Technology is reshaping the way we do business and investing in the infrastructure that supports data collection and transformation is essential to remaining competitive. We recently spoke with innovator and thought leader Martha Montoya, CEO of market data startup
Agtools, about trends she’s seeing within agriculture.
Real-time data for analytics-driven growers
With an ever-changing market, being data and analytics-driven helps organizations react to changing needs quickly, sometimes in real-time, staying ahead of the competition. That data can drive strategic decisions, data on crop quality, processing performance, and market positioning. It’s all in the numbers.
Failure to invest in data solutions may eventually lead to a loss in market share as large and small organizations realize its value and use it to develop their competitive advantage.
Martha shared an example of the power of Agtools market data for a grape producer.
“To understand the power of data … we studied grapes, and we were able to identify an expected dip in yield due to too many cold weather days in Mexico. The data allowed importers to augment their import plans with product from other regions to keep up with demand,” she said. “Had we waited to see crop outcomes, it would have been too late, supplies would have been short, and other regions would have missed out on filling the market share Mexico was temporarily unable to fulfill.”
Agtools & asking the right questions of data
Access to data for reporting on operational efficiencies, product optimizations, and competitive analyses should be non-negotiable to maximize business growth. Gaining this insight helps business owners identify market position, opportunities to improve, and allows them to remain agile in a fluctuating market.
Market data services like Agtools can provide near real-time insight that alerts leaders to needed shifts in strategy to achieve desired outcomes.
But it’s not always straightforward, “If we don’t understand the right questions to ask of data, data doesn’t mean anything,” remarked Melinda Goodman, owner of FullTilt Marketing. The answer is only as good as the question.
Data-driven organizations grow 5x faster
Despite this data being a potent tool, it still often faces resistance in agriculture. “The hardest part of this whole journey is not the data. It’s getting our industry to adjust their thinking to understand the power within it,” Martha shared. Data unleashes potential.
According to a Forrester report, organizations implementing a data-driven approach “grow an average of more than 30% annually.” Technology has evolved, and a common theme among ag industry leaders is their desire to stay innovative. Data is one of those tools that allows us to think innovatively and play a role in decision-making.
Listen to the podcast
For more insights and commentary, listen to our conversation with Martha in the player above or on this link.
We launched an informative and entertaining 12-episode podcast series talking all things ag tech, from new tech applied to organic fruit to cybersecurity, AI, robotics, and everything in between. We will be joined each episode by a respected thought leader in the industry, kind enough to share their knowledge and learnings with all of us. Join us as we uncover the revolutionary ways technology reshapes the agricultural landscape and drives farming practices.