What’s the quickest win your business can earn from using data? It’s gaining more share of wallet from current customers, according to Iain Lennon, Director of Product Management at Proagrica.
“Because of the relationship with the sales agronomists and the farmer, it’s easier to drive revenue growth by share of wallet. Already, you have a lot of information being gathered, think about how you can use what you know about your customers for more opportunities with services and complete the triangle of seed, crop protection and fertilizer,” he says.
Proagrica is working to help ag retailers unlock the value of data.
“Many of our customers are burdened with multiple systems that are carried over from acquisitions, particularly in the co-op business,” he says. “But when we are able to start thinking about data we have, and then building the bridges needed to make that data integrate together, we see big advantages. You don’t need to rip out legacy systems just to get the data insights.”
A recent report from the company details three ways the industry can benefit from using current data in new ways.
- Make agronomy tools behave like a CRM
- Order electronically, supported by analytics
- Use ERP data for real-time decisions
Lennon acknowledges this is challenging ag retailers to think differently.
As an example, he says it’s a misconception of ag retail management to think they can’t get their individual agronomists and entire sales team to use data.
“If your sales agronomists have smart phones and use them to check a football score, we can get them to use agronomic data to improve your business,” he says.
He shares three key areas for value in having data analytics:
- Extracting agronomic data provides an aggregate view for the ag retailer. He says, “You can set parameters for performance such as scouting in a timely manner, product recommendations based on rebates goals and inventory.”
- Evaluate your farmer customers’ share of wallet. “Data analytics allows you to see the gaps in seed, crop protection and nutrition. When you see that white space, you see an opportunity,” Lennon says.
- See the full season of potential. “Analytics gives you a perspective on timing of opportunities. So does your soil sampling overlay with applied nutrition, and where are the gaps? It can give an understanding of the sampling conducted that didn’t convert to a sale.” he says.
“We want to help ag retail develop a new approach to support data-driven decisions,” he says.