The Cost Effective Acquisition and Dissemination of Market Information: A Computerized Approach
Clearly, many of the developments in computerized market systems are regarded as revolutionary in an industry which has undergone diminutive changes in marketing its products and acquiring current market information. Cognizance of the agricultural market situation is pertinent for maximum production efficiency, bargaining strength, and financial success for producers. Collectively, producers in Utah face the dilemma of receiving approximately ten percent less in cash receipts for their
... es than their counterparts in surrounding states. Market information that was attainable by producers was often obsolete, redundant, expensive, and irrelevant to the market situation in Utah. The implementation of a Computerized Market Information Systems (CIS) has the potential to eliminate the duplication of collection, analysis, and dissemination of information among state and federal agencies, freeing resources into other vital areas. Presently, the CIS is a "pilot" system concentrating primarily upon market reports which have an impact on the beef cattle and hay industries within the state. The increased usage has suggested that the system should be expanded to include more commodity reports and analyses to accommodate producers in different areas of production. The potential cost effectiveness of the system is demonstrated in several ways. First, a savings to producers who utilize the CIS in lieu of traditional sources of information. Second, a savings in duplication of labor and other resources within state and federal agencies through a cooperative effort. Third, the quality and timeliness of information has been improved.