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Ohio Farm Bureau's Ag Intelligence Service Report on Technology
Ohio Ag Connection - 11/09/2023

The Ohio Farm Bureau and Nationwide have released a new report to help farmers make informed decisions about technology investments. The report, titled "Adopting New Ag Technologies: Tips to Minimize Your Risks," is available exclusively to Ohio Farm Bureau members and covers six important areas to consider before buying new technology:

1. Calculate a technology return on investment. Not all technologies are created equal, and some will be more profitable than others for your farm. It is important to calculate a return on investment (ROI) for each technology you are considering to ensure that it is a wise financial decision.

2. Understand and identify the hidden costs associated with technology. In addition to the upfront purchase price, there are often other costs associated with new technology, such as training, maintenance, and support. It is important to understand and identify these hidden costs before making a purchase.

3. Develop a business plan and budget for funding new technology. Investing in new technology can be a significant financial commitment. It is important to develop a business plan and budget to ensure that you have the resources necessary to fund your purchase and implement the technology successfully.

4. Evaluate your and your farm employee technology skills. Not all farmers and farm employees are comfortable with technology. It is important to evaluate your and your employees' technology skills to ensure that you have the team in place to implement and manage the technology.

5. Identify training to equip your team with the skills needed to implement and manage the technology. If you or your employees need additional training to use the technology effectively, identify training opportunities and budget for the cost of training.

6. Conduct regular audits of your farm's technology needs. Technology is constantly evolving, so it is important to conduct regular audits of your farm's technology needs to ensure that you are using the most effective and efficient technologies for your operation.

The report also identifies common pitfalls when adopting new technology and shares tactics to help avoid them. By following the tips in this report, farmers can make informed decisions about technology investments and minimize their risk.

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