From growers and producers to processors and retailers, every part of the agri food industry is undergoing tremendous change today. Across the industry, companies are facing increasing pressure from consumers and policymakers to operate in a more integrated, transparent and sustainable manner and to produce food that is safe, environmentally friendly and provides value for money. Agri data plays a big role in keeping up with these complex dynamics and challenges. Wondering how data can support your decision making? Read more about it on the following page.
Agri data is all the information related to agricultural production and processes. Agri data is a rich source of information, but the challenge lies in harnessing its power and integrating it into your daily decision making. In a rapidly evolving agri food industry, the ability to use data in a way that benefits you will help you win in the marketplace. But with all the data available today, where should you start?
This is where benchmarking can play a big role. Benchmarking agri data is an essential tool for any CEO or CFO to map and understand the competitive dynamics in the value chain. It gives you a clear understanding of what is happening in the industry, what changes are taking place in the value chain, how intense the competition is within the links of the value chain, and what external factors may be having a significant impact.
The present market situation in the agri food sector is unparalleled. When the market is so precarious, people look for confirmation, for facts. Agri data helps you integrate fact-based insights into your decision making. By benchmarking your performance against that of industry peers, you get a clear overview of your competitors, the industry as a whole and the value chain. This allows you to see in which areas you are doing well as a company, and where you need to focus on improving by looking at certain key metrics.
According to McKinsey, “Companies in the dairy industry can substantially improve their performance by acting upon the insights of a benchmarking process that draws data from not only their own operations but also industry peers.”
So ask yourself the question: what does the data tell me about my position in the market? In what areas am I outperforming the competition? Where should we improve? The answers to these questions help you determine the right strategic ambitions, in perspective of the market.
In our whitepaper Benchmarking, we dive deeper into the benefits of benchmarking. It offers a detailed six-step guide, demonstrating where you can get the data from, what to look at, with whom and when, and how to apply benchmarking in your own organization. In other words, it offers everything you need to take the step today that helps your company move forward. Download the whitepaper for free below.