Let's take a longer-term view and discuss some of the megatrends impacting the agriculture industry. The book Megatrends was written by John Naisbitt and was required reading in Graduate School at Cornell University. Despite being written decades ago, it is still very relevant for strategic planning.

Regenerative agriculture

Regenerative agriculture, with an emphasis on soil and water health, will be a focus in the decades to come. Regardless of the business size or geographic location, this term that links production to the consumer and society will bring us a competitive edge. Healthy soil and water equate to a healthy plant, animal, human being, and environment.

Data → Organized information

Turning data into organized information will be another competitive edge. Whether it is transparency, linking production and distribution to the consumer and marketplace, or feedback and alignment to society initiatives, moving from complexity to simplicity will be the key. There is an old saying that if you cannot explain something on a simple napkin, it is too complex. Oftentimes, we drown in data and are starved for organized information.

Artificial intelligence (AI)

Artificial intelligence (AI) will have both its ups and downs. There is no doubt that it will eliminate administrative paperwork tasks and some white-collar jobs. As the human IQ equivalent of AI exceeds 1,000 by 2028, it will be used across the spectrum of marketing, finance, operations, and planning. The downside is AI could result in the equivalent of a 9/11 or other black swan event in the wrong hands. Keep in mind that the more high-tech we become, the more high touch is needed.

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Next generation

The next generation of agriculture is on board with the technology, innovativeness, and the energy to accelerate the agriculture industry. With that being said, they will face extreme economic volatility and rapid changes in the marketplace. The key will be to focus on the controllable variables and execute a game plan to manage around the uncontrollable variables in an accelerated manner. The balance between business, family, and personal time will be a very high priority.

Women in agriculture

The next two decades in the agriculture industry will be moved by women. First, women outlive men on average by five to seven years and will inherit many of the farm assets. However, you are going to see more women owners and managers of agricultural businesses in many regions of the country as well. One only has to observe the changes in FFA, 4-H, college and university enrollment, and young farmer and rancher programs to observe this change.

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In the next article, we will discuss and focus on five more megatrends that are going to impact the future of agriculture.