The world is changing, as is agriculture. One key trend is the obsession with data.
Data analytics has a long history of transforming industries,” says Ron LeMay, chairman and CEO of FarmLink and former president of Sprint. He kicked off the 2015 Top Producer Seminar by providing a long-range and innovative look at the future of agriculture and how data may revolutionize the industry.
He provided the following six keys to thinking beyond the now and taking advantage of future opportunities:
“I have not seen one company that has decided to resist change and succeed,” he says. His advice is to see change as positive.
Increase capital efficiency.
Underutilization of machinery minimizes return on investments, LeMay says. “Farmers should strive to not get overly invested in fixed costs and assets,” he says.
For instance, on average, LeMay says, a combine is only used 7% of the year, a planter 10%, a sprayer 15% and a tractor 17%.
Get granular with your scope.
With the focus of knowing more about your farm through endless data points, LeMay encourages farmers to understand their data at a high level of detail. “Challenge yourself to make decisions at a granular level,” he says. “Don’t generalize.”
Master the use of actionable data.
Actionable data is different than big data, LeMay says. It requires a large scale of information, strong quality controls for collection and tools to analyze it at a small area. “Actionable data drives increased profitability,” he says. “If you use data effectively you will have an extraordinary competitive advantage.”
Trust, but verify.
“Even people you can trust can be wrong,” LeMay says. Instead, he says farmers should become engaged with data to understand reality.
View a PDF of Ron LeMay’s presentation at the 2015 Top Producer Seminar.
To read more news and find additional information on the Top Producer Seminar or Tomorrow’s Top Producer events, visit www.TopProducerSeminar.com.
Thank you to the 2015 Top Producer Seminar sponsors:
Premier Sponsors: Advance Trading, Apache Sprayers, BASF, Bayer CropScience, Cargill, Case IH, Dow AgroSciences, DuPont Pioneer, ESN, Farmers Business Network, Firestone, John Deere, New Holland, Top Third Ag Marketing, Verdesian
Co-Sponsors: CliftonLarsonAllen, Conservis, The Gulke Group, K-Coe Isom, Soybean Premiums, Wyffels Hybrids
Supporting Sponsors: FarmLink