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A Review on Digitalization of Agriculture and Economic Business Model Strategies in the 21st Century

Received: 27 October 2023     Accepted: 21 November 2023     Published: 30 November 2023
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Abstract

Firms all over the world today are embracing new and innovative technologies in all facets of the economy including agriculture and business enterprise. These improved technologies enhance work efficiency and improves better performances. Agriculture and economic business digitalization have come to stay owing to the technological era. Nowadays organizations take advantage of these digital technologies in creating values, products and services in return for profits. A digital platform is used to develop unique selling proposition (USP). This indicates that a buyer will pay for goods or services, which is often monetized. Digital agricultural technologies are changing the face of modern agriculture. Wireless connectivity, data analytics, and data-driven genome editing are quickly being employed in agriculture because they give more precision in decision making and practice. These intriguing and novel technologies are being developed to enhance agricultural operations and economic businesses. In the coming years, every sector of the economy will be entirely online, and firms and individuals are expected to embrace these digital technologies to launch the needed revolutions in world agriculture and businesses. In the business world of today, transformation is crucial to remain competitive. Changing from analog to digital operations is taking precedence across the world. Freemium model, subscription model, ad-supported model, ecosystem model, and hidden-revenue model are some of the business models examined. However, reducing information asymmetry, matching buyers and sellers, lowering transaction costs in commercial markets, changing pricing approach, pursuing new markets, adopting new technological advancement and creating new goods or services are approaches in digitalizing agriculture and economic business growth.

Published in American Journal of Operations Management and Information Systems (Volume 8, Issue 2)
DOI 10.11648/j.ajomis.20230802.12
Page(s) 30-41
Creative Commons

This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.

Copyright

Copyright © The Author(s), 2023. Published by Science Publishing Group

Keywords

Digitalization, Agriculture, Digital Business Models, Strategies, 21st Century

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Cite This Article
  • APA Style

    Emeka, O., Christiana, I., Emmanuel, O., Akunna, T., Esther, N., et al. (2023). A Review on Digitalization of Agriculture and Economic Business Model Strategies in the 21st Century. American Journal of Operations Management and Information Systems, 8(2), 30-41. https://doi.org/10.11648/j.ajomis.20230802.12

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    ACS Style

    Emeka, O.; Christiana, I.; Emmanuel, O.; Akunna, T.; Esther, N., et al. A Review on Digitalization of Agriculture and Economic Business Model Strategies in the 21st Century. Am. J. Oper. Manag. Inf. Syst. 2023, 8(2), 30-41. doi: 10.11648/j.ajomis.20230802.12

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    AMA Style

    Emeka O, Christiana I, Emmanuel O, Akunna T, Esther N, et al. A Review on Digitalization of Agriculture and Economic Business Model Strategies in the 21st Century. Am J Oper Manag Inf Syst. 2023;8(2):30-41. doi: 10.11648/j.ajomis.20230802.12

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  • @article{10.11648/j.ajomis.20230802.12,
      author = {Osuji Emeka and Igberi Christiana and Osang Emmanuel and Tim-Ashama Akunna and Nwachukwu Esther and Iheanacho Rachael and Ezirim Kelechi},
      title = {A Review on Digitalization of Agriculture and Economic Business Model Strategies in the 21st Century},
      journal = {American Journal of Operations Management and Information Systems},
      volume = {8},
      number = {2},
      pages = {30-41},
      doi = {10.11648/j.ajomis.20230802.12},
      url = {https://doi.org/10.11648/j.ajomis.20230802.12},
      eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ajomis.20230802.12},
      abstract = {Firms all over the world today are embracing new and innovative technologies in all facets of the economy including agriculture and business enterprise. These improved technologies enhance work efficiency and improves better performances. Agriculture and economic business digitalization have come to stay owing to the technological era. Nowadays organizations take advantage of these digital technologies in creating values, products and services in return for profits. A digital platform is used to develop unique selling proposition (USP). This indicates that a buyer will pay for goods or services, which is often monetized. Digital agricultural technologies are changing the face of modern agriculture. Wireless connectivity, data analytics, and data-driven genome editing are quickly being employed in agriculture because they give more precision in decision making and practice. These intriguing and novel technologies are being developed to enhance agricultural operations and economic businesses. In the coming years, every sector of the economy will be entirely online, and firms and individuals are expected to embrace these digital technologies to launch the needed revolutions in world agriculture and businesses. In the business world of today, transformation is crucial to remain competitive. Changing from analog to digital operations is taking precedence across the world. Freemium model, subscription model, ad-supported model, ecosystem model, and hidden-revenue model are some of the business models examined. However, reducing information asymmetry, matching buyers and sellers, lowering transaction costs in commercial markets, changing pricing approach, pursuing new markets, adopting new technological advancement and creating new goods or services are approaches in digitalizing agriculture and economic business growth.
    },
     year = {2023}
    }
    

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Author Information
  • Department of Agriculture, Alex Ekwueme Federal University Ndufu Alike, Abakaliki, Nigeria

  • Department of Agriculture, Alex Ekwueme Federal University Ndufu Alike, Abakaliki, Nigeria

  • Department of Agriculture, Alex Ekwueme Federal University Ndufu Alike, Abakaliki, Nigeria

  • Department of Agricultural Science, AlvanIkoku Federal College of Education Owerri, Owerri, Nigeria

  • Department of Agricultural Economics, Federal University of Technology Owerri, Owerri, Nigeria

  • Department of Agriculture and Extension Management, Imo State Polytechnic, Omuma Oru-East, Nigeria

  • Department of Mechatronics Engineering, Federal University of Technology Owerri, Owerri, Nigeria

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