How to Grow Your Cannabis Business with Power BI  

Among the many benefits of Power BI for business is the potential for growth. When you go from manual reporting processes to Power BI, you can grow in volume without adding to your workload. It’s easy to scale your business because your dashboard inherently sees the changes.   

When you add a new product line, location, or sales channel, you don’t have to change things in order to see your results.  

Cannabis operators usually have three main areas where reporting is crucial: financials, inventory, and labor. Making a change such as adding a new product line is likely to have an impact in all three of those areas. With Power BI, you can easily see that impact without effort because it will automatically be tracked.  

Timely Information 

Because the cannabis industry is so highly regulated, and regulations vary from state-to-state, the importance of accurate inventory reporting cannot be overstated. Using Power BI reduces the likelihood of errors that tend to happen when manual processes are in place.  

In addition to making errors less likely, using Power BI confers another advantage that you may not be immediately apparent, and that is the value of having real-time information. If your business has been running based on monthly or even quarterly reports, you’ve been experiencing a lag between what’s actually happening and when you know about it.  

Labor is expensive. It’s one area that business-owners need accurate, timely information in order to make decisions that can cost thousands of dollars. Having a report that is based on what’s happening at the moment rather than last week can give leaders an edge in the marketplace.  

Data capture is one thing; data analysis is quite another. Looking at a series of spreadsheets and attempting to derive meaning requires deep work and time. Even something as simple as comparing last year’s harvest reports to this year’s takes significant effort when that information is stored in columns and rows of numbers.  

Power BI allows you to derive meaning and insights from the data you’ve collected. When the information you need is easily accessible, it becomes possible to analyze information and optimize your operations in ways you couldn’t before.  

Having visual representations of information to share with your board of directors and investors allows you to demonstrate the state of your business clearly and immediately. Power BI generates graphs and charts that help you demonstrate progress on KPIs quickly and easily.  

How Can Power BI Grow your Cannabis Business?  

If you’d like to learn more about how Power BI could impact your business, we would be happy to show you. When you have a customizable reporting tool, scaling goes from being a big, anxiety-causing endeavor to one that can be carefully planned with accurate analyses of each part of your business, streamlined and optimized, and realized.  

The best part of all is that you don’t have to take on making these decisions yourself. You’re a business expert, you’re a cannabis expert, and you may not also be a technology expert. Our consultants can walk you through the decision-making process and help you evaluate whether Power BI alone is what you need, or if a full ERP like our product SilverLeaf will get you closer to your goals. We can help you decide whether you need an implementation partner or not.  

We take into account your specific goals, and help you understand how technology can help you reach them, while also maintaining your operations and regulatory compliance requirements. Whatever you decide, we are a partner for you both in the immediate future and as you continue to scale and grow. 

Book a demo today to learn how we can help you grow your cannabis business with Power BI.