5 months Ago

Managing risk, understanding Profitability

Farmers have always been in ‘the business of managing risk’, but never more so than it seems like in 2020. The only constant right now is change and, between interrupted supply chains, fluctuating commodity prices and many other factors, nobody knows how the 2020 cropping season will shape-up. In order to understand the underlying factors that contribute to the risk and profitability equations however, best-of-class reporting and an integrated chain of data are increasingly becoming a necessity.

With this in mind, two of Australian agriculture’s foremost digital service providers, Agworld and Figured, have partnered to create a new integration between their cloud-based software platforms. Figured CEO Dave Dodds: “We notice that many accounting firms and other financial service providers have shown an increasing interest in utilising cloud-based data platforms such as Figured and Xero as this enables the utilisation of financial data at a new level. It was this demand from the service providers that spurred us to re-evaluate the agricultural data landscape and its providers, and that ultimately resulted in discussions with Agworld in regards to an improved integration.”

Agworld General Manager Australia & New Zealand Simon Foley adds: “The great opportunity here is for real time business transparency from Agworld users collecting data on a daily basis at field level connecting to the people managing financial data in the farm office or wherever they might be. Whether it is the grower, or agronomist, accountant or bookkeeper, or the many other stakeholders in a farming operation , if all parties have access to real time business information they are able to better manage effective communication on business risks and make the best decisions underpinned by validated data.”

Through the creation of a data-ecosystem in Australia with a chain of best-in-class providers that are connected through data integrations, Australian growers are able to reap the benefits of each provider without the need for data-entry at multiple levels. Cloud-based technologies are improving constantly; Agworld and Figured are using the latest technologies that ensure the data integration will provide their users with those cutting edge features that today’s growers demand.

Simon Foley: “Agworld took a big step in making data more accessible earlier this year by offering its users an integration between Agworld and Microsoft PowerBI. We have seen a lot of interest in this integration and many users in all our major markets are already using the PowerBI dashboards to help inform their decision making. Having noticed the success of this integration combined with the interest for additional integrations in the accounting space within our user base, we’re confident that the integration between Agworld and Figured will be another huge win for Australia’s growers.”

Dave Dodds: “While legacy farm management systems have developed products intended to be all things to all users, Figured and Agworld focus on perfecting their respective areas of a farmers, accountants and agronomists workflows. Figured has demonstrated the value of this strategy through our integration with Xero, now with Agworld we’ll be working to create the definitive technology stack for cropping businesses.”

More information about the Agworld / Figured integration will be made available in the third quarter of this year. If you would like more information, or if you would like to participate as a test-user later this year, please contact your Agworld or Figured account representative.