The Role of Technology in Enhancing Agricultural Productivity

This report examines the significant impact of technological advancements on modern agriculture. It discusses the adoption of technologies such as precision farming, robotics, artificial intelligence, and big data, highlighting their role in enhancing productivity, financial performance, and stewardship. The report also addresses the challenges faced by farm managers and extension economists in integrating these technologies, emphasizing the need for training, education, and effective financial management strategies. Furthermore, it explores the benefits of these technologies, including improvements in profit margins and the mitigation of economic risks. The analysis underscores the importance of strategic management and the use of tools like scorecards to assess and improve farm management practices.

Environmental Economics
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Summary
Technologies make huge impacts on the various industries including farming. It is necessary to make
changes in the technologies to enhance the productivity and performance of various processes in
farming. Agriculture field is highly affected by the technologies, as the farm manager’s required high
financial performance and productivity. There are various emerging technologies, which can be used in
farming, such as big data, artificial intelligence, Internet of Things, robotics, 3-D printing, and
automation. It is necessary for improving profit and stewardship. In addition, technological changes have
provided various benefits to the farmers in their fields and animals. There is a huge impact on the capital
of labor in fields for decades (Lowenberg-DeBoer, 2015).
Besides, training and education are necessary for the farmers and farm managers to understand all
those technologies. It should include meetings, distance education modules, and webinars. Moreover,
farmers are not comfortable with business planning, and transition planning. Therefore, it is necessary
to overcome the gap in production agriculture. In addition, scorecards can be used to assessing
management gaps. Farmers should have financial management skills, such as analyzing key performance
measures, computing, budgeting tools, setting policies, analyzing competitive team for loans and
division of earnings (Brown, 2017).
In addition, strategic management becomes a useful thing for farmers, which provides market
opportunities and technologies. In conclusion, emerging technologies will be beneficial for production
agriculture and farm management. It will improve the efficiency and productivity of production
agriculture as well as reduce economic risks.
References
Brown, C., 2017. How Technology Leaders Can Help With Social Problems. [Online]
Available at: https://www.forbes.com/sites/forbestechcouncil/2017/08/14/how-technology-leaders-
can-help-with-social-problems/#4c38987d7b8d
[Accessed 28 September 2018].
Lowenberg-DeBoer, J., 2015. The Precision Agriculture Revolution Making the Modern Farmer. Foreign
affairs.