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Cannalytics: Exploring the effects of analytics on the cannabis economy

Submitted by Marijuana News on Tue, 10/11/2016 - 08:45

From backroom to storefront, cannabis is leveraging the advances in data analytics driven by other industries.

If you're new to retail cannabis, chances are you're new to business in general. So the whole meaning and value of analytics may elude you. If analytics are new new to you, you had better get a grasp of what data means to you and your business potential.

Let's explore the effect of analytics on the cannabis economy.

Briefly, analytics refers to the study of data looking for patterns in transactions that might predict future business and/or recommend specific business moves on your part. Reliability improves as a function of the volume of data. Analytics tools automate the data analysis, making it easier to handle those large amounts of data and delivering conclusions faster.

The potential demand

Cannabis presents a potential economy so large that it's driving more cannapreneursand startups to provide business intelligence in the...

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