Credit: Tim Mossholder
We believe in the world where more and more data will be collected and shared. More data will bring increased internal efficiency, enable data sharing partners, and will be shared externally to drive “data revenue”. About a month ago we wrote a post about the difference between external and internal data monetization. One interesting area for growth in the space is data sharing in agriculture.
Data Sharing in Agriculture
Like many industries, increased demand with limited resources puts pressure on the agriculture industry to increase efficiency of their operations. Luckily, the trend of IoT sensors allows for farmers to collect data more effectively and cheaper than ever. An article on ITProPortal illustrates the use of these sensors in the agriculture industry. It explains that these sensor networks will help farmers evaluate things like soil state, atmospheric conditions, biomass of plants and animals, and more. All of these data points will be collected in order to make farms more efficient and consistent.
It’s not hard to imagine how much data will start to be collected by these datasets. Simon Field, CTO EMEA at Snowflake, explains the potential of this data is the opportunity to develop a data-oriented farming sector. He continues to explain that this real-time data can provide updates to the agricultural sector down to the minute – and it’s up to farmers to reap the benefits of technology.
As the need for data driven processes continues to grow in the space, leaders like John Deere have invested to become data-driven technology companies. Deer is an example of a company that leverages data sharing in agriculture to drive increased value for their customers. An article by Harvard Business School explains that Deere has transformed to help farmers better collect data and utilize it for farm management. Data is collected from the sensors on John Deere’s platform and then uploaded to the cloud for access on the MyJohnDeere.com website. Farmers can monitor activity, analyze performance, and find new efficiencies for the farm.
An Agriculture Data Marketplace
As the thirst for data continues to grow, more and more companies will realize the potential for external data sharing. New products and platforms in the agricultural industry will mature to leverage this data. Solutions like marketplaces and data science services will be built for data access, analytics, and insights. Agrimetrics, who describes themselves as the ‘first data marketplace for the agriculture industry, helps the food and farming sector to manage and monetize this type of data. David Flanders, the CEO of Agrimetrics, explains on their website that they have the “mission of accelerating the sector’s ability to maximize the value trapped in its data. Our vision is a sector where the equitable sharing of data powers the next generation of innovation”.
As more and more data marketplaces continue to arise in different sectors, Highland Math aims to be a central tool to help companies monetize their data – distributing it out to relevant platforms.
Know of any more agriculture data exchanges? Feel free to reach out.