THE PACE OF technological advancement in the realms of artificial intelligence and machine learning is nothing short of remarkable. From the high-fidelity replication of voices to the real-time assessment of a sales representative’s calls, the scope of AI’s potential to improve business processes is truly astonishing.
Across various industries, collaboration between humans and AI technology is advancing at a lightning pace. But views on what that means also span the gamut, ranging from giddy excitement to apprehension about the disruption the tech may cause for workers in various sectors. One undeniable truth remains: AI isn’t a phase. It’s a permanent fixture that has and will continue to irrevocably transform a multitude of optiaspects of human life now and more over time
By embracing AI, cannabis businesses can enhance the quality of their teams’ work and upscale the productivity of their operations. This is especially true for smaller scale business with limited bandwidth and resources trying to maximize the effectiveness of their teams.
Let’s delve into ways to leverage AI in the cannabis industry and explore the technology’s diverse applications. Word of advice: get with it or get left behind as your competitors embrace the power of AI.
AI From Seed to Sale
The potential for AI to transform how we operate our cannabis businesses is applicable across almost all stages of the process of growing, manufacturing, marketing and selling cannabis to patients and consumers.
Start with the competitive world of cannabis retail, where delivering exceptional customer experiences continues to be paramount. There are a multitude of AI applications for enhancing customer interactions, streamlining operations and boosting your bottom line.
One of the key advantages of incorporating AI in retail lies in its ability to deliver personalized recommendations based on customer preferences and purchase histories. This is something typically done through a budtender at the counter. But most budtenders lack true expertise across a retail shop’s entire portfolio of product offerings. AI can equip your budtenders with a full range of recs for customers sourced from your entire available inventory and fine-tuned for each individual customer.
AI can also optimize inventory management and production schedules for growers, manufacturers and retailers alike. By analyzing historical data and market trends, AI algorithms can help predict product demand and ensure that popular items are always being produced and in stock. Furthermore, AI’s real-time analytics capabilities can help operators make data-driven inventory decisions, fine-tune product offerings, and optimize pricing strategies.
The tech also has the potential to transform the mechanics of retail customer interactions. For example, think seamless ID verification that lets budtenders greet customers by name and quickly access their preferences and purchase history for personalized recommendations.
Meanwhile, cultivators can combine networked smart sensors with AI algorithms to optimize grow cycles and maximize crop consistency. Manufacturers and distributors can likewise leverage the tech to optimize production lines and track shipping schedules.
Rise of the Machines
When it comes to implementing AI in the cannabis industry, it’s important to address the challenges and considerations that arise, particularly for small businesses. Despite the extensive
benefits of AI, the annual costs of AI programs coupled with the expense and time required for implementation can present obstacles for smaller businesses in the short term. If you do want to integrate AI, definitely considering hiring pros to help you.
Ethical and legal considerations can also come into play. Data privacy and security, customer consent and algorithm transparency are all important to nail down before going live with AI in your business.
Cannaconvo with Peter Su of Green Check Verified
Cannabis Last Week with Jon Purow interviews Peter Su of Green Check Verified. Peter Su is a Senior Vice President with Green Check Verified, the top cannabis banking compliance software/consultancy in the space. A 20+ year veteran of the banking industry, Peter serves on the Banking & Financial Services committee of the National Cannabis Industry Association. He chairs the Banking and Financial Services Committee for the NYCCIA & HVCIA. He is an official member of the Rolling Stone Cannabis Culture Council. And, he is on the board of the Asian Cannabis Roundtable, serving as treasurer.