Data analytics has increasingly become more than just a buzzword; it is a fact of life in the food and agribusiness industry. Not only is it affecting what we do in production agriculture from cost management to productivity enhancement to environmental footprints, data is increasingly driving efficiency and productive at all levels of the food and agribusiness value chain.
Surprisingly few executives use data from their own organizations to test their assumptions about what factors drive financial performance. By gaining new insights into performance relationships within their own companies, managers can develop smarter strategies.
Data has become an integral part of any business. However, you must exercise caution when employing data – especially survey data – to extract insights used in business decisions.