A Blueprint for a Big Data Analytical Solution to Low Farmer Engagement with Financial Management

O’Donoghue, Cathal, Alistair McKinstry, Stuart Green, Reamonn Fealy, Kevin Heanue, Mary Ryan, Kevin Connolly, J.C. Desplat and Brendan Horan
Authors registered in the RePEc Author Service: Cathal O'donoghue

International Food and Agribusiness Management Review, 2016, vol. 19, issue A, 24

Abstract: As the market environment for farming has become more complicated, the need for farmer engagement in financial management has increased. However, financial management decisions need to consider individual farm environmental conditions. This paper discusses the design of a new big-data based analytical solution for low farmer engagement in financial management—a Farm Financial Information System (FARMFIS). Using a pastoral based livestock system as the case study, the methodology required to develop this predictive Information System is described. Building upon real-time weather, satellite grass growth and soil information, a local setting and a bio-physical model of weather and market changes on farm level economic outcomes are utilized. The aim is to use the back-end framework described here to develop decision support tools for farmers to provide benchmark information in relation to the financial and technical attributes to a similar top, middle or bottom one-third performing farm. This information can help farmers engage more meaningfully in their own management decisions, technologies, and practices.

Keywords: Agribusiness; Community/Rural/Urban Development; Institutional and Behavioral Economics; Land Economics/Use; Production Economics; Productivity Analysis; Research and Development/Tech Change/Emerging Technologies; Research Methods/ Statistical Methods; Risk and Uncertainty (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:ags:ifaamr:240703

DOI: 10.22004/ag.econ.240703

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