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The agriculture industry is made up of businesses that cultivate and supply plant and animal products for use as food, fuel, fiber or raw building materials. In the United States, it is worth over one trillion dollars, with “American farms [alone] contribut[ing] $132.8 billion of this sum.” Indeed, much of the value of the ag sector lies in its ubiquity to daily living; from the food we eat to the car we drive, agriculture companies supply products that satisfy many of our basic needs. That’s why every top agriculture company must rely on the right information when it comes time to make important decisions. With so many unknowns (climate, weather, public health emergencies such as COVID-19 and more) dictating outcomes, finding ways to mitigate failure means finding and using good information. There are too many variables in the ag industry to leave the factors that can be controlled to chance. Here’s how top agriculture companies make tough decisions:
They Use Big Data
Worldwide reliance on the Internet has opened up a world of possibilities, especially within the ag industry. One of the most exciting things it has done for farming and related businesses is provide access to a host of data, enabling ag businesses of all types the ability to better recognize and predict patterns. With “Smart Farming” technologies (such as sensors, tracking devices, satellites, computer programs and data analytics), facts and figures can be easily recorded, organized and retrieved so that evidence pertaining to soil, weather and other conditions can be identified quickly and subsequent practices can be amended for maximum benefit. By improving data collection and usage, big data provides real-time evidence on which tough decisions can be based.
They Use Artificial Intelligence
As an extension of big data, artificial intelligence is compounding data significance within the agriculture industry by enabling computer-generated learning to help predict future behavior. By definition, big data provides an unprecedented volume and variety of information at an unprecedented rate of speed. With it, computers can be trained to form theories, shifting through the enormous mound of details faster than any human could ever hope to do by him/herself. This means farmers can forecast crop and herd conditions with better accuracy and better results.
They Use Market Research
Of course, any top agriculture company also uses solid market research to inform their decisions. Good market research serves as insurance, helping businesses identify market need and their competitors, as well as improve their policies, products and procedures so that consumer needs are met and customers become and remain satisfied. Good market research, especially those studies geared explicitly for agriculture firms (like Ag Access), provides actionable insight into what does and could work (as well as what doesn’t and won’t), thus better safeguarding business practices and ROI.
Ready to Learn More?
A top agriculture company needs the right tools to make tough decisions. The best one? Good data. To learn how Ag Access can help you harness the power of information so that you can better stake your claim in the agriculture market, please contact us today: