Name: Land O'Lakes New CEO Turns to Tech, AI and Data to Grow Farm Co-Op
Uploaded: 2018-12-05
Duration: 4 min 46 s
Description: CEO Beth Ford is creating a culture of innovation and agility at the 100-year-old dairy company.

[ MUSIC ] Beth, you've been very concerned about tariffs and a trade war hurting dairy farmers, and you have good reason to feel that way because Land O'Lakes is actually a co- operative of many farmers, but Now that the US has a trade agreement with Canada, what does this mean for your business? Well, we're gonna see. What I'm made to understand is that there will be improved market access into Canada. That's important, especially for the Upper Midwest dairy sector. And then we'll be relieved of some of the tariff discussions on cheese going into Mexico. Mexico is a critical outlet. For dairy production from the United States, probably 40 % or so it goes into Mexico. But you're still in crisis mode. There are other commodities that you're very concerned about. What would you like to see happen? How do you wanna play out? Most centrally, we're concerned about soybean producers. And market access, especially to China. I would like to see the administration move with speed to resolve some of the issues. China is a huge outlet for soybean farmers. I think about 60 % of soybeans are shipped in to China. So a resolution of that is critical and with speed. Navigating through this whole trade issue was one of your first Big tasks as CEO of Orlando Lakes since you took the job a few months ago. Looking ahead, what are your plans for this huge dairy company that's been around for almost a 100 years? Yeah. Everybody knows it's just a dairy company, but actually we're [ UNKNOWN ] we have Purina [ UNKNOWN ] nutrition So feed business, we have windfill technology with technology that enables the grower. And then we have our dairy business, in a sustained business. What is my focus? Continue to invest in technology. The ag sector is one of the last ag retail sectors to be disrupted by a technology. We're certainly seeing that. I see it as an opportunity because we've been so heavily invested in tools that will enable our retail partners and will enable the grower. Actually you have been very open about bringing these cutting edge technologies to Land O'Lakes. I know big data is important to you, artificial intelligence How do you see this making a difference for the company? << What we're doing is, we're trying to enable growers to do more with less, and this grand challenge of feeding a growing world population, and so in terms of technology that will allow a producer. Or a grower to make a better and more informed decision that is critical, so I continue to see that as important. I also belive that innovation, insight driven innovation is gonna be critical for us in our branded goods portfolio. And, so for instance, we've just came out with the squeezable butter, the insight was. Some people don't like crumbs on their butter and others feel like they don't like to touch it. So squeezable, it answers those questions. I use that as an example to say insight driven innovation, speed of innovation, agility will be central and then leveraging our unique farm to fork platform. Will be critical for the business. Do you think an aquisition, a significant aquisition, could help you reach your goals and speed things up? We always are looking at aquisitions. If something becomes available, and or if it's something that is aligned with where we want to move the company, I can certainly see that we may push on that. I don't have anything to announce today but I would tell you that it's a constant view that we have organic growth plus acquisitions. I think a lot of people don't realize that Land O'Lakes is big fortune 500 companies, actually a cooperative of something like what, 4, 000 Farmers. And you have to report to a board of farmers. I do. So to what extent is this going to limit what you can and cannot do. It doesn't. These are not sleepy, this old view of what farming is about. These are innovators themselves. They're constantly investing in their own operation. It does not hold us back at all. What I need to do is provide good transparency. Frankly, they're pushy about what are we innovating against? What are we looking at for tools, for technology, for new products? And so it's exciting. It's actually one of the most exciting places I've ever worked. So looking ahead, let's say three, four years from now, what are people gonna be saying about Land O'Lakes? Under your leadership. I think that they're gonna see us as a innovator, a technology company that as I say we're gonna surprise people. [ BLANK_AUDIO ]

Land O'Lakes New CEO Turns to Tech, AI and Data to Grow Farm Co-Op

Tech

CEO Beth Ford is creating a culture of innovation and agility at the 100-year-old dairy company.