According to Tim Norris, CEO of Ag Info Tech, precision agriculture is the practice of managing every acre to reach its highest economic yield through the use of various tools and practices. That level of management requires a short- and long-term plan to piece together compatible tech components. From there, the savings on fertilizer, seed, pesticide, fuel, labor and equipment start to add up, resulting in a tangible return on investment (ROI).
One of the first questions a farmer asks when trying to decide whether to invest in a tech product is what is the ROI. Norris spent three years compiling these numbers to establish an average profit and payback on investment to share with his clients.