5 Lessons Learned From Launching An Agricultural Data Business

Like many other industries, agriculture has witnessed big data rocket up the corporate agenda. And as an ag media company, we are covering this hot topic from all angles. In fact, CropLife® and its sister publication PrecisionAg have placed a full-court press on big data, featuring it in print and online, as well as showcasing it at our own events like the recent “Data Platform Solutions: Putting Information To Work.”

“There’s a lot going on, and a lot to learn about what’s happening with agricultural data,” wrote CropLife Executive Editor Paul Schrimpf in a recent editorial. “It’s a difficult place to be, but where there is uncertainty and confusion, there is also opportunity, especially for those who serve as the ‘trusted adviser’ in the market.”

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Paul was right on two fronts — big data can be confusing but it also has so much potential. I didn’t realize how complex it could be until recently when I was placed on a team in charge of launching a data business for CropLife’s other sister publication, FCI (formerly Farm Chemicals International).

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What is now known as the FCI Sourcing Network, this data business is essentially a global online directory of sellers of crop protection products, including raw materials, technical-grade products and formulated pesticides. The Network also allows purchasing managers to find products from more than 500 companies that sell agrochemical products and intermediates; search for more than 5,000 products; and request a quote from a company.

The site underwent several iterations before the team felt it was ready for launch. And despite several stops and starts along the way, we were ultimately pleased with the Network’s initial entry into the market. Feedback has been positive thus far, reconfirming our commitment to tackle such a huge project. Above all else, we learned a great deal of what it takes to launch a data business. Here are five key takeaways from my experience:

  1. Clean your data. One of our biggest hiccups during development of the Sourcing Network occurred when we realized we hadn’t properly checked our data for accuracy and completeness. This crucial step — as we painfully discovered — was absolutely necessary in turning incorrect, incomplete data into standardized pieces of information that was consistent with other data sets in the system. Without data cleansing, the entire process would have been a waste of time and money.
  2. Data curation is ongoing. Another major realization we made from the outset of the project was that obtaining data was not going to be a one-time deal. To make the Sourcing Network successful, data curation would need to be an ongoing process, requiring considerable thought and the investment of adequate time and resources. It meant supplementing the existing data we already had and adding new data sets in future phases of the Network. It was quite clear that curation would be a never-ending job, which leads us to our next point.
  3. Assign a data specialist. I’d like to give a shout out to our unsung hero in this entire data business, Judy Gill-Totten. Judy is our Senior Compilation Editor, having worked more than two decades on the now defunct Crop Protection Handbook. Judy’s two biggest strengths are her database knowledge and crop protection product expertise. Without her playing a key role in launching and managing the Network, the above two steps — data cleansing and curation — would have been futile. If you’re adding data services to your product offerings, I highly recommend getting yourself a Judy or two.
  4. Prioritize data offerings. To succeed with a data project of any size, it’s best to start small. Otherwise, it can be intimidating to figure out what to do first. With the Sourcing Network, there were so many streams of unstructured data that we had to sort through. Ultimately, we determined which elements of the data held the most value, and prioritized them over other parts that we could phase in later. Starting small offered lower risk and allowed us to test the data and make adjustments more quickly.
  5. Engage with your customers. Once we started the data business, we quickly connected with the audience (i.e., customers) through key marketing efforts and feedback surveys, as well as communications that helped linked buyers and sellers. This process has been both educational (what is the Sourcing Network all about) and promotional (how can it help you in your business) for the FCI market, and it’s created the necessary activity to get the Network up off the floor and running.

For more information on the FCI Sourcing Network, visit FCIsourcing.com.

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