Are Digital Technologies For The Future Of The Agriculture Industry?

1059 Words Apr 14th, 2016 5 Pages
Are digital technologies are megatrend? If so, what does it mean to be a megatrend and how can the megatrend of digital technologies aid the future of the agriculture industry?
What does it mean to be a megatrend?
A megatrend refers to a movement or force which impacts businesses, societies and the global economy at large by enduring for a period that is longer than typical trends (Frost & Sullivan 2014; Kilbourne et al. 2014; PwC 2015). Due to the greater impetus of effects, megatrends cause changes at an economic, political, environmental, social and technological scope (Kilbourne et al. 2014; PwC 2015).
Influence of Industry 4.0
The endemic digitisation of products, value chains and data in today’s modern age has been coined the ‘Fourth Industrial Revolution’ (PwC 2014). Also known as the “Internet of Things” and “Industry 4.0”, this era of digital technologies can be seen as a megatrend, with one fifth of industrial companies having digitised their core processes within the value chain as of 2014 (PwC 2014).
As such, many industries are highly dependent on innovations to secure competitive gains (AIA Advocacy & Policy Special Interest Group 2015). The agricultural industry, for example, utilises ‘precision agriculture’ methods which use technologies including geographic positioning systems (GPS), geographic information systems (GIS), sensors, advanced software, and precision equipment to match factors such as field conditions to appropriate seeds and fertilisers (Hedley…
Open Document