Technology has transformed nearly every element of modern life. With technological advancements, many people have begun to experience ease in service delivery and streamlined workflows.  

Many companies are continually developing new forms of technology to help them perform their regular tasks. One of the industries that could largely benefit from technology is the soy market. 

The global soy supply chain incorporates numerous elements, such as: 

• Farmers 
• Transporters 
• The consumers 

While the market has operated for years without technology, new advancements have made technology vital for the sector's prosperity. As we shall discuss below, technology can optimize nearly every cog in the supply chain machine. Here are some aspects to take note of. 

Farming Technology 

Having an excellent product is crucial for the global soy supply chain. Similarly, farmers must meet product demand by maintaining a high crop yield. Are you wondering how technology can help effectively increase the production rate of different farmers? Well, there are several avenues for consideration. 

1. Precision farming can help farmers optimize their yields while reducing wastage. During the farming process, farmers have to use different kinds of implements, supplements, and seeds for the success of the yield. Many farmers do not anticipate that excessive supplements such as fertilizer can hurt the farm. Using technology can help increase the possibility of enhanced crop yield. 
2. Precision agriculture technology evaluates the needs of the farm by checking for attributes such as moisture content and nutrient levels. Using this insight, farmers can strategize what they need to buy for their farms. The farm will experience higher yields with minimal waste in the long run.  

Optimized Transportation of Soy Products 

Once farmers have harvested a high crop yield, the next stage of the supply chain kicks in. The traditional transport model simply involves placing the products in a warehouse and anticipating orders. However, technology can help optimize this process to increase effectiveness. 

Different companies in the global soy supply chain can incorporate ordering software into their portfolio for increased efficiency when placing orders. Using such software, customers can quickly determine how much soy they want and check what is available before placing their orders.  

Sometimes, they can also consider pre-ordering soy before harvest to ensure they get the exact quantities they need. 

When transporting goods, GPS technology can come in handy to help farmers, logistics personnel, and customers track their produce. Using fleet tracking software is quite common in other logistics fields, such as electronics shipping. What is to say that such technology cannot transform the entire soy supply chain? 

Blockchain and Product Tracking For Different Levels Of The Supply Chain 

Many people thinking about blockchain technology often link it to cryptocurrency, and rightly so. The genesis of the modern concept of blockchain is associated with the Bitcoin whitepaper by Satoshi Nakamoto. However, blockchain can significantly benefit the global soy supply chain, especially concerning transparency.  

Since every record input on a blockchain is permanent, the entire supply chain can benefit from an accurate record, from the farmer to the consumer. Such transactions can be simple to track, incentivizing farmers to ensure their products are high quality.  

Blockchain technology can also help ensure no fraud occurs within the soy supply chain. Since all products can be traced to their origin, it will be easy for law enforcement to authenticate all units in case of any occurrence. 

The Role Of Technology In Payment For Soy Products 

Over the years, payment for soy products across the global supply chain levels has enjoyed technological advancements. A smart contract is a new form of technology that can apply to soy purchases. Ideally, a smart contract is self-executing and relies on specific pre-determined rules. 

In the global soy supply chain, smart contracts can help increase service payment efficiency. Gone are the days when a farmer would have to wait a long time for payment. As long as the stipulations of the smart contract have been met, the payment will arrive immediately.  

Sustainability Optimization 

Sustainability has been a concern for different markets recently, primarily due to other scientists' warnings about global warming. Technology can help increase the sustainability of different stages of the global soy supply chain, from farming to production.  

For instance, some soy farmers can use technology to make farming more sustainable. Those manufacturing processed soy products such as TSP and soy sauce can make their processes eco-friendly using advanced tech. The options are limitless. 

Parting Shot 

The global soy market has been quite successful in the past few years. But that is not to say that it has reached its peak. Incorporating technology in the soy market can transform all market aspects to make it more effective and optimized. Starting from farming techniques, processing methods, transportation, and payment, all aspects of the soy market can significantly benefit from technology.  

So, what are you waiting for? Incorporate technology into whichever element of the global soy supply chain you are involved in and watch your business grow.