Overview

Farm Management Software

Integrating farm management software with pervasive traditional systems is a complicated task, slowing adoption and limiting the industry's growth.

The Farm Management Software (FMS) market was valued at USD 521.9 million in 2019, and is predicted to show a CAGR of 11.1% during the period of 2020-2025, expanding to $4.22 billion by 2025.

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.

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.

Solution Benefits

  • Automate various processes currently performed manually, minimizing time and labor costs

  • Provide a verified database, updated in real-time from which to make data-driven decision

  • Communicate between systems through smart contracts, automatically executed terms upon pre-defined events

  • Trace all actions on the system, to build accountability and transparency

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

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