Understanding the Power of Predictive Analytics for Cannabis Growers
By Rob Woodbyrne
Do you know which cannabis strains will be top performers over the coming months? If not, you might already be behind your competition.
Big data continues to play an important role for businesses in all industries to scale, and the same holds for the cannabis industry. And, with cannabis sales reaching more than $10.8 billion in 2018 alone, and expectations for the cannabis market to reach $30 billion by 2023, it’s more important than ever to leverage this data.
What are predictive analytics?
For cannabis growers, predictive analytics will be the key to matching what consumers are buying with the time frame in which they are doing it, paired with the lifecycle of a finished product. Essentially growing the right weed at the right time for which distributors and retailers need and want to sell it.
There are multiple ways that predictive analytics are now able to help cannabis growers, including the following.
Predictive Data about Cannabis Products
Predictive data is crucial to defining future cannabis product consumption. Growers can use this information to optimize their grow operations to meet specific demand trends.
From deciding which strains they will plant and when, to the raw material needs associated with the harvest schedule, predictive data can and will become the foundation for successful batch planning. As customers’ expectations grow, businesses must leverage predictive data to stay two steps ahead and offer cannabis products that customers want, when they want it.
Spending Habits & Consumer Trends
To be the best in any competitive industry, accurate consumer insights are critical. Consumer strain preferences can change rapidly. What is preferred during one grow season, might not be the same as the next.
Growing the right strains to match these consumer consumption trends requires data insights and accurate predictions. By using a proven data system, growers can take action, track trends and target the right markets to benefit their business.
Reasons You Need Predictive Analytics
Eliminate or Reduce Product Waste
Eliminating and reducing product waste is one of the most important elements for any business.
With an accurate data-driven system, cannabis growers can reduce their raw material input costs by quantifying ordering needs, not just guessing, which leads to less waste.
With a limited shelf life of freshness, cannabis products need to be grown, cured, trimmed, packaged and delivered to retails in an efficient and time-sensitive manner. Product simply cannot stay in inventory for months on end hoping to be sold. Thus, predictive analytics helps growers know how much to grow and what raw material and other inputs the operation will need to match the demand.
Whether you want to optimize your propagation and batch planning, reduce potential waste along the growth supply chain or gain insight into the potential profitability of a single batch or of an entire grow for an upcoming year, predictive data analytics can help make it possible.
Boost Profitability & Beat the Competition
Data has become the cornerstone of how manufacturing facilities in every industry plan and forecast the demand for their products, and integrate that data into operations systems that assist in planning the supply chain needed to meet it. It’s the reality of supply chain management in the 21st century.
Creating a product that is not only better than the competition but perfectly timed in its production at the most optimal efficiency is the key to success in the cannabis industry.
How Regrow Can Help
Regrow is a first-of-its-kind, cloud-based supply chain management system designed specifically to help cannabis operators increase their yields, maximize their canopy space, automate workflows, manage workforces, and ensure documented compliance in all areas of the supply chain. Contact us for more information about how Regrow can help your overall business operations, including its predictive analytics dashboard, to ensure you are growing the right strains at the optimal time and in the right quantity to stay ahead of the competition.