How technology and data will shape the future of the cannabis industry

Data is transforming the cannabis industry across the cannabis industry, and technological capabilities are becoming increasingly important as competition increases. It is clear that the companies that develop reliable and repeatable processes for collecting, storing, analyzing and using data will win in the future.

However, data alone is just numbers. Cannabis companies and ancillary businesses need the right technology to truly harness the power of data. Technology and data together are a tremendous force. Let’s take a look at some of the ways technology and data will shape the future of the cannabis industry.

Improved productivity

Data and technology can improve the productivity and efficiency of cannabis and related businesses in a variety of ways. Companies that can consistently operate at optimal productivity and efficiency should be most profitable over the long term.

With this in mind, the cannabis industry is adopting a new technology that effectively automates repeatable processes so businesses can optimize their productivity and efficiency. Much of this new technology uses data to automate tasks that companies previously had to pay people to do.

For example, the springbig marketing platform for pharmacies and retailers uses data and functionality built into their software to automatically connect the pharmacy or retailer with their customers at the best times to provide loyalty offers, discounts and more. By automating these processes, pharmacy and retail workers can spend time on other tasks while the software takes care of the rest.

Automation will not be a “nice to have” feature in software platforms any time soon. Instead, it’s becoming a must-have as cannabis companies scale rapidly without sacrificing profitability.

LEARN MORE: Listen to the Cannacurio podcast with springbig CEO and co-founder Jeff Harris

Enhanced Intelligence

Artificial intelligence and machine learning are an integral part of the cannabis industry’s future growth. Through artificial intelligence and machine learning, systems collect large data sets, track the data to learn, and then use the insights to produce better results. Rather than relying on guesswork, intuition, or the benchmarking of others, the system tells the business exactly what to do and when.

For example, Cannabiz Media uses artificial intelligence and machine learning to help subscribers use our data more effectively. The Cannabiz Media License Database uses artificial intelligence and machine learning to determine the best day and time to send an email marketing campaign based on the specific recipient list for each campaign. Additionally, Cannabiz Intelligence™ uses built-in artificial intelligence to allow subscribers to simulate business transactions.

As another example, METER Group provides cannabis growers with systems and real-time data to help them improve productivity, efficiency and grams per square foot per year. By combining science, software and cloud computing, METER Group enables growers to streamline their operations throughout cultivation and post-harvest processing.

As Scott Campbell, CEO of METER Group, explained in a recent episode of Cannabiz Media’s Cannacurio podcast, “The focus [in the cannabis industry] will shift to productivity in the future, how productively we meet demand. The producers that thrive and thrive in this atmosphere will be the ones who can continually improve the productivity of their operations.” Artificial intelligence, machine learning, and automation can help them do that.

Artificial intelligence and machine learning are already being used in a variety of cannabis-related systems, including tools and software used by cultivation, manufacturing, retail, testing, delivery, and ancillary businesses.

LEARN MORE: Listen to the Cannacurio Podcast with Scott Campbell, CEO of METER Group

Improved decision making

Data-driven companies make all decisions based on data, and research shows that data-driven companies outperform non-data-driven companies. As such, it’s not a big step to predict that tools and software that leverage predictive analytics to help users make better decisions will be in high demand throughout the cannabis industry in the future.

Simply put, predictive analytics is the process of using data to predict the probabilities of multiple outcomes at a high level of detail. For an example of how predictive analytics is already being used in the cannabis industry, consider Trym’s software for cannabis growers, which uses predictive analytics to help growers predict and prevent potential problems so growers can avoid them. The software also helps growers review performance against production targets and achieve 100 percent efficiency.

Because data is only as good as what you can actually do with it when it comes to analyzing it and converting it into actionable insights that support decision making, a technology in the cannabis industry based on predictive analytics is making large volumes of structured and unstructured data can soon become the norm for software and systems.

LEARN MORE: Listen to the Cannacurio Podcast with Trym Co-Founder and Chief Marketing Office Karen Mayberry

Enhanced Experiences

With increased competition in any industry comes product innovation and increased consumer choice. We’re already seeing this in the cannabis industry, which could lead to market saturation and a host of problems for the industry. The cannabis companies that will thrive in the future are the ones that are already looking for ways to improve industry experiences.

This does not only refer to customer experiences. It also relates to community experiences, regulatory experiences, media experiences, and more. As an evolving industry that’s still not legal across the United States, experiences matter to audiences that go far beyond target buyer personas.

Consider how data, product tracking, and compliance technology will impact the cannabis industry experience in the future. For example, ePac Flexible Packaging is already working on developing dedicated QR codes for cannabis product labels that tell consumers the full origin story of the product they are purchasing.

Using this technology, when someone scans the QR code, they not only get vital information telling them exactly what’s in the product and how it got to them, but the brand can also get data on where, when and which product was bought more. In the future, data could be collected on how the packaging was recycled, thus documenting the cycle of that product and that packaging.

Undoubtedly, this high level of detail and transparency will improve experiences for customers, regulators and companies throughout the supply chain.

LEARN MORE: Listen to the Cannacurio Podcast with Ryan Kiley, Director of Market Development at ePac Flexible Packaging

Key insights into how technology and data will shape the future of the cannabis industry

Technology and data are already impacting the cannabis industry, and this trend will continue into the future. As the world becomes more data-driven, businesses will have no choice but to be data-driven as well. Now is the time to develop a data strategy and make it a central part of your business processes and decision making.

To learn more about how you can use the data and technology in the Cannabiz Media License Database or Cannabiz Intelligence to achieve your goals, schedule a demo.