In the post-COVID 19 world, demand for data-driven farming methods and predictive analytics in agriculture is projected to grow by 105% in 3 years. Why will there be such a hike in demand for predictive analytics in the Agricultural Industry? More and more mass-scale farmers and agro-business owners are actively taking up precision farming methods supported by Artificial Intelligence and Machine Learning. These technologies help farmers in crop and livestock management by removing the element of guesswork; in forecasting yield; in managing a supply chain network; and in assessing risks.
How Predictive Analytics can be a game-changer for agro-businesses?
1. Improving efficiency in farming
With the projected rise of the global population, the global demand for food will be 2 times higher in 50 years and agricultural suppliers will meet that demand in the market by harnessing smart agricultural technologies and predictive analytics.
Data from sensors in the soil, smart GPS-enabled tractors, harvesting machines, and real-time weather reports, can help farmers make preemptive decisions in utilizing the right resources at the right time to maintain crop quality in the long run.
And what are the returns? Studies in the USA have found a 30% growth in the production of cereal grains with accurate administration of nutrient infusion in soil and pesticides; which was made possible only through the implementation of Predictive Analytics.
Farmers can make use of that abundant data to assess the Whens, Wheres, Hows related to farming — on a microscopic level.
2. For sustainable farming
One of the biggest challenges of agriculture is dealing with climate change and pollution of all kinds. Predictive Analytics can step into this territory, find patterns in environmental changes, and enable smarter resource management to deal with it. This kind of precision farming can minimize risks to crop health from pests, diseases, and environmental factors by utilization of big data analytics.
3. Growing business opportunities and cutting costs
Data-driven farming methods can add hundreds of billions to the Agricultural industry’s yearly savings. This would enable farmers to invest more in scientific innovations and reduce risks even further, cushioning themselves against global adversities, like a pandemic.
Agro businesses are also undertaking Blockchain-based auditing and provenance services. In the long run, this helps them in receiving global acknowledgment and certifications for practicing innovative farming methods and maintaining crop quality, at par with the global best practices. When it comes to global food security, audited provenance becomes highly crucial these days due to a reduction in purchasing power, and unequal exchange in trade and imports.
Coupling Blockchain and Digital Ledger Technology (DLT) with existing business mechanisms can now create built-in solution accelerators in Asset Registry, Provenance, Certificate Credence, and Consent Management. This helps service provides or farmers to access a global marketplace where the intention is to empower small scale farmers and shift power from global corporations to farm cooperatives.
4. Optimizing Supply Chain Management
Using Big Data Analytics & Digital Supply Chain Networks (DSNs) in agro-businesses will positively impact the overall economy of the industry.
End-to-end mapping of agro products’ journeys has been made possible by DSNs by merging all supply chains in a single network. This provides agricultural suppliers enough agility to navigate from farm-to-store based on demand changes in the market.
Shaping the future of the agriculture industry with better precision is possible with Predictive Analytics and innovation. To look at the larger picture; this will provide food to billions of people globally and reduce global hunger more efficiently.
To understand how Blockchain technology introduces smarter supply chains in agro-businesses and the application of Data Analytics in Agro Businesses Consult Enquete Group’s team of Data Scientists today.