How artificial intelligence improves business operations in the cannabis industry

Artificial intelligence (AI) has gone mainstream with the explosive growth of ChatGPT, and this is just the beginning. AI will remain official and continue to evolve. This is great news for business operations across all industries, including cannabis, as artificial intelligence enables companies to streamline operations, reduce costs, and seize opportunities.

AI is already being used in a variety of ways in the cannabis value chain. Both business-to-business (B2B) and business-to-consumer (B2C) brands are using artificial intelligence to improve cannabis sales. Farmers use AI to increase irrigation and lighting efficiency, and manufacturers use it for quality control to identify problems and increase productivity. In fact, many people would be surprised to learn how AI is already being used in the cannabis industry.

For example, did you know that the Cannabiz Media License Database uses artificial intelligence and machine learning to help subscribers achieve better email marketing results? Everything happens behind the scenes with the built-in airtime optimization feature.

Simply put, the feature uses AI and machine learning to analyze each record in the Cannabiz Media License Database and determine the best time to send email messages to each email address. The best time is based on each recipient’s previous interaction with messages sent to them in the past.

When a License Database subscriber sends a time-optimized email marketing campaign, the message is sent to each recipient on the subscriber list at the best time possible to drive the most opens and clicks—the engagement that leads to conversions and sales.

Of course, that’s just one example of how artificial intelligence is being used to improve business operations in the cannabis industry. Let’s dig deeper and find out why companies working in and with the cannabis industry are using artificial intelligence and what popular AI tools can help improve how companies operate across the cannabis supply chain.

How cannabis companies are using and benefiting from artificial intelligence

There are many cannabis technology platforms and products that use artificial intelligence to help businesses improve their operations. In the near future we will no doubt see many new opportunities and emerging technologies to optimize the benefits of AI for businesses and consumers.

Here are some of the most common ways cannabis and cannabis-related businesses are already using AI to improve day-to-day operations:

cultivation

Cannabis growers are already using AI to automatically optimize lighting, humidity, irrigation, pest control and more. This allows them to grow healthier crops and higher crop yields. This allows them to cut costs, reduce waste, and potentially sell more of their high-quality crops at higher prices.

manufacturing

Not only does artificial intelligence help with quality control by detecting manufacturing issues earlier and automatically taking action to reduce the costs and delays associated with those issues, but it can also be used to improve production overall by tracking inventory more effectively. Supply and demand can change rapidly in the cannabis industry, and AI can detect and predict fluctuations to ensure the right products are made at the right time.

distribution and delivery

Shipping and logistics become more efficient when artificial intelligence is used to control the process. AI can predict problems and automatically change logistics in real time to optimize labor, transportation and more. As a result, distribution and delivery are timely and less expensive.

Customer service

AI is already being used by companies to provide customer service via online chat bots. In addition, companies are training customer service representatives to use AI to answer customer questions and solve customer problems. A National Bureau of Economic Research study conducted by MIT and Stanford University found that AI improves customer service in three specific ways:

• Customer service agents are more responsive, solve more problems, and respond to more customers with AI than without AI.
• Customers who complain treat customer service agents better when agents use AI.
• Customers are less likely to ask to speak to a manager when agents are using AI.

Based on the research data, the AI ​​improves customer service metrics like response time, issue resolution, etc., resulting in lower costs and better outcomes for businesses.

marketing

Artificial intelligence can help marketers make better use of customer data to design marketing campaigns that are more personalized and effective. Marketers can use AI to track engagement with their brands’ websites, social media, advertising, and more to design campaigns that deliver better results in the future.

sale

With the help of artificial intelligence, the sales team can identify the best prospects more efficiently and accurately. In fact, AI can be used to drive automated events throughout the sales pipeline. As a result, conversions will increase, sales will increase, and fewer opportunities will be lost.

Business Intelligence

Data is power today, and AI can help companies collect and analyze data in a variety of ways. Competitive analysis, compliance and regulatory changes, operational performance, business opportunities and more can be tracked to improve decision making and profitability.

Popular artificial intelligence tools

Some of the most popular artificial intelligence tools that companies across a variety of industries are already using to improve day-to-day operations and efficiency are presented below. Note that these are not cannabis industry specific platforms, but rather a collection of tools that you can test drive to see if some can deliver positive results for your business.

texts and writing

ChatGPT has changed the way many people think about writing and as a result many AI texting tools have been introduced recently. I’ve tried many of these tools and none come close to being a good human writer, but these tools can be helpful for research and brainstorming. Of the AI ​​writing tools I’ve tested, I’d recommend two to try, ChatGPT and Jasper.

Also, if you’re using the content you’re creating with an AI writing tool on your website to help with search engine optimization (SEO), remember that Google hasn’t taken a stance on how they treat websites that host AI -Content will be published the future.

Google’s goal is always to provide the best results for any search, and it wouldn’t be surprising if Google considered AI-generated content to be inferior in the future. If so, your entire site could get less organic search traffic in the future. There are already tools that can detect whether or not text was written by AI (Plagium’s AI Detector and ZeroGPT are just two examples), so we’ll have to wait and see what Google does in the future.

Video

Video content is essential to any content marketing strategy today as the number of people watching video content on a daily basis continues to grow. Using artificial intelligence to create your videos can speed up the process and help you populate your social media profiles and pages with engaging content. There are a number of tools to create AI-generated videos. Synthesia and Runway are just two options.

productivity

Applications that use artificial intelligence to increase employee productivity include TimeHero and Otter.ai. These types of tools help employees get more done in less time, which has a positive impact on your company’s bottom line.

TimeHero uses AI like a personal assistant to help you schedule tasks related to meetings, deadlines, and events. TimeHero and similar tools can improve team collaboration and overall employee and business process performance.

Otter.ai is very different. Its main purpose is to attend meetings and take notes for you. It can record meetings on Zoom, Google Meet, or Microsoft Teams, as well as automatically capture slides, record audio, and create a meeting summary.

Key insights into how artificial intelligence is improving business operations in the cannabis industry

Artificial intelligence will not completely replace human brain power, but it can help your business increase efficiency, reduce costs, and achieve better results in many ways. Regardless of where your company operates in or with the cannabis value chain, there are AI tools that can help you gain advantage and potentially a competitive edge.

If you want to benefit from AI and gain a competitive edge, subscribe to the Cannabiz Media License Database to connect with cannabis and hemp license holders in the United States and international markets. Schedule a demo and see how a subscription can help you achieve your business goals.

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