Étienne Gosselin | Agronomist | Journalist
The agri-food industry is also affected by the technological revolution. Is your management style keeping up with the times?
Here are 3 good resolutions developed in collaboration with Patrice Carle from the Centre d'expertise en gestion agricole. They're easy to put in place to update your management style in 2018.
1. Understand and analyze PAST results
When you look at past results, you can use them to determine key factors affecting your company profits and how you can improve your bottom line. The best way to do this effectively is to do comparative analyses of your results over a number of years.
Create simple graphs to highlight trends. When you assess evolving trends, you'll understand them better.
2. Understand current results and act NOW
Don't wait until the end of the year to see your results and take action. When you incorporate real-time data into the decision-making process, you'll be able to react quickly and make any necessary adjustments.
Looking at your annual results is just as important as validating them during the year. "Our new custom-designed Aleop tool allows you to confirm results," said Agronomist Patrice Carle. "With this new approach, you can quickly make any necessary adjustments before the impacts of a bad decision accumulate and affect your company's profitability."
Instantaneous management has become the norm because tools are connected like milking robots, animal activity trackers, drones and precision farming produce real-time big data with monetary consideration.
You can use this valuable information and real-time data to make financial decisions based on the present situation, without waiting for the quarterly or annual results.
3. Understand your business environment and position yourself for the FUTURE
Management isn't just about entering numbers into columns. You also need to invest energy into strategic management to seize business opportunities or let go of ones that are too difficult or less profitable.
By understanding external factors that may affect your industry, you'll be able to anticipate changes and better position yourself for the future. It's important to think about these issues and to attend conferences to put your company into perspective against its political, social and economic backdrop.
According to Patrice, there are a number of factors that may affect management and the loan process. For example:
- Document scans and electronic transactions, which reduce paperwork and make it easier to keep a record of past activities.
- More frequent use of algorithms to process business financing files (e.g,, the robots help to determine a borrower's risk rating, which can be quickly consulted by the lender).
- Lenders can use the new smart platforms to track the borrower's results and behaviour.
- For small loans, decisions will rely less on human decision-making. For big loans, decisions will be made using smart platforms that involve timely human intervention.
You might also like: