Climate analytics can help in saving farmers’ lives and money|December 31, 2015 0
Gathering extensive information through innovative technological means and analyzing it has enabled companies and governments to not only operate efficiently but build sustainable strategies for the future. Big Data has proved instrumental in spurring sectors such as Agriculture with Weather Insurance and Risk Management. Companies can now analyze data and implement more sustainable strategies and thus can minimize risks.
Weather insurance and risk management have come as a boon to agriculture in India. Sustainable weather insurance schemes and damage control planning in case of blights and droughts have helped both farmers in fields and brands in markets achieve a more risk free and viable environment. Manufacturers have been able to collaborate with farmers in order to tackle agricultural hazards and increase yield of their raw material resources.
Risk management firms through big data analytics have been able to provide security against unforeseen climate related risks for corporations. They help farmers improve soil quality, revive from natural disasters, and gain adequate knowledge and resources for a better produce. Smart services like land surveying, remote sensing and GPS tracking has enabled corporations to aim for better produce and has helped insurance companies better assess situations.
Ushering in of big data analytics in India has now been made easier through the very affordable cloud storage services initiated by global tech giants. Storage of data in cloud is a convenient way to make collection, access and analysis of big data across sectors a reality in India.
With such expertise and added big data enabled prowess, weather insurance and risk management has greatly improved the industry scenarios in the recent times. Steps taken to make big data analytics more achievable at a global scale will not only make sectors stable, it is likely to improve the condition of millions involved in agriculture around the country.
The advent of the Internet of Things(IoT) has taken technological collaboration and information sharing to the next level. IoT frameworks have made big data analytics much more efficient and commercially viable. Another positive innovation witnessed in the field comes in the form of some very hi-tech and complicated microprocessors platforms have been made available for an easy integration of IoT network with a cloud based storage.
With the help of resourceful platforms for IoT, the process of integration of big data analytics in business planning is set to significantly improve operations and performance across sectors leading to increased sustainability. With the accessibility to a cloud based IoT platform, gathering information on climatic changes, upcoming weather phenomenon, tracking rains, improving soil quality as well as comfortably assisting farmers at the grass root level has become faster and more successful than ever before.
Big data analytics has been instrumental in helping more than 500,000 farmers across the country to efficiently deal with natural calamities. It has also enabled a surge in crop insurance across the country, taking the weather insurance sector for Rs. 300 Crore to Rs. 5000 Crore in less than 10 years. This trend is set to continue and with IoT and cloud based storage the sector is projected to show a rapid growth in both harvest and financial sustainability.
The author is founder and MD, Weather Risk Management Services Ltd. (WRL)