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Why IoT & Big Data are the Future of Farming

Farming is one of the predicted growth industries for Australia. Global predictions suggest this trend will continue for the next few decades. The future of farming lays certain with IoT and big data analytics playing an essential role.

Analysts at the UN Food and Agriculture Organisation have determined that the world will need to produce 70% more food in 2050 than it did in 2006 to keep the growing population fed. To meet this demand agricultural companies are turning to the Internet of Things and Big Data to improve their efficiency and capacity.

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Calculating Risk Avoidance with Online Monitoring Systems

Risk is typically the product of two factors, Consequence and probability. These factors are often combined to develop a financial justification in monetary units. Risk avoidance is the process of reducing risk based on reducing the cost of consequence and likelihood of occurrence.

The role of an online monitoring system is to ensure that the risk is avoided as much as practicable. This is achieved by reducing the cost of consequence, i.e. avoiding a catastrophic failure and consequential costs associated with lost productivity, labour and spare parts and reducing the likelihood through

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IoT CM Systems – A Worthwhile Investment?

Do IoT CM Systems provide a worthwhile ROI?

The majority of IoT based online condition monitoring (CM) systems are vibration based. These IoT CM Systems are focused on components with long periods of downtimes per failure. When it comes to the financial justification of IoT CM investments, many uninformed analysts assume that the system is perfect and will always inform the user ahead of any impending failure. However, this is not always the case and false alarms as well as missed failures will produce costs that may mean the investment is not, or maybe more incentivised then it appears.
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