Sophisticated algorithms and actionable data insights are taking the cannabis industry to the next level. This useful data is allowing cannabis brands to predict trends, meet consumer demand, reduce costs, improve efficiencies, and maximize sales. Data can help marijuana businesses create new and better products and sustain growth as demand continues to rise. Cannabis brands can use technology and big data to optimize their distribution processes, reduce their risks, and predict industry trends well before they begin to surge. How can cannabis brands leverage the power of big data and technology to influence sustainability in various operational aspects? Let’s find out:
How Big Data Can Improve Distribution in the Marijuana Industry
Cannabis distribution can be tricky depending on the state that your brand resides, but when you can harness big data and technology to get your products to their final distribution point it can have positive effects on your customer or patient. Ultimately, what’s going to give brands the edge over their competition is how they use the data that they have accrued to diversify their product portfolio per consumer and industry trends without sacrificing speed in the supply chain.
By understanding trends at a glance through big data, cannabis brands can feel more confident in producing and/or buying and selling products in bulk. Playing economies of scale in this manner gives brands the ability to move products with better agility and garner a greater market share over time. As costs continue to decrease for both sides via these strategic bulk purchases, brands can reap the benefit of less overhead and increased product turnover which is good for businesses from a profitability, sustainability, and risk reduction standpoint.
Sustainably Reducing Risks via Predictive Analysis
Today, big data is critical to decision-making in the marijuana industry. Having access to real-time intelligence can mean the difference between success and failure in this fast-moving marketplace. Brands that have access to real-time analytics that provide reliable, predictive insights are better positioned to mitigate risks from all sources and increase revenue and profits.
Cannabis companies that have access to this kind of data and understand how to best use it will stay ahead of the competition and gain measurable market advantages. Brands that infuse this innovative technology into their infrastructure can also analyze and predict valuable compliance data. This enables them to make critical decisions in advance in order to mitigate those risks.
Identifying Cannabis Market Trends with Big Data
Big data also plays a role for investors to predict the cannabis stock market, identify patterns, and make less risky forecasts and investment decisions. Brands can also benefit from technology innovations by using the data acquired through a Data Management Platform (DMP) to streamline operations and target consumers with specific product messages. This important consumer data is giving brands insight into who is using their products, and for what applications.
But brands aren’t the only ones who are benefiting from big data and technology; consumers are too. These innovations are allowing customers to find better medicine effectively via streamlined services that make their experience more effective. Brands can also use this valuable data to analyze their competition, allowing them to have a better understanding of their own strengths, weaknesses, opportunities, and threats (SWOT). Through a brand’s assessment of their competitor’s product releases and prices, they can better predict the direction the industry is going in and what consumers will want next.