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Something unique about the business of dairy farming, is that the business model is generally the same. With the link from farm to consumer made possible by Fonterra or Open Country, there is no requirement for farmers to market their product.

The beauty of not having to compete for customers means that farmers have a unique opportunity. Through the sharing of knowledge and information, farmers can help each other to increase production and efficiencies. This creates a platform to generate individual farm growth, as well as growth for the dairy industry as whole.

In agriculture, benchmarking is a useful tool which compares key metrics from one farm to a group of farms which are categorised as being the same or similar, i.e. system type or location or farm.

The information offers farmers opportunity to determine where it might be possible to increase profitability, optimise management, and stay competitive.

By comparing metrics such as inputs, resource use, labour, and overall profitability, farmers are able to monitor, and keep track of their farm to:

Each farm and systems are unique, and each farm owner will have their personal priorities and life goals.

An example of this would be a “hands off” farm owner who is not involved in the day-to-day operations of the farm.

While it could be possible to consider that your farm is different to those it is compared with, so the information is not relevant, there is in fact great value within those differences where they are understood.

In our example, we would expect to see a higher labour cost for the farm in comparison to a “hands on” farm owner who is on the tools each day.

By identifying and understanding the differences between comparison farms, it can provide reassurance. To know you’re comfortable with the difference and we recognise that difference because that is part of your strategy, helps you to understand your business better and can empower you and your staff to work towards your strategy by knowing you’re on the right track.

Monitoring performance for your farm has never been easier and more effective than it is now. By utilising readily available information from Figured, Velocite provides clients with a real-time benchmarking and insights program.

Farm groups are formed using anonymous information of like-for-like farms who are also Velocite clients. These farm groups are selected by ownership type, supplier and region, which means we’re comparing your farm with farms that are like your own which we have a relationship with.

By using the most up to date, accurate information, completed on a monthly or bi-monthly basis, you’re able to get a snapshot of where you’re at when you need it most, enabling you to respond quickly.

With our guidance, we can help you to identify the trends and outliers, similarities and differences between your farm and the others, giving you much more meaningful insights.

By shining the spotlight on performance, it is our aim to lift the capability and the reward of farming business, ensuring alignment with individual farm owners’ business and personal objectives.  

To find out more about how our real-time benchmarking and insights program will work for you, talk to the team today.