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The power of integrated information for timberland investment management
Did you know you can better manage your timberland investment with integrated information? Read now to learn how so you can get the best ROI.
Learn how to streamline your forest management process to get the greatest return on your investment and make better business decisions
The forestry industry is rapidly changing with the adoption of new technologies in the field such as satellite and drone images, image processing, self-driving vehicles, automations, and LiDAR.
Although they are predominantly making a positive impact, these technological innovations also create new challenges, especially when it comes to the massive amount of data they generate. The principal issue that arises is forestry industry leaders are investing in data, but not in strategies for data management which increases the challenge of extracting quality, analyzable, and comparable data to support decision making.
The lack of a data management strategy is a common issue for many types of businesses with one recent report finding that 99% of businesses are investing in data and artificial intelligence, but only 30% have a clearly-defined data strategy for their business. [1]
In the forestry industry, a proper data strategy is essential to effective forest management because decision makers need actionable advice on how to get a successful return on their investment. However, forestry investors are currently utilizing a variety of different software solutions to conduct the same processes and collect data in each region where they run operations.
Most of these investors do not have a process to integrate the information that’s generated to support their decision making. If investors utilize integrated information, they will solve the majority of the complications caused by the influx of data in the forestry industry.
Continue reading to learn about effective methods to better manage your timberland investment through the use of integrated information.
Create data templates.
Once you make the decision to utilize integrated information for managing your forest investments, one of the first steps to take is to establish data templates to insert data and extract information from your forest management systems.
Templates are an especially strong organization strategy for managing distinct regions and their particularities whether that’s different regions in the same country or multiple countries around the globe.
Creating templates will allow you to maintain the specifics of each region while unifying your data in one place to access when making important investment decisions.
Establish standards.
Another essential step to better forest management through integrated information is to create standards within your management plan wherever possible.
Setting standards will allow the information that you collect on your investment to be properly streamlined and organized for when you summarize and publish your findings.
Effective organization of your data is important because even if you have specific data points, they’re rendered useless if you can’t summarize the information to be published for decision makers to analyze.
Learn more:
How to create a forest management plan
Utilize platforms for integration.
After your templates and standards have been set, the next step to take is to ensure your forest management processes are supported by platforms that allow you to integrate different solutions and data sources.
The ability to integrate is not the default for most forest management platforms. In fact, it’s common for a global investor to utilize over a dozen software solutions to conduct the same process, one in each region where they have operations. Then when it’s needed, their forest managers and supervisors work together to create spreadsheets, trying to generate and integrate their vast organization of investments.
If you work to find a platform where you can combine all the information you collect about your timberland investments while utilizing your templates and standards, it will effectively provide you with the quality information you need to make better business decisions.
Learn more:
How technology advances the evolution of forest management
Customize your solutions.
When working to wield the power of integrated information for your timberland investment, be sure to always customize your primary forest management solution whenever possible to avoid creating stand-alone applications.
In some cases, it’s too complicated to have the same system covering all the distinct areas you manage, but customizing one whenever possible effectively improves the quality of information generated.
Related resource:
How forest management technology optimizes time and resources
Construct reliable business processes.
If you want to achieve success in your timberland investment, it’s important to establish reliable business processes for your investment firm.
Forest management systems, solutions, and programs work to implement your business processes, and if you have a problem in your business processes, the systems will replicate these issues.
Evaluate your business processes—including how data is generated and evaluated—make any necessary changes, and then either implement your new systems or make customizations to existing ones where you need to improve.
Related resource:
How the 5 Vs of Big Data function in forest management
Work with trustworthy business partners.
As a timberland investor, you likely work with many different business partners such as forestry experts who provide you with the expertise and resources needed to effectively manage your forests.
Be sure to work with business partners you can count on who can support you in all areas, systems, processes, integrations, and data analytics as you implement integrated information into your timberland investment management process.
Looking for the most integrated and efficient forest management tools?
At INFLOR, our forest management system provides timberland investors with the tools to unify operations, processes, products, currencies and more, under one managed umbrella.
With the ability to function from anywhere with internet access, our multi-language, multi-user, customizable INFLOR Forest solution allows you to parametrize specific business rules to your company and collect data through reports, data cubes, BI integrations, and Excel spreadsheets.
INFLOR Forest’s integrated and efficient management tools provide:
- Agility in data collection in the field
- Elimination of data input errors
- Improved communication between office and field
- Anticipation of validation errors,
- And more.
In addition to the robust capabilities of INFLOR Forest, you can count on our team to provide you with streamlined processes, expert consultancy, in-depth training, and continued support as you work to implement the power of integrated information into your forest management processes.
Ready to partner with INFLOR?
Learn more about INFLOR Forest and request a demo today.
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Source:
1: NewVantage Partners | Big Data and AI Executive Survey 2021
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