Agri-tech, an industry where Agriculture meets technology and innovation to evolve and enhance its practices and this adoption into the world of agriculture comes with both certainties and uncertainties. It is crucial to address such uncertainties and reap the most out of certainties simultaneously. One such uncertainty which bothers the agri-tech industry is technological risks. To address these technological risks, companies require proactive strategies to establish and defend frameworks.
Increase in usage of technology in agriculture is directly proportional to potential cyber threats. Even a minor breach could compromise sensitive data, alter information and operations. To prevent this, a robust cyber security framework which includes assessment of risk at regular intervals, training employees on cybersecurity threats and its practices should be implemented by the company. Anti-Virus software solutions can be installed so that the company can stay ahead of the threats.
Precision agriculture has become an emerging form of agriculture since the advent of technology into agriculture and it involves high end technologies like GPS-guided tractors, drones, sensors and analysis tools. But the reliance on precision agriculture also introduces the risk of complexity, data inaccuracies, mismanagement and equipment malfunctions. Risk mitigation strategies such as continuous monitoring of data accuracy, conventional use of equipment by investing in reliable sensors at different levels such as farm, field or crop, optimal transfer and storage of collected data can be implemented to minimize the risk.
Due to the dynamic nature of the agri-tech industry, non governance of ethics and legal compliance can potentially ruin the reputation of the company. Establishing a framework for proper governance which includes periodical audits, adhering to industry standards, ethical use of data and so on. Fostering these governance frameworks will not only safeguard a company's reputation but also contribute to sustainable development.
Technological risks may pave the way for further advancements in the Agri-tech industry as these risks can be converted into opportunities if we identify and eliminate them with necessary frameworks and at the right time.
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