What’s one of the most overlooked keys to success in the cannabis industry? Data.
An analysis of your KPI data (key performance indicator data), helps to understand your business and shed light on where you can improve in this fast growing and changing industry. According to Marijuana Business Daily, marijuana retail sales may reach $10 billion or more this year. As a business owner are you looking at your KPIs with the right key data for your canna business?
Credit: Richard Krueger
The amount of data companies are analyzing is more than doubling every two years, and the amount of metadata (e.g., data describing the data) is now the fastest-growing subcategory of the digital universe.
With U.S. sales of marijuana projected to grow by billions of dollars in the coming years, canna-entrepreneurs need to get their data acts together, literally, and adopt an overall analytics strategy to support the anticipated rapid growth.
Just as you wouldn’t drive without a speedometer, growers, processors, and retailers all need a gauge on their inventory, sales, marketing spend and other key performance indicators.
Read More: MJ BIZ DAILY