AUSTIN, Texas – Farm equipment manufacturer Agco is deploying AI across several areas, including product development, finance operations and dealer support.
Agco’s AI initiatives recently shifted from proof of concept to aligning its “business strategy with our AI outcomes,” Chief Digital and Information Officer Jena Holtberg-Benge told Equipment Finance News on Sept. 24 at Reuters‘ AI Momentum event.
“We’re very heavily focused on not only new product development but supply chain and customer acquisition areas, which we felt like were areas where we could really differentiate ourselves, go fast and apply AI to areas that mattered most to the customer,” she said.
AI is benefiting the company’s captive finance arm, Agco Finance, by analyzing regional challenges, tax implications and other metrics, leading to more tailored lending solutions, Holtberg-Benge said.
“What are the financial solutions that we can provide or tools that will allow [farmers] to not have that burden … in a situation where they may be compressed in terms of margin?” she said.
Agco is also rolling out AI tools for dealers, including a sales adviser that helps dealers gain a competitive edge by better understanding and predicting farmers’ needs, she said.
For example, dealers can use the tool to analyze telematics data, enabling proactive outreach if a farmer needs new parts, maintenance support or a new machine altogether, Holtberg-Benge said.
“There’s a lot of important capabilities from an AI perspective that can help us support the farmer better, and that’s through the dealer,” she said.
Whether it’s helping dealers “find the part that they need, price the part or know where it is once they ordered it … applying AI to that has been really accelerating.”
Intelligent farming
Globally, 17% of farmers use generative AI in farm-related tasks, according to a Sept. 8 report by consulting giant McKinsey & Co.
Growing AI adoption comes as the agriculture industry slowly recovers from a yearslong slump driven by low commodity prices, high input costs, geopolitical challenges and increasing debt.
AI-supported equipment can alleviate such challenges by improving crop yields and reducing expenses, Holtberg-Benge said. More efficient spraying is one example, she added.
“Identifying the weed, spraying the weed, killing the weed — but not over-spraying — then reduces their input costs pretty dramatically.”
Jena Holtberg-Benge, chief digital and information officer, Agco
PTx Trimble, Agco’s precision ag joint venture with equipment technology company Trimble, also provides AI solutions, including an agronomics data analytics tool, she said.
Overall, combining AI with a strong data foundation allows Agco to have a more “holistic view” of customers and equipment, Holtberg-Benge said.
“We want to know who that customer is, how we support them, what they’re all about, what’s important to them in their business or their farm,” she said.
Check out our exclusive industry data here.
Proud Member Of
Check Out Our Industry Event
