Answer:
There are several benefits farmers and owners of agribusinesses.
- It is often said that one cannot manage what they can't measure. Data helps farmers manage with better efficiency their operations. They can make more tailored decisions with respect to their farm’s specific needs if they have more information.
- When data is obtained and analysed, it generates information. The information obtained can help farmers identify efficiencies that lead to higher productivity and profitability, lower input costs, and optimise use of important farm input such as fertiliser and feed.
- Data help farmers reduce the risks associated with their operations. One of such risks is Market risks. If a farmer has adequate information about how a particular product is performing in the market with respect to demand and trends, it helps them plan production in such a way that they don't over produce thus creating a surge in supply which can lower prices. This is also beneficial to a farms supply chain relationships or network.
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