Measure productivity to plan for success
NEW research from Commonwealth Bank has revealed that measuring and monitoring business productivity is a key focus for farmers in Victoria, Southern NSW and Eastern South Australia. More than 300 grain, dairy and livestock farmers were surveyed as part of the research, with 40 per cent claiming that monitoring productivity has had a positive impact on their business. Dairy farmers were especially committed to implementing productivity measurement, with 82pc monitoring daily milk production. The CBA released the research to coincide with the Farm World field days in Victoria in March, where the central theme of productivity was explored in discussions across four days. Commonwealth Bank has been a major sponsor of Farm World for more than 30 years. Darryl Mohr, Commonwealth Bank's General Manager Regional and Agribusiness Banking for Victoria and Tasmania, said the research results show that farmers are recognising the value of tracking data to help them improve productivity and profitability. “What we're seeing is that farmers are using data to plan their operation, and importantly, significant numbers are using monitoring data to help them improve their environmental sustainability, which is inherently linked with long term business viability,” Mr Mohr said. “In the field, we know many farmers are using technology like water monitoring apps to help them improve sustainable productivity. “Tracking is fundamental in measuring business success and preparing for the future. We're seeing very high levels of yield monitoring in the dairy industry where the data is relatively easy to capture, but we're also seeing farmers across all sectors gather data on a range of measures, from weather and water usage to prices at market.“ Mr Mohr said that the collection of productivity data allowed farmers to make informed assessments of their business practices. “They can then integrate their learnings into their future business plans and track their results to continually improve their operations,” Mr Mohr said. Key research findings from surveyed farmers who collect data were:
• 61pc use collected data to compare their current results to their previous year
• 30pc use collected data to correct issues in their operation, to enable them to increase production. The number rose to 35pc among dairy and beef farmers
• 22pc use data to support environmental sustainability (28pc in dairy)
• 40pc say measurement benefits their business by helping them to plan for the future and 22pc say it helps them increase production
• 34pc of those surveyed benchmark
• Weather is the most-monitored aspect of farming, with 55pc of farmers maintaining weather record.
The research was conducted by independent research company GfK Animal and Crop Health among 331 grain, dairy and livestock farmers from Victoria, Southern NSW and Eastern SA, in February 2015. The Commonwealth Bank is a strategic partner of Farm World and has been supporting the event since the 1980s. As part of its involvement in Farm World, Commonwealth Bank announces two awards (Best Stand Award and Innovation Award) each year. It also supports the Women in Agriculture lunch, and runs a breakfast panel discussion addressing topical issues.
• Details: www.commbank.com.au/ agribusiness
What we’re seeing is that farmers are using data to plan their operation
Darryl Mohr, Commonwealth Bank’s General Manager Regional and Agribusiness Banking for Victoria and Tasmania.