Farm Management Software
Integrating farm management software with pervasive traditional systems is a complicated task, slowing adoption and limiting the industry's growth.
Despite its promising projections, the industry has been slow to adopt with only 16.5% doing so. The vast majority have remained tied to traditional farm management methods which are largely driven by pen, paper, and non-computerized methods and tend to be imprecise, leading to waste. For example, 40% of fields are over-fertilized, creating a yield loss of 15%-20%, which in turn represents unrealized profits and sunk resource costs.
Context & Challenges
There are a number of reasons that the industry has been slow to adopt FMS. Historically, agriculture is a traditional industry, and tends to have a slow adoption curve. Beyond this, however, pre-existing systems are often incompatible with newer technologies and integrating different types of FMS can be a difficult and expensive task, which disincentivizes widespread adoption. Moreover, FMS and in particular precision agriculture relies on data-driven decision making, and a rich repository of granular data which does not exist, courtesy of legacy systems in place.
Farm Management software drives precision agriculture and has a variety of applications, from financial management to crop management, and automating tasks to solve the problem of a shrinking manual labor force, each of its offerings solves a challenge for the industry. For example, crop management which was valued at USD 164.8 million and has been projected to grow at the highest CAGR, 12.4% from 2020-2025, promises to build precision agriculture, productivity and drive higher yields.
- The USDA reported that GPS mapping by FMS would increase the operating profitability by almost 3% on corn farms, an 2% on net returns
- Guidance systems raised operating profits by 2.5% and net returns by 1.5%, respectively
- Integrating FMS with precision agriculture would rise the primary sector to a new level of productivity
Despite the positive gains promised by FMS, the fundamental challenges at hand are preventing the level of integration and implementation that could drive the full benefits at hand.
The good news is that STRATO provides a reliable, universal, and accessible source of data from which all FMS can build upon, facilitating the below solutions.
- Apply new FMS systems to pre-existing systems to encourage a seamless transition between the two
- Integrate FMS systems with each other to ensure communication between systems
- Provide a effective and real-time monitoring of machinery and crops
- Increase yield by over 70% by 2050, meeting growing demand for food and driving corresponding financial gain
Pairing STRATO with FMS can bridge the tension between slow adoption and FMS's potential, allowing all stakeholders to reap the full benefits promised.
Any STRATO insurance solution leverages STRATO's enterprise grade features
RESTful APIs for direct connection of IoT devices to the blockchain network
Identity Management, OAuth and SSO capabilities for simplified IoT authorization and user login
Privacy via private chains to keep any competitive/operations data private
Enterprise Data Modeling for integration of existing and software, and farm data models