Technology is the driving force for modern industries. Whether it’s artificial intelligence, continual developments in processing, or simply the advent of more advanced manufacturing or engineering methods, tech truly signifies the future of business.
All industries and sectors are impacted by this, especially agriculture. For many years, agricultural tech has been making farmers more efficient and profitable. Though, like with any new frontier, agri tech is an expensive thing to both develop and acquire.
Thanks to things like agricultural machinery finance, however, such adoptions are much more possible. Here, we explore the latest agricultural technology developments, while outlining the finance options that are available to help attain it for yourself.
Agriculture isn’t immune to technology. Although the word ‘technology’ tends to refer to relatively new, digital advancements through things like AI and deep learning, technology refers to essentially all of the tools and hardware that agriculture utilises to make a living.
Technology has become smarter and more efficient, and businesses are keen to diversity and grow, ultimately moving towards embracing the new tech available.
Our recent research* identified technology as one of two highly important growth opportunities for all SMEs, including those in the agriculture sector.
From this, it’s clear that the agriculture sector wants to adopt technology, but figuring out the logistics of that adoption is a big obstacle to overcome for most.
When we refer to technology in agriculture, it usually boils down to a few categories: machinery, management, efficiency, and quality-of-life. Here are some of the most recent developments in these categories that agricultural workers should be looking towards:
In farming, efficiency is the key to profitability. Making use of combined resources to achieve multiple goals at once is always preferable as opposed to doing several tasks individually. In pursuit of this, farming methods like agrivoltaic farming have been extremely beneficial.
Agrivoltaic farming refers to a regenerative farming method that combines the use of solar panels with other more traditional farming processes. Although the concept of agrivoltaics was first raised in the late 1980s, the higher availability of solar technology in modern times has meant that agrivoltaics has become much more achievable.
For example, farmers could grow crops that favour shade over sunshine underneath solar panel installations. This maximises the use of both the solar technology and the available space underneath.
Some may think that farming is a predominately manual process. However, there are in fact applications for computer software to assist with more traditional practices and return more efficient, better-planned, and well-rounded farming.
From arranging and planning crops to keeping track of soil health, farming software is in use in approximately 27% of all farms in England. Of those who aren’t utilising such software, just under half of farmers claim that farming software is too expensive for their operation.
Drones have grown massively in usage in the past decade. From the film industry to agriculture, drone technology is a smart and innovative option for a wide range of uses.
In agriculture, drones are used to keep track of crop health, survey land, and even detect diseases.
Automation truly is the key to efficiency for a wide range of businesses. To which, agriculture is no stranger.
From automatic crop feeding and seeding machines to scheduled food delivery systems for cattle, automation allows farmers to keep their attention focused on more important aspects of their farm, such as growth and business development, while monotonous tasks are dealt with automatically.
Alongside the development of electric vehicles, hydrogen-powered machinery is a relatively new frontier across the globe.
In the UK, the use of hydrogen machinery in agriculture and construction is even receiving government backing to promote its use. Outlined in a regulatory change, the government announced that it would allow hydrogen-powered farming equipment to be driven on roads across the nation.
The announcement follows the research and development conducted by manufacturers to test and build hydrogen-powered tractors and shows a clear commitment to the cause.
The need to invest in newer, smarter machinery that is more resilient, and adaptable to change is very important to agricultural workers.
New machinery can often be costly, to which, equipment financing is very effective and can mean spreading the cost of the equipment out over time. Repayments can be aligned to income streams, especially if they are seasonal, which means equipment can essentially pay for itself.
Aldermore is here to support your next technology-based venture.
With business financing solutions and packages for a wide range of uses, including asset finance, there could be an option for you, with us.
*Source: Research conducted by Opinium on behalf of Aldermore between 16-29 April 2024 of 1,000 SME Senior Decision Makers.
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