BY AUG 4, 2018|
In our tech-savvy generation data plays a significant role in daily business operations, and the cannabis industry is no exception. Databases supply investors in the cannabis industry with the necessary information they need for effective decision making, which is is critical to how such businesses deal with their customers, suppliers and regulators. With such tools at hand, enterprises in the cannabis industry can foretell trends, meet consumer expectations and demands and abide by state regulation. The maximization of big data can assist cannabis businesses to enhance the efficacy of medical cannabis products and improve sales, so I invite you to learn more as I explain how big data is revolutionizing the legalized cannabis industry in the US.
Making big decisions is critical to all industries, and it is also important to note that all business decisions have potential risks, hence the need to make decisions cautiously. By optimizing big data, companies in this industry can reduce business risk by making informed decisions. By accessing real-time intelligence, a business can get the best of its efforts and gain a competitive advantage in a challenging market environment. By using available data, firms can do the following:
- Analyze consumer trends
- Analyze inventory trends
- Enhance how they order their supplies
- Get insight into growth cycles
- Understand consumer behavior
- Understand consumer needs and wants
- Time and organize their production cycles
- Understand their market share and standing
- Analyze competitor activities and brands
Armed with the above information, canna-businesses stand higher chances of minimizing risks. Consequently, it becomes easy for them to make informed and beneficial decisions.
Big data is also impacting the cannabis industry through enhanced distribution. For example, companies like Eaze capture consumer data to make decisions that ease delivery. The company gathers consumer data regarding the following:
- Their location
- The products they purchase
- The time consumers spend before settling on particular products
- How many times they place products in shopping carts before moving them
The firm analyzes the information at its disposal and utilizes tools such as machine intelligence, predictive analytics and processes it into consumable formats that benefit clients. Utilizing this data enables the company to help cannabis industry players know who their clients are, how their customers purchase their products, and how their cannabis products are consumed, which in turn helps them better develop and focus their products to meet their customers’ needs. Moreover, such data enables them to improve their position in the market while enjoying optimum returns on their investments.
Streamlined Regulatory Processes
Regulation is a critical component of any industry. It is even more critical to an industry that was plagued by a false aura of criminality and immorality for many decades. The difficulty of conducting clinical research on the efficacy of medical cannabis remains a challenge because the federal government still categorizes it as a schedule 1 drug. Consequently, the industry lacks sufficient data to facilitate proper research and smooth regulatory processes. However, big data can change the situation.
The Global Cannabis Applications Corp (GCAC) seeks to change the situation using big data. Its Citizen Green technology utilizes artificial intelligence and blockchain to gather clinical data from consumers directly. This way, it streamlines regulatory processes ensuring that they don’t hinder the manufacturing of better cannabis products. According to GCAC, its technology offers better patient results and assists researchers to conduct competent clinical studies. Consequently, it speeds the approval processes for new cannabis products.
Lastly, virtual reality is the final way in which big data revolutionizes the American cannabis industry. For example, WeedVR enables consumers to immerse themselves into virtual dispensaries to admire and inspect their favorite cannabis products. Huxley is another augmented reality and artificial intelligence (AI) operating system and platform targeting cannabis growers. It uses a headset to collect big data about the cannabis plant. Using such tools, farmers get a hands-free set of eyes that allows them to perform their growing activities without needing to look at a distracting mobile app. This way, growers can do their work more efficiently owing to available and easy-to-use data.
Big data is critical to the success of the cannabis industry in the US. For example, industry players may use it to improve regulatory processes, get the best of virtual reality, enhance distribution and reduce risk through informed decision-making. I hope this post has opened your eyes to see how investors in different sections of the industry may benefit from big data.4 Savvy Ways Big Data is Revolutionizing the Cannabis Industry in the US