Choosing the right application of technology to produce more with less, exploring new ways of working in agriculture and to improve existing practices is what Agri-tech is all about. To enable all these a business needs vision, mission, goals and most importantly capital, but it doesn’t end there. It also depends upon how wisely you use these funds. Intelligent utilization of capital in Agri-tech involves proper strategic planning and investment decisions to expand the productivity, scalability and sustainability of the company.
The first and foremost step is to conduct a market research and analysis to understand the needs and challenges of the industry and identify niche so that the company can direct the investments towards tailoring such products accordingly. Creating a robust technology infrastructure will aid the company’s Agri-tech solutions (like investing in cloud based solutions). The next step is to focus on product development. The company should address the pain points in agriculture such as precision farming, crop monitoring and optimization of supply chains. Development of precision agriculture technologies and updating them whenever and wherever necessary is the key. Precision farming involves technologies like GPS-guided tractors, drones, sensors and so on. These technologies not just enhance the efficiency of farming but also enable farmers to optimize their resources.
Allocation of funds towards collaborations and partnerships with various agricultural experts, research institutions and other agri-tech companies will allow the companies to think broadly and can provide different insights, valuable resources and provide access to expand their network. Deploying funds for farmer education and training programs by the company can add value to their Corporate Social Responsibility as it will ensure that the adoption of technology is effective. Companies should also develop a comprehensive marketing strategy to promote their Agri-tech solutions by investing in sales and marketing teams.
The Agri-tech industry being diverse and dynamic provides companies with various opportunities to thrive but the key to success lies in understanding the distinct needs and wants of the agricultural sector and adapting the investment decisions and strategies accordingly. Making the most of milestones also includes regular reassessment of business plans based on the market feedback and the capital available.