Wednesday, June 28, 2017
Invest in new technology, not bigger farms, to make profits in agribusiness.
Invest in new technology, not bigger farms, to make profits in agribusiness. The drive to get big in agribusiness is leaking money from most ventures,experts have opined that this drive to get big or get out of agribusiness is the wrong approach. Agribusiness has massive profit potential but the gains of the business is in investing in technology,to be profitable today producers still need to get bigger, but real gains come with investing seriously in agricultural technology, and not simply expansion or farm enlargement. Farmers need strategies to use technology especially precision agriculture ,use of drones,sensors and most importantly use genetic or bio-engineering techniques. The goal to feed the ever increasing population has to be with smart agricultural practices,using technology to boost production, preservation and proper distribution to ensure farm produce is not lost or wasted. The use of technology to foster farms will not be limited to production but to the entire chain if profit and food security is to be achieved. Agriculture with technology(agritech) is the way forward for agribusiness,farmers need to push the bar with innovative technologies which can be done individually or as a group or better still there can be a call for investors in form of partnerships. more