oT: Powering the Digital Economy
IoT, the digital economy is powerful. Snyder Electric brought it to you. Agriculture is our breadwinner but as an industry agriculture is one of the things we often miss.
Land has been plowed, crops have been taken and livestock has increased but the pressure on farmers to feed our growing population is increasing. By 2050, it is estimated that there will be more than 9 and 1/2 billion people among us, and this is plenty to eat. Agriculture has long been considered a risky investment with tight profit margins and often unaffordable income. But this is a myriad of areas. According to the World Bank Group, it accounts for about one-third of the world's GDP. And by 2050, it is thought that a 70% increase in agricultural production is needed to increase demand. In an effort to meet the growing demand, food growers are now turning to digital innovations to increase their production and farm efficiency. Agricultural technology or agricultural technology is attracting investment that has never been received before.
Digitization across the value chain, technology companies are seen building new relationships with the farming business, even digital heavyweights like Google and Amazon Mazon have begun digging into it. So how is agriculture changing in the face of the digital revolution? And what business opportunities and challenges lie ahead? In this program I look at the companies that are tackling the issues using new tools and innovations in 21st century agriculture. I’m looking forward to seeing how one of our oldest industries is overcoming its new challenges and asking experts in agricultural technology about the obstacles we face on the path to future farms.
It’s hard to talk about the farming business, not to mention Monsanto, the infamous farm giant and the world’s largest seed supplier, with nearly a quarter of global sales. However, as the use of agri-tech grows, traditional farming companies such as Monsanto are poised to gain market share. In 201 Mons, Monsanto acquired a company called Climate Corporation, which specializes in digital farming. The cost of the acquisition? Almost a billion dollars. I have come to the head office of Climate Corp. in San Francisco to find out why the company is so leading in the race to digitize agriculture.
Mike Stern is the CEO of Meteorology and vice president of the U.S. Row Pic at Monsanto. Hey hi Nice to meet you. Nice to meet you. Welcome to the Weather Corporation. Thank you. Let's go to the office. He is the man in more than 50 scientific publications and American patents related to agricultural technology. Fieldview, one of the leading climatic products, is an online platform that collects and analyzes data for weather and area health forecasting, providing a wide range of digital tools to help farmers maximize their productivity.
These are all my fields. They are all organized. This is a digital notebook. And it tells us, well, in the last 24 hours, how much rain fell on my farm this season, and how does it compare to the 10-year average? That's fine. And then they can go especially to the field if they want to dig more details on a field-by-field basis. Oops, this looks like a satellite map of the field. This is actually a map of income. This is called split view. And you can see this - oh, it matches. - This is a soil map that is helping to understand what reality is about to change. Reds are areas of the field that do not work very well. And there are areas of green fields where yields are much higher. And so now for the first time in the app, a manufacturer can begin to understand, well, what could cause this variability? Fieldview is a digital AG platform that really offers manufacturers three benefits. One, it helps them digitize their fields and allows them to organize their data around their fields and start analyzing and analyzing causes and effects.
We have a tap to be able to make recommendations based on our investments in data science to help growers make more informed decisions about how to manage their crops. And it’s a tube to connect and connect other newcomers to the producers on our platform. This allows them to access other digital AG tools to innovate their farms. What are the benefits of any B2B collaboration and other businesses? Other companies are sitting on this system and are there any examples you can share? Even. We have established Fieldview as a platform and that is why we have opened our infrastructure through Fieldview to allow other companies to develop technology and technology to develop technology. And right now we have about 30 partners. So let me give you an example. One of our first platform partners is a company called Veris. And Veris produces highly sophisticated soil-sampling equipment that is taken from the field. And meter-by-meter evaluation of some critical components of the soil
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