Using AI to improve your farm’s financial management

WEST LAFAYETTE, Ind. — Chad Fiechter, assistant professor and research director of Purdue Center of Commercial Agriculture, has helped create a new app to simplify key financial ratios and metrics using artificial intelligence.

He will demonstrate the app at the Purdue Top Farmer Conference, Jan. 10 at the Beck Agricultural Center, 4550 US-52, West Lafayette. He and Jim Mintert, director of the Center for Commercial Agriculture, shared a preview of the presentation.

“In the midst of this AI boom and my exploratory exercises in trying to figure out how AI factors into farm management, I hired two computer science students,” explained Fiechter.

“We created an application that helps you create a balance sheet, both beginning and ending, and uses an AI tool from Amazon to read in the Schedule 1040 and compute the ratios on the back end.”

Fiechter will go into detail about the application during the conference, which will take place from 8 a.m. to 4 p.m.

Registration is $150. Farmers can attend in person or virtually.

View the full agenda at https://tinyurl.com/4wm9raef.