The difference between success and failure for those who work in agriculture is, as it has ever been, small and frequently dependent on unpredictable factors: Too much rain. Not enough rain. Fickle prices. And more.
The goal is to manage the challenges in the best way possible, maximizing opportunity and limiting risk. Increasingly, internet-based technology can better balance the margin between losses and gains.
A recent report by the U.S. Department of Agriculture made the case for further extending broadband internet services to rural areas by highlighting the benefits of fast internet for agribusiness.
The report “Insights on Rural Broadband Infrastructure and Next Generation Precision Agriculture Technologies” offered a broad look at the possibilities for broadband to make use of data-driven tools to improve results.
Farmers and ranchers can follow the path of other modern businesses by using digital tools across the production cycle, according to the report. These new
tools can support decision-making with integrated data. Automation can increase efficiency. Real-time insight can improve productivity. And entering into global markets becomes more attainable.
The trend can benefit farmers, ranchers and others in agriculture while also sup-porting technology companies leveraging these new or expanded markets. In fact, they have an opportunity to capture a portion of a global digital agriculture market projected to be between $254 billion and $340 billion.
New tools are needed to help farmers and ranchers better estimate the potential profit and economic risks associated with growing one particular crop over another. They may help with decisions about which fertilizer is best for current soil conditions or provide guidance on the best applications for pesticides. There are opportunities to create better water management strategies and to provide ways to use sensors to monitor animal health and nutrition.
“Connected devices equip farmers with a clear picture of their operations at any moment, making it possible to prioritize tasks more effectively and to triage the most pressing issues,” according to the report.
Rural broadband capable of supporting these data-intensive tools makes it all possible, and the financial potential of the market emphasizes the need to continue to expand broadband networks throughout the nation. If fully realized, fast internet services paired with new “precision agriculture” technologies have the potential to add $47-$65 billion annually to the U.S. economy.