Technological advancements are allowing businesses to overcome industry barriers, increase efficiency, and, as a result, seize new opportunities.
This blog post will take a look at advancements in ag tech that have the potential to revolutionize how businesses operate. From smart technology to robotics, these developments are already changing the way that companies go about their daily operations.
We’ll also go over how Silo can help you as a future-forward fintech company that provides cash flow and financing to small and medium-sized businesses.
Without further ado, let’s take a look at the most significant innovations in ag tech.
1. Financial technology | Fintech
The emergence and increased use of financial technology (also known as fintech) are improving access to finances and changing the way that financial services are provided to businesses that operate in the supply chain.
Innovative fintech solutions like Silo Capital are expected to play a crucial role in the coming decade in empowering businesses through accessible and tailored financing options.
Technological platforms that are integrated with financial solutions are ideal for small and medium-sized companies, as providers will better understand the unique challenges that they face compared to banks and other non-industry lenders.
Many ERP solutions connect multiple operational and financial workflows, providing a holistic view of cash flow health in real time. This integration allows for streamlined operations, enhanced financial outcomes, and the bridging of data gaps that have historically hindered financing approvals.
This technological solution has allowed start-ups to achieve growth levels previously reserved for larger, established players.
2. Precision growing
Another significant innovation in agriculture technology is precision growing, which makes use of data-driven methods to achieve gains.
Growers now have the ability to gather real-time data on important things like soil moisture, nutrient levels, and crop health thanks to the use of sensors, drones, and GPS systems.
This methodology assists with the administration of fertilizers, water, and other inputs with pinpoint accuracy, resulting in less waste and greater resource efficiency.
The use of precision growing not only boosts yields, but also reduces the negative effects that agricultural activities have on surrounding environments.
3. Vertical growing
In recent years, vertical growing has become a notable innovation in agriculture technology as it’s garnered a substantial amount of interest, particularly in metropolitan locations with a scarcity of available arable land.
This production method involves the cultivation of plants in layers that are stacked vertically, making use of either hydroponic or aeroponic techniques.
Vertical production spaces result in less demand for water and soil, and they’re able to grow products throughout the year regardless of the weather. Growers can achieve high yields while saving resources through optimizing temperature, as well as light and nutrient amounts, in growing environments.
Another significant advantage is the minimization of transportation costs, as vertical growing allows production to occur in closer proximity to where the products will be sold.
4. Robotics in agriculture
The use of robotics has cut down on labor-intensive operations through automation. This decreased dependence on human labor has led to progress in increasing productivity.
One specific example is weeding robots, which accurately detect and eliminate weeds, cutting down on the amount of manpower required. Picking and sorting in particular, with robotics, have also become much more streamlined, boosting output while ensuring precision.
These robotic innovations have made it possible for businesses to simplify their processes, lowering costs while also improving product quality.
5. Smart agriculture technology
The monitoring and management of inventory have been completely transformed by smart technology.
Thanks to advances in remote sensing and data analytics, businesses are now able to analyze inventory health in real time, identify risks, and make choices based on accurate information.
With smart technology, businesses can better optimize their inputs, uncover issues early on, and take preventative actions to ensure higher-quality production.
Future-proof your business with Silo’s financial solutions
Ag tech is transforming the way businesses operate, as it allows them to maximize resources and improve overall efficiency. Fintech especially is positioned to be one of the most effective all-encompassing solutions to address the pain points that modern businesses experience. If you’re a grower, it’s worth mentioning to business partners how fintech can help them.
One of the most future-forward fintech companies of today is Silo. With Silo Capital, small and medium-sized businesses can apply for financing to weather storms and fuel growth. Silo also offers an integrated ERP platform to simplify operations and allow access to real-time data.
When it comes to innovation, Silo is unmatched, connecting operational and financial workflows while providing businesses with insights into cash flow health. Businesses can access funding based on future revenue projections, empowering them to achieve growth levels historically reserved for larger players.
Silo is at the forefront of the fintech revolution. Businesses that make use of Silo are likely to thrive in increasingly competitive marketplaces, securing a healthy and prosperous future.
Book a demo with Silo today!