Interest and investments in agriculture and agritech solutions are consistent with the growing population and increasing demand. Technology solutions like data analytics, AI, ML, internet-of-things, automation systems, and software service solutions are playing a major role in increasing yield, efficiency, value chains, reducing labor and working costs, and improving profitability for farmers.
Agriculture & AgriTech
Conventional agriculture has got a huge boost with the agritech ecosystem of companies that create and deploy technologies to improve agricultural production and service offerings.
Companies that procure, store, process, and market agricultural produce as well as those who create technologies for agriculture look to Practus to strategize the finance function within the CFO role as well as business transformation. We assist companies with MIS, deliver reports using BI tools, and empower the promoter to focus on his business while leaving the entire strategic and operational aspects of the finance function – working capital, discover overall exact revenue, costing model – at a far economical cost.
Even though technology has bridged the gap in the agri-start-up chain, there are still numerous challenges since technology and technology-based products and services are not used or accessible. Asset life is shorter, resulting in increased asset management and replacement costs. Inventory management needs to keep track of RM procurement lead times, FG stock availability, and shelf-life at numerous locations, such as warehouses, distributors, and sales reps, by SKU and product. Due to the greater domination of small and marginal farmers across geographies, there is a lower market demand for high-tech machinery and larger tractors in the domestic market.
Practus provides an ERP system to handle data integrity challenges as well as the integration of critical tasks across the farming industry, such as processing locations and branches. Practus will assist the company with the entire gamut of CFO roles, with a special emphasis on MIS and defining the reports to be delivered through a Business Intelligence (BI) tool, thinking through the scope document, assisting the company in tightly defining the expectations from the ERP, as well as vendor selection and negotiations, and inventory control.
In the next two years, investments in Agri-tech businesses are likely to reach $500 million. With customized automation, agri-tech companies are improving production planning, processing, and predicted profit. A solid foundation for production planning that takes into account regional demand for various types of seeds, weather forecasts, and soil testing. Tracking seed supply availability and shelf-life at several sites allow for inventory management.
Practus provides all assurances for the development of agricultural initiatives. Our diverse team has given the experience to our client’s needs with assurance, security, reliability, and a high level of technology. Transforming the accounting process for agri-tech companies, Practus helps to provide payables, GL, month closure, MIS framework management, reports on a day-to-day basis, Calculation of the selling price of a product, Framework for inventory management, and Management of cash flow. Practus has developed a strong pricing model that allows management to sell their products at the correct price in the right market while accounting for seasonality, and implemented a process for producing periodic inventory reports that allow stakeholders to understand.