Managing Risk with Specialty Grains
From Seed and Crops Digest - Balance. It’s imperative to successful management, leadership and just regular old life! But when it comes to managing risk from specialty grains, grain handlers find themselves in a unique position — a balancing act dealing with several sources of risk.
The agricultural sector is highly competitive. At every level of the value chain, participants compete for market share, cost advantages or any other strategic advantage. With advancements in technology, customer segmentation practices and a changing consumer base, it is no surprise that many firms are turning to data analytics for some type of strategic advantage. Data give insights into both demand and supply issues, helping companies better target new customers or cutting costs of production along the way. Regardless of its use, increasing the bottom line is the end goal.
As we navigate a world of constant advancement and disruption, could the phenomenon that is blockchain technology be the next innovation that could truly drive efficiencies—and much more—in the food supply chain?
For many years, weather, disruption and unforeseen circumstances have been the root of issues affecting the agricultural value chain. Specifically, this year, excessive rainfall early in the planting season caused delays for crop farmers, and rising tensions from reports in the dairy industry have created challenges there.