Simple steps for a profitable aquaculture industry

Spot price, seasonality, consumer preferences and international trade policies are among several factors that can make predicting demand a challenge. 

 

Local conditions will also affect production, such as disease outbreaks, confusing tax policies, weather conditions and the like. Given that we also know perfectly well that fish is a perishable commodity that becomes worthless in the blink of an eye, it is crucial, to say the least, to have production adapted to the market. 

 

But, how do you turn your data into insights for informed decisions in a volatile market? 

 

From fragmented data to comprehensive insights 

 

The entire data base already exists. The trick is to turn it into actionable insights, and that’s when you need IT solutions. The ideal business platform is one that gives you real-time access to data and analytics, so you can predict demand and optimise production. Examples of data can include: 

 

• Market data: Information on global and local market conditions, including demand forecasts, competitive situation and pricing trends. 

 

• Production data: Details of production costs, yield and quality, which can be used to adjust production strategies. 

 

• Environmental data: Factors such as water temperature, weather conditions and biological threats (e.g. diseases) that affect production. 

 

Quite useful individually, but invaluable as a system. An integrated business platform that collects and analyses data across the value chain gives you the insight you need to make wise and profitable decisions - in the short and long term. 

 

Let's take a look at the long term. 

 

Ensure ROI on aquaculture innovation 

 

The Nordic coastal industry has a proud tradition of innovation and development. The technology and methods we use from hatchery to cage, process boat and slaughterhouse are world-leading.  

 

But the time for investments and innovations based on gut feeling is over. Not because we haven't succeeded in the past, but because there is simply a better basis for decision-making. Best of all, you already have what you need - your data.  

 

Everything you need for the data to tell you whether a future investment is going to be profitable or not is structure and system. But knowing whether a project will be profitable is worth little without knowing how it will pay off. That's why we like to think of Microsoft business systems as a calculator and cash register - not only do you get the calculations, but also the recipe.  

 

However, you don't always have the luxury of time to calculate and predict good investments. Sometimes, potential profit is just around the corner, and rapid change is needed to seize it. We ask: 

 

Can you capitalise on a Vietnamese TikTok trend? 

 

Social media trends are influencing global consumer behaviour more than ever before.  

 

Consider, therefore, that in 2022 Norway exported just over 18,000 tonnes of salmon (by product weight) worth NOK 931 million to Vietnam, a country that will soon surpass 50 million TikTok users. 

 

A viral salmon recipe can therefore quickly create new market conditions that a skilled Nordic exporter can exploit with these tools. 

 

Changes in consumer behaviour due to viral salmon recipes is a theoretical and perhaps even a banal example in this context. But, there is no doubt that a data-driven and predictive business platform allows you to analyse market trends and demand. 

 

It gives you good forecasts of where you should adjust your production to increase profitability, for example by optimising feeding regimes, production times, logistics measures or other measures.  

 

Only when you have a comprehensive system that takes into account all operations and factors are you able to see the big picture to capitalise on volatile market mechanisms. 

 

The decision-making basis of the future is digital 

 

The seafood industry's ability to understand and adapt to the dynamics of supply and demand is crucial to maintaining profitability.  

 

Data-driven insights are essential for making good calculations along with quick, strategic decisions that support sustainable growth and competitiveness.  

 

The most profitable decision you make is in your digital infrastructure. A solid business platform that safeguards and promotes insight equips you to meet future challenges and exploit new opportunities.