Direct Cannabis Network met with Henry Finkelstein, Founder of Cannabis Big data. After hearing him speak and seeing the knowledge and insight he had, we discussed bringing him on as a contributor to Direct Cannabis Network. Our goal is so that he can share insight, educate us all on industry data as well as provide our viewers with tips to help other professionals and businesses have a better understanding of data.
Cannabis Big Data was founded on one very simple principle:
Better data = better insights = better decisions = more revenue & profit
It really is that simple – the more you know, the more you can do, the more you’ll earn.
At its core, this 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 Nucleus research identified an average 1301% return on investment for analytic services – that means if you earned $1 million last year, you may be leaving $12 million on the table this year!
This becomes especially important in mature industries such as the regulated Cannabis market. Although seed-to-sale and POS software 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.
If analyzing business data is so important and will earn the business more revenue and profit, why do so few regulated Cannabis businesses even begin to think about their data systems? Here are the top 5 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
We say (used to be*) because it was, and still is, outside of Cannabis Big Data Our automated, cloud-based systems directly integrate with all major software (easy setup), are architected and maintained by our team of engineers (easy maintenance), generate the top 7 most 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 license, so say goodbye to additional user seat 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 or provider.
Over the next few weeks, I will be breaking down the importance of data, reviewing the following reports we have pulled together and about how Cᴀɴɴᴀʙɪꜱ Bɪɢ Dᴀᴛᴀ can help your business.
- Top 7 reports for Dispensary owners & managers
- Top 7 reports for MIP owners & managers
- Top 7 reports for Cultivation owners & managers
- Top 7 reports for Investors
- Top 7 reports for State Agencies
If you’re interested in different insights, you can submit a question to our “Ask the Data Guy” segment where our local Data Guy answers submissions with a detailed analysis of all public and proprietary data sets. Or you can always contact us directly for a personalized demo and more information.
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?
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