Technology, such as soil sensors, GPS-equipped tractors, and weather tracking, has provided unprecedented visibility into operations and opportunities to maximize resources.
In every industry, data analytics is a critical component of improving business operations. Data analytics can be used by a company to improve judgment, analyze customer trends, track customer satisfaction, and identify opportunities for new products and services to meet the needs of a growing market. Organizations can gain real-time insights into marketing, product demand, sales, as well as finances by integrating information and systems across the business.
With the world population expected to exceed nine billion by 2050, the Food and Agriculture Organization (FAO) predicts that a 70 percent increase in agricultural output will be required to meet projected demand. This driving force has significantly increased interest in and use of data analytics in agribusiness.
Farmers gain the information they need to know when, where, and how to plant at a granular level when they have access to real-time data.
Analytics Driving Agribusinesses
Farmers are increasingly embracing data-driven solutions as the precision agriculture market evolves. While the opportunities for data analytics in agriculture are limitless in the future, there are already significant benefits emerging, such as:
Increased Productivity and Innovation: Agribusinesses, farmers, as well as growers must use data and innovation to improve productivity in order to increase yield and profits. Technology, such as soil sensors, GPS-equipped tractors, and weather tracking, has provided unprecedented visibility into operations and opportunities to maximize resources. Farmers gain the information they need to know when, where, and how to plant at a granular level when they have access to real-time data.
Getting a Better Understanding of Environmental Issues: Unpredictable weather, severe storms, droughts, and changing insect behaviors as a result of weather are all environmental factors that have an impact on the agribusiness supply chain. Using data to help farmers navigate shifts in environmental conditions, on the other hand, can help farmers prepare for challenges and capitalize on opportunities without wasting resources. Data analytics can assist farmers in real-time crop health monitoring, creating predictive analytics for future yields, and assisting farmers in making resource management decisions based on proven trends.
