Agricultural suppliers, dealers and retailers are relying increasingly on an in-depth analysis of their company information to gain a competitive edge. Data management experts say advanced analytics provide a better understanding of customer sales trends, marketing effectiveness and other key insights that can promote improved growth and profitability.
For example, Huong Dishian, data analytics expert at HD Precision Analytics, said data analysis can help the ag supply chain ultimately make better decisions, not just in terms of sales and marketing, but also in such areas as brand portfolio strategy, financial measurement and operational efficiency.
“Agribusiness input companies often overlook or don’t have time to extract the value from data in their own operations and business partners,” Dishian said.
She notes that further dissecting company data can help improve profitability, boost confidence in sales and forecasting plans, and better manage risk. “Analytic-based decisions are key to support strategic executions, improve customer experiences and prepare for future changes in the agricultural market,” she stated.
According to analytics management experts, agribusiness input companies of any size can benefit from applying analytics to their business decisions. They say the right approach can deliver many improvements to the supply chain, whether for planning, production or process improvements.
Huong notes that customer sales transactions data alone can provide insights in the following key areas:
- Building targeted sales plans
- Increasing accuracy with forecasting supply needs
- Further refining opportunity with existing customers
- Targeting marketing initiatives
- Monitoring and measuring marketing effectiveness
In addition, as the ag tech and data sector is booming, the need to delve into the large amount of information being collected is crucial to farming productivity and performance. Producers looking to purchase inputs want to make informed decisions and ensure return on investment. The ag input retailer, supplier and distributor community can understand and assimilate their data to help farmers make the right purchase decisions for their operations.
“As technology evolves, the ability to collect and manage data will only continue to expand,” said Dishian. “It is imperative that businesses in the industry explore and shape the data they have for actionable and measurable business decisions. Timing is everything in the ag industry; to be successful you need the right information at the right time.”
Dishian said, “Precision Analytics can help companies get maximum value for their business processes and set themselves apart from the competition.”
More on the topic is at the HD Precision Analytics website.