Karan Hon, who comes from the farming family along with Puneet Sethi has started Farmpal, a Pune-based startup that is on a mission to organise the post-
harvest supply chain so that farmers can have better access to alternate markets. It also promises to provide fair prices for their produce and reduce inefficiencies across the supply chain so that all stakeholders are benefitted.
To achieve their goals, Farmpal is extensively using artificial intelligence One of the ways to deal with wastage in the agriculture industry is to predict the consumer demand and meet the supply accordingly so that there is minimum wastage across the value chain. The AI comes into the picture to predict the demand, where Farmpal has designed an artificial intelligence solution to predict demand at 95% accuracy and keeping the wastage below 5%.
The fact that Farmpal has historical data of over two years and an extensive study on the post-harvest trends and patterns both in terms of production and consumption, helping them to accurately design AI solutions. Farmpal leverages a lot of this data and publicly available data to predict and forecast demand and supply pattern
Sethi shared “In future, we will use AI for customer data to model, and then leverage information about purchase patterns, including their basket size allocation, so our pricing is more in sync and to enable the use of customer promotions to boost sales and also build customer loyalty"
They also plan to improve upon the use of machine learning and artificial intelligence to better predict the demand and map the supply to continue ensuring minimum wastage. He also added that on the operations side, they plan to use IoT, RFID technologies, route planning solutions, advanced analytics in the coming future.
Analytics India magazine