Top 4 Data Trends Ag Retailers Should Know About in 2020
As we enter another decade, business leaders are wise to take note of current industry trends in light of their current operations and consider what changes they can make to remain competitive and profitable in the shifting marketplace, reports Proagrica at PrecisionAg. 2020 will see further development of data technologies, which will mark subtle but powerful changes in the industry. Agribusinesses that recognize these trends and adapt are well-placed to harness these technologies and receive notable gains to their productivity. Businesses that do not – or are slow in their adoption – are likely to face greater challenges.
Jeff Bradshaw, CTO at Proagrica, independent providers of data connectivity solutions for agribusinesses across the world, gives his thoughts on four predictions for data trends which will shape the agriculture sector in 2020:
1. Productivity growths will increasingly rely on networks
Agriculture and animal health are widely perceived as slower to adopt progressive new technologies when compared with other industries. This looks to be changing as more and more businesses seize upon the benefits gained from the ability to communicate instantly, efficiently, and autonomously with customers and supply chain partners. Put simply, connectivity increases productivity by reducing inefficiency. For example, businesses relying on manual operations devote extensive resources towards maintaining their ERP (Enterprise Resource Planning) system, without taking into account the loss of productivity caused by human error or oversight.
A report published by Gartner found that the cost of processing invoices is reduced anywhere from 70% to 90% when conducted electronically. A study undertaken by retailers Landmark and Elders found an actual saving of $18 per transaction.
The more exciting vision is the opportunity for businesses to have a single view of the customer. By combining finance, CRM, and logistics, it’s possible to create a centralized and powerful single source of information, granting complete insight into one’s business practices. The result of this is massive productivity gains across the whole supply chain, by eradicating inefficiencies and delegating resources to areas that create the greatest added value.
“Joining a digital network that effortlessly links your established company systems and data to a wider business network, across whole supply chains will be transformative for agriculture and animal health,” states Bradshaw. “The impact of this digital transformation for individual businesses, sectors and global trade is only just being seen, the opportunities for efficiency and adding value are enormous.”
Continue reading at PrecisionAg.
Subscribe Today For
