Periodic Reporting for period 1 - CROPTI (The disruptive management software that turns agricultural traceability information into actionablebusiness data)
Reporting period: 2016-08-01 to 2017-01-31
EU has a common legislative framework (CAP) regulating agriculture practices, subsidies & food safety standards (including traceability) across all member states. These obligations are the most demanding in the world, driven by European citizen’s awareness of the global impact on environment of agriculture and the need for safer products. As a consequence, this framework imposes the obligation to carry out a very extensive and detailed registry of all activities (field notebooks) performed by farmers within the scope of their operations (e.g. purchase of fertilizers, date of sow & harvest, obtained output etc.). Nevertheless, up to 50% of farmers admit to using paper notebooks or non-standardized Excel files, while the remaining does not even keep such records. Additionally, professionals that fulfil their field notebooks are not able to turn this vast accumulation of data into actionable information, as formularies required by public administrations are intended solely at ensuring compliance with CAP defined practices (e.g. allowed pesticides, maximum nitrate levels, etc.) and traditional methods of farming are still prevalent in most EU regions.
Cropti has developed a revolutionary product, based on its own methodology and capabilities, to efficiently gather, manage and process traceability data. Through its web application, Cropti supports farmers and agricultural advisors in efficiently carrying out the field notebook, while using this data to generate business intelligence. This, support farmers and their advisors in three ways. Firstly, it saves time in fulfilling paperwork, secondly it turns this data into actionable information by providing a multiplatform dashboard which covers all KPIs of farming (expected profitability, detailed cost per activity, local efficiency benchmarks, etc.), and thirdly it provides a channel for communication of the different stakeholders surrounding a farming operation (owners, management team, operators, suppliers, etc.)
Cropti has developed a revolutionary product, based on its own methodology and capabilities, to efficiently gather, manage and process traceability data. Through its web application, Cropti supports farmers and agricultural advisors in efficiently carrying out the field notebook, while using this data to generate business intelligence. This, support farmers and their advisors in three ways. Firstly, it saves time in fulfilling paperwork, secondly it turns this data into actionable information by providing a multiplatform dashboard which covers all KPIs of farming (expected profitability, detailed cost per activity, local efficiency benchmarks, etc.), and thirdly it provides a channel for communication of the different stakeholders surrounding a farming operation (owners, management team, operators, suppliers, etc.)
During the Grant Agreement period Cropti has been able to carry out and draw conclusions from the following three main actions: market study and research on different target countries, thus allowing Cropti to focus and optimize its resources; develop and attempt diverse marketing actions, which generate vital internal knowledge about market channels; pursue partnerships with key players to improve Cropti’s position in the market.
All of the above, tied to robust customer feedback that Cropti gathered, has allowed for the initial product (the Field Notebook) to evolve into a full management system with distinct functionalities such as remote sensing imagery. This, together with a cost-accounting module, geographic information system (GIS) features and sensor input will provide for a stronger value proposition in the market. On a financial highlight, Cropti has managed to close its biggest contracts up to date with big corporations and is currently working towards the closing of a financing round.
All of the above, tied to robust customer feedback that Cropti gathered, has allowed for the initial product (the Field Notebook) to evolve into a full management system with distinct functionalities such as remote sensing imagery. This, together with a cost-accounting module, geographic information system (GIS) features and sensor input will provide for a stronger value proposition in the market. On a financial highlight, Cropti has managed to close its biggest contracts up to date with big corporations and is currently working towards the closing of a financing round.
Thanks to the learnings and key takeaways obtained during the period, as well as an assembled team, initial investor demand and early commercial traction, Cropti’s market viability is ensured for the coming years. This will allow for further innovation on the agricultural field, as the market keeps demanding for digitization solutions and for higher operational efficiency.