One thing that is very clear in agriculture is that each season brings unique challenges and risks to every operation. As a lender or insurance company, it is important to have the best information possible to understand how these risks could impact your business. With Geosys agricultural remote sensing we can both look into the past and monitor the current crop to understand the risk of underproduction. All we need to start is a field border.
We start by building a history of the field, identify all its previous crops and quantify past production. With this data, we can understand the variability of each crop and assign a Risk Score to each field. Knowing how often a grower has a bad year is very valuable to understand the likelihood of the grower having an insurance claim or possibly not being able to pay back their operating loan.
See the example. Field 1 has a very uniform production and a risk score of 5, while Field 2 has a wide variance in production and a score of 61.
Once you have accepted a grower into your portfolio it is important to monitor their crop during the season.
Example of an overview of all growers identifying regions with the most variable customers.
Example of an overview of all fields for a single grower identifying fields with the most variable production.
The first step is validating that a grower planted the crop he declared. With remote sensing data, we can confirm if a field was planted corn or soybeans this season as the grower indicated. Next, we will monitor each field and see how its development is progressing this season compared to all the previous seasons with the same crop on this field. This allows us to understand how much risk is present for this field to underperform. Monitoring all the fields in your portfolio and aggregating the data up to the grower can give you a clear picture of the areas at risk for underproduction.
It is important to understand where your portfolio is most at risk so you can take action. With Geosys Analytics, we can both look at the past and monitor the current to be sure you can see as much risk as possible. To learn more about how you can add these analytics to your platform, reach out to us at email@example.com.