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Fonterra Red Sky Software VentureDairy farmers will be able to benchmark their financial performance and identify areas where they might improve their business, under a new joint venture between Fonterra and Red Sky Agricultural.
The agreement will see Red Sky's new financial performance analysis software package available to Fonterra suppliers.
"Red Sky Farm Performance Analysis collects all financial information from farmers and presents it in a format that benchmarks each farmer against a national database," says Managing Director for Red Sky, David Beca.
"While there are other products out there that measure farm performance, they are not able to be jointly used by farmers, accountants and consultants nor available to accept information from a number of sources, whereas this software is able to do just that."
The software also enables farmers to analyse future management options or development scenarios to discuss with a business partner, accountant or consultant.
Fonterra is to provide access to Red Sky, and the performance analysis software is downloadable from the Fencepost.com website, says Fonterra's on-farm productivity technology leader, Mark Leslie.
He says he sees many benefits for it.
"Fonterra's Fencepost.com site only has milk data available to analyse at the moment. If a farmer is able to match milk data with other physical performance data and their financial data they will be able to not only see how well they are doing - but view the financial analysis that backs this as well," says Mr Leslie.
"The benefits of this joint venture are about Fonterra continuing to facilitate the on-farm 3 percent productivity gains."
Venture partners Fonterra and Red Sky say they believe the more suppliers that take advantage of the software venture, "the more beneficial it will be to everyone involved in the long term."
The software is already out in the market.
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