The cannabis industry is booming and new businesses are popping up every day. We at Backcross Solutions are prepared to guide your companies in the area of “big data” that is quickly changing the landscape of the cannabis industry. Big data has already changed the game in banking, education, retail and entertainment; the cannabis industry is ripe with promise and potential for an impactful surge of big data.
What is Big Data?
Simply put, big data is enormous volumes of data (both structured and unstructured) that oftentimes cannot be processed by your everyday database systems. Big data must be converted into smart data to be useful. Big data is collected from a myriad of sources: consumers, producers, distributors, etc.… Smart data is the process by which big data is refined and formatted to a usable, actionable format. In the cannabis industry, examples of this data would be things like demographics, grower information and quantity, and pricing on products.
Impact of Big Data
Any industry leader will tell you that consumer data is of great value to business owners. This data allows companies to identify their customers, preferences, and buying patterns. With the onslaught of consumer testimonies online through social media, big data has the potential to change the landscape of the cannabis industry forever. Other forms of data that are vital to the industry are things such as research data. Understanding the efficacy of cannabis for medical use is pivotal to the continued upward trajectory of the industry.
How to use Big Data
The supply chain industry would tell you that the latest struggles have created long-lasting, damaging effects on many industries. Having a balanced supply and demand process is essential for the longevity of an industry, and the cannabis industry follows the same logic. Providing smart data for farmers that can narrow and target their harvest and growth cycles can transform their business model quickly. Big data also provides businesses with data around the preferences of their clientele allowing them to produce the high demand products.
Marketing to Clients with Big Data
Any business coach will tell you that knowing your target audience, your perfect client, is the key to your marketing strategy. Big data can simplify that process for you. Studying the big data of your consumers allows you to find out the age, gender, geographic area, interests and use cases. That data is then cultivated into smart data to help you focus your marketing strategies to target your ideal clientele.
Our company is focused on ensuring you know how to tap into the power of your data and turn those statistics into actionable plans to improve your bottom line. Backcross Solutions is poised to take your big data and turn it into smart data to revolutionize your business.