Shashi Raghunandan, CEO of Oaken, is not only a successful businessman but also a hobby painter, full-time husband, and dog lover. His involvement in the board of MIFOS showcases his commitment to making a difference in the world.
The application of AI in agriculture has been gaining a lot of attention recently, with the potential for significant impacts on food production in the coming years. AI technologies like image recognition are already being used in food processing and have the potential to revolutionize the industry at the field level, from weed management to soil health.
Large enterprises like John Deere have been leading the way in implementing AI in agriculture, with projects focused on autonomy in crop production. However, for many smaller businesses in the industry, the challenges of implementing AI can be daunting. The supply chain in agriculture is heavily concentrated with SMBs, and finding the right areas to invest in AI to see immediate returns is a key concern for CIOs.
McKinsey has identified operational excellence as a key area where AI can deliver significant benefits for agribusinesses. This includes areas like procurement, back office, and accounting, which are crucial for any organization but often overlooked. AI can streamline these tasks, saving time and resources, and allowing SMBs to see immediate ROI.
SMBs in the agricultural sector are particularly vulnerable to inefficiencies in their operations, which makes them prime candidates for AI implementation. By automating tasks like responding to RFPs, synthesizing contract terms, and analyzing historic contracts, AI can help these businesses save time and resources and improve their overall efficiency.
To successfully implement AI, SMBs in the agricultural sector need to focus on organizing their data, prioritizing the right use cases, and identifying the right partners for their AI projects. By taking these steps, businesses can unlock the benefits of AI in their day-to-day operations and empower their employees to leverage the technology to their advantage, rather than be replaced by it.
