When it comes to bureaucratic hoops that businesses have to jump through, the cannabis industry gets hit hard. Thankfully, there are a number of advancements in technology that will ease some of the pain that licensed cannabis businesses face. The cannabis industry, as a whole, is growing exponentially every single year. The idea that compliance would evolve alongside the industry is pivotal to the continued growth in cannabis. The latest advancements in technology will allow for better forecasting, lower overheard and improved revenue models for cannabis businesses who were previously crippled by the governmental regulations on the industry.
It’s All About the Algorithm
Anyone in advertising will tell you that social media marketing lives and dies by the algorithm. There are classes, courses, workshops, certifications and so much more designed specifically to teach about algorithms to improve the online performance of your building. The cannabis industry has started to see the emergence of artificial intelligence (AI) and machine learning. These forms of technology are allowing businesses to remain compliant more efficiently and garnering more meaningful operational insights to act upon. While AI can solve for a lot of the pain points in the cannabis industry around compliance, it can also help eliminate human error in manufacturing, streamline reporting, and providing consistent regulatory updates.
A Moment of Clarity
The power that AI can bring to the cannabis industry is also very pivotal in the production aspect of the business. Farmers are now using software, sensors, and automation to help their products grow. The level of precision given with AI helps with feeding, irrigation, lighting and lowering operating costs. The beauty of AI is that it also allows the farmers to monitor changes to their processes and optimizes their production time. Compliance becomes a breeze with AI as it automatically records the necessary data. Having smart data allows growers to clearly see areas to improve or expand.
All About the Money
The COVID-19 pandemic has changed the world of retail significantly. The footprint of online sales has expanded exponentially over the past year, with no signs of slowing down. Having AI technology in the cannabis industry is allowing vendors to evolve with the times in terms of delivery services. AI is allowing companies to conduct compliant sales transactions and encourage upselling with minimal interaction thanks to the algorithms and predictive data. AI also fuels many of the self-checkout solutions that are flooding all online marketplaces and allows businesses to ensure limits are not exceeded and taxes are reported properly.
AI is changing the face of the cannabis industry and at Backcross Solutions, our industry leading experts are knowledgeable about the possibilities to help your company grow and make more money.