As a rapidly growing industry with unique requirements, deciding on new technology can be challenging. There are many factors to consider when selecting a new technology system for your cannabis business.
Software migration and implementation come with a barrage of challenges and complexities, not to mention the purchase, maintenance, and installation cost. This selection criterion is here to help you make the right investment choice for your business.
Determine How the Technology’s Functions Fit Your Company’s Needs
Take time to evaluate the problems you need to be solved in your cannabis business, including some exact features or functions you need.
This evaluation means looking into standard features like an intuitive interface and advanced business intelligence and assessing other unique functionalities that cater specifically to your cannabis business need, like integration with compliance or CRM software.
Start with your business requirements. With the information collected by your internal evaluation team, create a business requirement analysis document that collaborates with the overall vision of your new technology’s value proposition.
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Watch demos from different vendors and facilitate with your internal team to determine what features you need. Often you can hire solutions consultants to help you navigate the assessment process.
List Alternative Solutions Within the Industry
There are numerous cannabis business solutions on the market, some more suited for the cannabis industry than others. However, industry-specific systems offer businesses the best value since they cater to the cannabis industry’s specific needs.
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Systems specially designed for the manufacturing and distribution industry cannot efficiently serve businesses in professional services. It also helps to look at more than simply whether the software has a history in the cannabis industry but also whether the technology vendor and your implementation partners have success with companies of your size.
Identity Your Technology Needs
Technological advancements like machine learning and artificial intelligence improve business processes by providing cannabis business intelligence, predictive analytics, and personalization capabilities.
Before selecting a technology solution, there are other features to consider. They include:
- API integration and customization capabilities
- Data security
- Easy-to-use UI and UX system
You can also look for solutions that support Internet of Things (IoT) tools like cameras, sensors, and blockchain capabilities.
Determine Scalability Functions
Scalability functions are essential for future growth or business expansion requirements, but it presents a unique set of challenges for cannabis companies, which federal laws require to precisely distinguish between any cannabis and non-cannabis entities, making global account consolidation so tricky.
Consider how the technological features of the system will affect your business goals in the short and long term. For instance, if the future of your cannabis operation is to expand to multiple locations, consider whether the new system will accommodate those needs when the time arises.
Identify Viable Vendors
A viable vendor assures you that the product you want to purchase is also feasible. It can also give you insight into the type of support, improvements, or updates the vendor provides to help improve the efficiency of your business operations.
Determine how long the system and vendor have been in the market, the customer base, and the financial status of the software company. Also, check the vendor’s continued investment in the software solution’s future development.
Assess The Technology’s Cost
Different aspects affect the total cost of purchase and implementation. For starters, many cannabis businesses will incur one or more of the following:
- monthly subscription fee
- implementation cost
- ownership costs
- consultation fees
- support services
Make sure you know what costs you are responsible for.
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Ownership costs consist of the many direct and indirect costs incurred by the use of the software, such as licensing costs per user, maintenance costs, or staff training to operate the software.
Assess the Implementation Process
Some solutions require a software implementation process. The process can be performed in the cloud, on-premises, or hybrid. Depending on your implementation option and the company size, the process can take less than a day or more than a month to years. Ensure you have an implementation partner with a thorough plan for the entire project.
Assess the Technology’s References
Client feedback gives you the perfect reference medium to determine whether your potential vendor and implementation partner can ensure your project succeeds. Seek references from businesses that have similar requirements to yours.
Use software review sites like g2.com or capterra.com when possible.
Understand Any Risks
Every new solution and implementation process comes with risks. This selection criterion aims to mitigate some of those risks and prepare you for unexpected outcomes like customization and implementation delays because of issues like employee training.
Prepare For and Support Change
You’ll need access to ongoing support and training, especially during the early challenges, migration, and process changes. Ensure you have a solid change management and support plan before investing in any new cannabis solution.
