Six Innovative Ways Farm Data Can Work for You
In 1996 John Deere’s GPS receiver brought satellite control to the tractor for the first time – so was born the era of precision agriculture. Today, the green tractors moving across America’s heartland are essentially an IoT for precision agriculture – collecting data by the terabyte on weather, soil condition, moisture, nutrient levels, seed placement, and fertilizer application.
In the intervening 25-plus years, this technology has ushered in a whole new industry that supports farmers to collect and use data to grow two blades of grass where the previous generation grew one.
Today, the average farmer collects 500,000 data points a day – some of that data is valuable, but much of it is still just statistics – data without a defined purpose. It leaves farmers asking–“I know, but what can I do with it?” Here are a few innovative ways farm data can work for you.
Improve Resource Management
Data can help a farm hone in on inputs and better manage resources. The correct data will ensure that farmers never use too much (or too little) feed, fertilizer, seed, or water again.
Increase Productivity
Grow two blades of grass where the last generation grew one. Data helps boost yields, increase milk production, or raise weaning weights. Farmers dial in inputs to know precisely where the most difference is made.
Evaluate Market Conditions
The agriculture sector is dynamic, and the market factors are ever-changing. Farmers use agricultural market data to decide when to sell, contract, or buy.
Move Towards Sustainability
Better water, fertilizer, pesticide, or manure management systems means less environmental impact. Data moves operations towards regenerative farming by perfecting resource management.
Boost Return on Investment
Fewer inputs, increased productivity, and selling at peak prices will boost a farm's ROI year in and year out. And it gets better with time. The longer the farm collects the data, the more accurate the data is in predicting trends and issues.
Easier Access to Credit
On-farm data paints a holistic picture of a farm in a way that just financial data could never do. Agricultural lenders can use this data to better predict a farm’s ability to repay a loan – creating better access to credit and quicker approval.
We are fanatical about helping borrowers and lenders fund their dreams. At Bankbarn, we aim to bridge that gap between farmers and the financing they need. We start with data-driven decisions. Our AI-powered credit risk model relies on on-farm data to measure risk and prescribe a customized rate, term sheet, and debt capacity, enabling a smarter, faster loan origination. That means farmers can get back to doing what they do best – farming. And farming with the financing they need to grow their dreams.
