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Equipment Lease and Loan Finance Software Platform

Augmented Reality & Asset Management

The farmer’s life isn’t an easy one. Long before the sun pierces the fields that line the horizon, a farmer is up preparing. The preparation and execution of each day is vital. The world’s population set to increase by 34 percent by 2050. The world’s rural population set to decrease by 30 percent. Farmers might start asking themselves “How will we feed all these people?” With high demand comes opportunity, making the Ag Industry one of the leading segments in the equipment financing industry.

New Technologies and Innovative Solutions

Over the past few decades, advancements in technology have paved the way for the Ag industry to meet exponential demands. Keep in mind that it wasn’t until 1954 that tractors outnumbered horses and mules. Furthermore, biotechnology has given way to more sustainable crops. Also, advanced onboard computers have allowed farmers to harvest remotely long after the sun sets behind the fields. With new technologies, comes new challenges and from there innovative solutions are born.

Benefits of Augmented Reality

With these new technologies, many farmers face an inability to work on their machinery. This makes the idea of owning such an advanced and expensive piece equipment seem daunting. Trading in screwdrivers for computer knowledge isn’t something that the average farmer can do. So how does a farmer combat this gap and prevent downtime? Well, in the past they would rely on a service tech. Unfortunately, they may not be trained to understand the tractor’s engine control unit or TECU sufficiently. As any farmer knows, you can’t afford to waste a single day with downtime. As a result, companies in the heavy equipment industry have utilized technological advancement that can drastically shorten downtime for farmers. Furthermore, Augmented Reality, commonly referred to as AR, is a technology that superimposes a computer-generated image on a user’s view. Augmented reality isn’t necessarily a “new thing.”

Promising Technology with Augmented Reality

Lastly, Equipment companies, like Caterpillar, have worked with augmented reality technology to lessen downtime that can come with the advanced machinery. Recently, they partnered with Scope AR to provide augmented reality-based video and voice support services. Using CAT LIVESHARE helps maintain the equipment in their dealer network. This advanced service is like no other seen in the Ag Equipment Industry. Through layering augmented reality over a live video call and screen sharing, service workers can repair mechanical issues efficiently. Not only can AR lessen downtime, but it can provide service in harsh conditions to large fleets.

While the future of the agriculture industry seems volatile as the weather conditions it faces, AR is a promising development. Moreover, a company that leases equipment with this technology has better chances of maintaining their equipment correctly. This will ultimately lead to better performance, decreased downtime, and an increase in the resell value of the equipment. Augmented Reality is a technology that has the potential to provide a win-win situation for everyone that is involved. Furthermore, farmers can rest assured that their investment will last the entire lease span.

To learn more about Augmented Reality or how LTi’s solutions can give your organization a competitive advantage, contact us today!