Dinosaurs in our farming sector

focusing on the report and what messages it is highlighting about the business.

This is where experienced consultants/advisors come into their own.

They can use the technology to quickly choose the important data/reports and ignore the often fashionable but irrelevant data/reports to deliver the message or advice which is relevant to that farm business at that time.

On most livestock farms there is more than enough data to provide cutting edge advice on technical/physical information.

In fact, the information is so up to date that it is almost real-time data.

In contrast, financial information is much more difficult to obtain in a digital format for farm businesses. In the above example, I had to ring the farmer’s accountant, he then sent me reams of paper in the post — and this was just for the last three years’ financial accounts.

And after all that, the most recent of the data was over 18 months old.

Financial data is very compatible with digital technology, but the technology platforms in our banks and accountancy firms are behind the curve in providing the sort of real-time financial data, which is available in other countries.

What is required is very simple; when a farmer is paid for his produce or pays a supplier on his online banking facility, that transaction should shoot all the way to the farm accounts. A payment made for livestock feed online today should be added to the feed already paid for in the calendar year to date. The farmer or consultant can then compare this to the business plan or last year financial ac- counts. One click of a button on a smartphone or PC should provide this information for farms and other businesses.

For a first world country, where almost all the global IT companies have their European headquarters, it is embarrassing we cannot provide this financial service for businesses.

We live in the information age of big data, automation and artificial intelligence. Those who embrace it and use it effectively and efficiently will survive and prosper, those who don’t will become extinct - just like the dinosaurs.

THEY ARE BEHIND THE CURVE IN PROVIDING REAL-TIME FINANCIAL DATA

Mike Brady is managing director at Brady Group agricultural consultants and land agents, email: mike@bradygroup.ie.