Key to Better ROI in the Cannabis Industry
The buzzword in any business is growth. There can be a number of parameters that define the growth like increase in sales, increase in profits, broadening of client base, expansion to new markets, surge in the company’s operations and size. All these parameters are not unrelated. In fact, each can have a domino effect on the other. But at the heart of all this, the main motto remains to get the maximum possible revenue at the minimum possible cost.
The Cannabis industry has been experiencing rapid changes over the years. Traditional business practises are not equipped to keep pace with the changes and also ensure improved profitability. That’s where technology comes into play. The different reports a data-driven seed to sale tracking software can generate will help improve the ROI of your cannabis business in more ways than you can imagine.
Here are some ways the report for cannabis software can help your business:
1. More planned approach in production and distribution: In the traditional way businesses functioned, people developed their success mantras through trial and error. In that way, there is always a chance for a hit or a miss. You could get a host of reports on various stages of the production and distribution using efficient cannabis software. For example, a report on historic sales, expected demand and stock movement would help you plan your production in advance to capitalise on the demand.
2. Reduction in operating costs: Your business department and functions might be spread across various locations and timelines but you could manage it all from a central point. This reduces duplication of work. Also reports are system-generated based on the day-to-day functions completed by the staff. When the production process is planned using these reports, it not just reduces the administration costs but also other leaks in production.
3. Better inventory management: Maintaining a large inventory stock, particularly when it is not fast moving can put a huge burden on the finances. Reports on demand for the products, existing inventory levels, rate of movement can help manage the inventory more efficiently.
4. Reduction in the cycle time: As the data is centralised and more comprehensive, it is more accessible for use and planning by the various departments. With the improvement in the way the process is managed from seed to sale, you would not only see a positive impact on costs but also in the time taken at each stage.
5. Increase in product output: The streamlined process and precise data improves efficiency of the workforce and reduces cycle time for each product resulting in less wastage of resources. That way a better output can be achieved with more or less the same input levels.
6. Improvement in profitability: The precise reports make the entire process more productive at the same or reduced costs. They also improve the revenue, thus making the business more profitable.
Why play the guessing game when you have reports that enable you make data-backed decisions. A better ROI is in your hand or should we say at your fingertips.
