KPIs IN AGRICULTURAL ANALYTICS

 

IMPORTANT OF KPIs IN AGRICULTURAL ANALYTICS

INTRODUCTION:

Technological advancements influenced the agricultural sector as well. A method to monitor the impact of technology on the agronomical field is the use of key performance indicators (KPIs). While designed to make farming efficient, modern machines require energy use and other resources that could generate high emissions levels.

By using KPIs in the monitoring process, every farm owner will be aware of both its positive impact on the environment and the damage it may cause.

 In the agricultural sector, KPIs increase productivity and profitability, help manage daily operations, and contribute to informed business decisions.  

What do you understand by KPI?

Key performance indicators (KPIs) refer to a set of quantifiable measurements used to gauge a company’s overall long-term performance. KPIs specifically help determine a company’s strategic, financial, and operational achievements, especially compared to those of other businesses within the same sector.

Here are some important reasons why KPIs are significant in agricultural analytics:

1.     Performance Evaluation: KPIs allow farmers and agricultural businesses to assess and monitor their performance in various aspects of their operations. KPIs provide objective measurements of key areas such as crop yield, livestock production, resource utilization, and financial performance. By analyzing these KPIs over time, farmers can identify trends, patterns, and areas for improvement.

2.     Decision Making: KPIs provide valuable insights that enable informed decision-making in agriculture. By tracking relevant KPIs, farmers can make data-driven decisions about resource allocation, crop selection, pest control, irrigation management, and other important factors. KPIs help farmers prioritize their actions and investments based on the areas that require attention or improvement.

3.     Benchmarking and Goal Setting: KPIs help farmers set benchmarks and goals for their agricultural operations. By comparing their performance against industry standards, historical data, or desired targets, farmers can identify performance gaps and strive to improve. KPIs serve as reference points and indicators of progress towards specific objectives, whether it's increasing crop yield, reducing water usage, or optimizing fertilizer application.

4.     Efficiency and Resource Optimization: KPIs enable farmers to optimize resource utilization and increase operational efficiency. For example, KPIs related to water usage, energy consumption, or labor productivity can help farmers identify areas where efficiencies can be improved. By monitoring these KPIs, farmers can implement strategies to reduce waste, streamline processes, and maximize output.

5.     Risk Management: KPIs play a crucial role in assessing and managing risks in agriculture. By tracking KPIs related to weather patterns, disease outbreaks, or market fluctuations, farmers can proactively mitigate risks and make informed decisions. KPIs can highlight vulnerabilities and enable farmers to take timely actions to protect their crops, livestock, and financial investments.

 

CONCLUSION:

KPIs are crucial to agricultural analytics because they offer quantifiable indicators for performance evaluation, making informed decisions, goal setting, resource optimization, risk management, and promoting continuous development in agricultural operations. Farmers can increase their productivity, sustainability, and profitability in a sector that is always changing by utilizing data and analytics.

 

REFERENCES

1.       https://www.performancemagazine.org/kpis-in-agriculture-sustainable-practices-for-farmers/

2.       https://www.investopedia.com/terms/k/kpi.asp

 

 

Narsima Ahmed

@INTERNATIONAL SCHOOL OF MANAGEMENT EXCELLENCE

Intern @Hunnarvi Technologies under guidance of Nanobi data and analytics pvt ltd.

Views are personal.

#analytics #agriculturalanalytics #kpi #nanobi #hunnarvi #ISME

 

 

 

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