As is well known, the agricultural industry is facing a number of challenges related to climate change, such as water scarcity and extreme weather events, as well as a rising demand due to population growth. To address these and similar issues, producers are employing advanced technology to improve crop efficiency and resilience and adapt to changing demand.
Using Linknovate’s tool, we explored some of the latest trends in AgriTech and the most innovative startups and companies within them. In this post, we will examine a tech trend that is being employed in the first sector to meet the challenges of resource management and increased demand, which is the application of AI in supply chain operations.
AI applications to supply chain
As supply chains become more complex, managing them effectively is increasingly difficult for businesses. They must navigate both traditional and modern challenges, such as improving efficiency and managing a complex network of suppliers. This complexity also makes it harder to identify and predict potential risks, which is why digital tools are becoming increasingly necessary to manage inventory levels.
To streamline the supply chain and improve procurement, many businesses are leveraging AI to analyze supplier data. This technology provides solutions that can help create a more balanced supply chain. Consequently, there has been a sharp increase in the adoption of AI, particularly in the private sector. As a result, research and activity in this field are growing rapidly.
Examples of startups active in this field include:
Scoutbee’s supplier intelligence and discovery platform, which is powered by AI and ML, empowers procurement professionals to enhance their master data, improve sourcing decisions, and onboard new suppliers globally. The platform enables faster strategic sourcing projects with up to 90% less effort compared to traditional methods, facilitating proactive sourcing decisions that enhance supply chain resilience, sustainability, diversity, innovation, and time to market. Scoutbee has been honored with numerous awards, including Gartner’s Cool Vendor and Spend Matter 50 Vendors to Watch, and is trusted by leading companies in the automotive, agriculture, energy, FMCG, industrial machinery, and life sciences sectors. Scoutbee aims to support innovative procurement teams globally with smarter supplier data and more efficient strategic sourcing activities that reduce costs, mitigate risk, drive innovation, and promote sustainability.
AgShift is an agtech firm that specializes in quality control and assessment of food products. The company’s flagship product is called Hydra, which is a food quality analyzer that leverages the power of artificial intelligence to conduct real-time inspections of food products. This highlights how AI can play a pivotal role in significantly improving the agricultural supply chain.
Taranis is a precision agriculture technology company that utilizes AI to provide detailed aerial surveillance at the leaf level, helping farmers prevent crop yield losses caused by pests, diseases, and weeds. The company has raised more than $100 million from top VC investors since its establishment in 2015, with a team experienced in both agriculture and technology.