The company, like competitors CNH Industrial and AGCO, has been investing in precision agriculture using sensors, software and data analytics.
, has been investing in precision agriculture. The strategy uses sensors, software and data analytics to provide more accurate farming techniques to improve crop yields, from more productive planting to more targeted fertilizing to more efficient harvesting.
"We're pretty bullish on the opportunity that the commercialization of all things space is bringing to agriculture at the moment," says Jahmy Hindman, chief technology officer of Deere, in the interview with "Manifest Space.", hosted by Morgan Brennan, wherever you get your podcasts. But GPS is no longer enough, particularly in major markets like Brazil where more than two-thirds of farming acreage has no connection to communications infrastructure.
"We had this opportunity to bring two industries together — satellite space communications and agriculture — and say, 'What kind of value could we create?'" It won't just affect new equipment, either, Hindman said, since there's an intense appetite from Deere customers for the ability to update existing equipment as well.
That dynamic will be in focus when Deere reports quarterly earnings on Friday. And as Dillard noted, Deere has also talked about the prospect of seeing roughly 10% of sales coming from common recurring software-type services by the end of the decade.
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