hen it comes to data it seams you can never have enough. With technology embedded in every aspect of our lives, there is always something or “someone” collecting this data. Whether that be positive or negative, there is generally always a way to capture it. This can give you the ability to create a story with the information that has been collected.
So what does that mean to you as a cannabis business. The chances are you’re already using applications and software programs for your business. This is vital information that is being collected which can be used to your advantage. Simple ways for retailers to analyze there customers are social media sites. Collecting the the data is pretty strait forward and overall an easy process. Typically the hardest part is aggregating all the applications and software programs to assemble the data. Of course the key piece in reporting the data is understanding what the data represents or how its used to provide value.
Our team of advisers can help you with understanding your business operations better by utilizing your existing company’s data. This allows for decision making based on company data. Inventory, customers, and vendor management along with social media mentioned above are just a few. When organized and detailed collecting the data can be seamless and quick. It’s when analyzing, reporting, and then implementing the data where more challenges will present themselves.
Each project is unique as well as each State and local authority implementing cannabis regulations, you will want to check with them to see what is required and or allowed for your cannabis business.
For more information on how we can help you, give us a call today.
What is Data Analytics?
Data analytics refers to qualitative and quantitative techniques and processes used to enhance productivity and business gain. Data is extracted and categorized to identify and analyze behavioral data and patterns, and techniques vary according to organizational requirements.
Data analytics is primarily conducted in business-to-consumer (B2C) applications. Global organizations collect and analyze data associated with customers, business processes, market economics or practical experience. Data is categorized, stored and analyzed to study purchasing trends and patterns.
Data analytics is also known as data analysis.
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