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Digital data tools like Transaction Data empowers agribusinesses to make data-driven decisions that will help achieve long-term value.
At a glance:
The food and agriculture (F&A) industry has faced significant changes in the past few years, with the most recent catalyst being the COVID-19 pandemic and its global socioeconomic implications. These COVID-related disruptions have had a direct impact on the state of food and agriculture, resulting in higher food prices, food insecurity, and global hunger. These, in turn, exacerbated the inequality in food supply and called for action from governments and businesses alike.
In addition, the United Nations projects that the global population will grow up to 9.7 billion by 2050, further emphasizing the need to alleviate the disequilibrium in agri-food supply. With these challenges, countries and agrifood businesses have recognized the need to increase their productivity to fill in the gaps in the industry, and they have turned to technology as a solution.
One way technology can help agribusinesses cope with global changes is through data. In this age of technology, data revolution is also underway, reshaping how knowledge is produced and how businesses and governments work. With the interconnectedness of players in a globalized world, data is redefining farming, the production of goods, and the agri-food value chain. In fact, farmers have started consulting data to gain essential information on crops, livestock, and weather, and access to digital data tools is now more crucial than ever in obtaining and applying actionable insights.
Accurate data is important to buyers, suppliers, and other players in the F&A industry as it provides them with insights on market trends, prices, opportunities, and risks; allows them to track their competitors; and helps them identify potential buyers or suppliers. Furthermore, it is essential that businesses monitor changes in temperature and government policies, as these directly impact not only the production of goods but also the entire agri-food value chain. Hence, in order to stay ahead of their competitors, agribusinesses need to consider using a tool that provides intelligence data on the various factors that impact the market.
An example of such a digital tool is the Tridge Transaction Data, which provides transaction data based on global market trends. With this tool, businesses can gain a competitive advantage in the market, identify potential customers or suppliers, keep track of their competitors, and assess market trends.
An important aspect of the agriculture value chain is pricing negotiations. In an industry with a competitive market and multiple key players, it is therefore vital that a business has access to transaction data that allows for an advantage in pricing negotiations.
Transaction Data helps agri-food businesses track and analyze records of products purchased, their prices, and the companies involved in the transaction. This kind of data allows businesses to make smart decisions when engaging in price negotiations and provides them with a competitive edge in the market.
As key players in an ever changing market, agribusinesses are expected to not only maintain partnerships with current buyers and suppliers but to also identify new ones. Building rapport with and gaining the trust of their target audience will also help them establish credibility in the market.
Therefore, with a data tool that supplies information on which buyers and sellers are interested in which products, businesses can diversify their market, allowing for long-term business growth and expansion.
Data also helps businesses monitor the market, including their competitors. Knowing where competitors’ priorities lie and how they price their products gives businesses an advantage and aids in creating an effective product strategy.
Transaction Data, for instance, provides businesses with insights on the strategies and trade relationships of their competitors. This competitive analysis will help in gauging competitors’ business performance and identifying market opportunities.
Market trends and dynamics are ever-changing. Big and small changes to temperatures, climate, trade regulations, global prices, and supply and demand create a ripple effect and inevitably impact importation and exportation as well. Thus, businesses need to adapt quickly to avoid getting left behind.
Transaction Data provides data and insight on individual companies’ import and export trends. With this data available, businesses can assess market dynamics and potential risks and opportunities, resulting in a more strategic market positioning.
In the long run, the role of data in business will only keep growing, and to keep up with the pace in which the agriculture industry evolves, businesses will need to have access to precise, usable data to strengthen their strategy for long-term growth. The competitive edge that Transaction Data provides can help agribusinesses establish and maintain relationships with suppliers and buyers, resulting in profitability and enhanced credibility in the F&A industry. With a stronger market presence, businesses will not only be able to achieve their business objectives but also fulfill their corporate social responsibility, therefore creating a positive impact on the industry and society as a whole.
With the challenges that the food and agriculture industry is currently facing, access to data is now more crucial than ever. Evidently, data not only impacts how agribusinesses operate and produce goods, but it can also redefine the value chain. Hence, businesses need to take advantage of data to make precise data-driven decisions, helping them achieve business goals and unlock long-term value.
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