How much time do you spend managing software applications in your operation? When cannabis businesses face the challenges of managing too many applications, they can’t be expected to grow their business.
The speed of business today requires software applications, essential for efficiency to companies of all sizes in all industries. As cannabis businesses continue to grow, they adopt more software applications, leading to new challenges for staff and leadership alike.
The Multi-Application Shuffle
Cannabis companies, like any other businesses, adopt new software applications to address specific business needs and as a result, now often manage hundreds of applications. The confusion and inefficiencies arising from running an increasing number of applications can result in more time spent on provisioning and de-provisioning licenses, leading to errors.
Add to that, managing licenses, compliance risks, and user requests associated with these applications can be overwhelming for cannabis companies, especially those without IT teams.
Commonly used software by cannabis companies include:
- Seed-to-sale tracking software: For companies to track the entire lifecycle of cannabis plants, from germination to sale, seed-to-sale software has traditionally helped maintain compliance with local regulations and provide insights into inventory management, plant growth, and harvesting.
- Point of Sale (POS) systems: POS software manages retail transactions and customer interactions at dispensaries and often include features like customer loyalty programs, age verification, and sales reporting to help drive sales and maintain compliance.
- Customer Relationship Management (CRM) software: CRM solutions help cannabis companies manage their customer data and interactions, enabling targeted marketing campaigns, sales tracking, and improved customer service.
- Enterprise Resource Planning (ERP) software: Cannabis ERP systems integrate various business functions like finance, inventory management, and human resources into a single platform. This helps cannabis companies streamline their operations, reduce manual processes, and make data-driven decisions.
- Compliance management software: Cannabis companies must adhere to strict regulations, so compliance management software assists with tracking and managing regulatory requirements, including licensing, reporting, and audits.
- Cultivation management software: This software helps cannabis growers optimize their cultivation processes by providing tools for managing plant growth, nutrient delivery, and environmental conditions.
- Accounting software: Financial management is crucial for any business, including cannabis companies. Accounting software helps track income and expenses, manage taxes, and generate financial reports.
- Human Resources (HR) software: HR solutions assist cannabis companies with managing employee information, benefits, and payroll, as well as tracking compliance with labor laws and regulations.
- Analytics and Business Intelligence (BI) software: These tools enable cannabis companies to analyze data from various sources and derive insights to make informed business decisions, optimize processes, and drive growth.
- E-commerce platforms: As online sales of cannabis products and accessories become more common, e-commerce platforms allow companies to create and manage their online storefronts, handle transactions, and track inventory.
Software Applications Need to Communicate with Each Other
Ensuring that software applications communicate with each other is crucial for ensuring that data is consistent and reliable. Applications such as accounting, customer relationship management (CRM), and human resources need to communicate with each other to ensure that data is accurate and up-to-date. Software systems that don’t communicate with each other create data silos.
When software applications don’t communicate with each other, it can lead to inefficiencies, errors and data silos. Data silos occur when information is stored separately across different departments, systems, or software solutions within a company, leading to a lack of integration and communication between these data sources.
For cannabis companies, data silos can create several challenges and drawbacks, some unique to the industry:
- Inefficient decision-making: When data is not readily available and accessible across any organization, decision-makers will struggle to obtain a comprehensive view of the company’s operations leading to a lack of insight and, in turn, slow and uninformed decision-making.
- Ineffective collaboration: Data silos hinder collaboration between departments and employees often leading to duplicated efforts, missed opportunities, and reduced productivity.
- Compliance risks: Cannabis companies must adhere to strict regulations and reporting requirements. Data silos can make it difficult to collect and consolidate the necessary information to demonstrate compliance, increasing the risk of fines, penalties, or even loss of licenses.
- Difficulty in identifying trends and opportunities: With data spread across various systems, it can be challenging to identify trends, patterns, and opportunities for growth or improvement. This hinders the company’s ability to innovate and adapt to the evolving market.
- Increased operational costs: Data silos can lead to inefficiencies in business processes and the need for manual data entry or reconciliation. This can result in higher operational costs and decreased overall profitability.
- Poor customer experience: Without a unified view of customer data, it can be difficult for cannabis companies to provide a seamless, personalized experience for their customers. This can result in lost sales, lower customer satisfaction, and a damaged brand reputation.
- Difficulty in scaling: As the cannabis company grows, managing data silos can become increasingly complex and time-consuming. This can impede the organization’s ability to scale its operations effectively and maintain a competitive edge in the market.
Cannabis companies should strive to break down data silos by connecting their software systems for data-driven decision-making and collaboration across the organization.
Connecting All Systems and Data
As the number of software applications companies use grows, managing these applications becomes more complex. That’s why cannabis companies must have connected data to ensure data is accurate across different applications, reducing the need for duplicate data entry and improving overall efficiency. Connecting data also helps IT teams manage the licenses, compliance risks, and user requests associated with managing these applications.
Imagine Your Business Without Siloed Data
Communication is key across all departments and connecting your software silos is what we do. We integrate and report on your data, providing top-down transparency across your business. This approach allows you to grow with your software choices and as you expand, so do those choices.
When you can connect any system, choosing the right software solutions for your company allows for greater flexibility. The Canna Suite is a software-agnostic approach to finding the right pieces of software that fit your growing needs and can be added, removed, or replaced a la cart.
Our Canna Connectors offer bi-directional data feeds to and from your software applications or governance system and our cloud-based data warehouse, allowing for a single source of truth for all your connected data. We connect to the systems currently in place or help you find the right platforms for your growing business needs.
Don’t let data silos and disconnected systems hurt your company for another year. See how we can connect all your solutions to get the data, analytics, and automation you need to streamline your cannabis operation.