionable insights
- It is (used to be*) hard to train end users
- Owners used to have better margins and less competition, so there was more room for error
We say (used to be*) because it was, and still is, outside of Cannabis Big Data. It’s hard and technical to organize all your data sources, develop a data warehouse, normalize to a consistent standard, develop reports, publish interactive visualizations and then automate the whole darn thing. We saw a mission-critical need for all cannabis business owners and managers and developed a simple, affordable data toolkit with pre-built reports & modules licensed cannabis businesses.
Automated, pre-built reports that grow your profit and efficiency
Our automated, cloud-based systems directly integrate with all major softwares (easy setup), are architected and maintained by our team of engineers (easy maintenance), generate specific and actionable reports (easy insights), and are so simple and intuitive that you don’t need any expensive on-site sessions (easy training). And best of all, there is one flat monthly fee per state-issued license, so say goodbye to additional user seats and terminal costs! Our sophisticated architecture allows us to offer the first dedicated cannabis business intelligence solution at a fraction of the cost of any other service, provider or consultant.
To learn more about how Cannabis Big Data can help your business, take a look at our resources & blog pages, or request a free data consultation.
In the meantime, we’d love to hear from you! How do you use data in your regulated cannabis business? What insights are key for you, and what do you wish you had? What, if anything, is holding you back from saving costs, growing revenue, and improving your bottom line? Drop us a line on our contact page and let us know how you’re using data and reporting in your cannabis business.