Aquaculture “is a very bottom-line-driven industry,” said Matthew Tan, associate professor in aquaculture at James Cook University and Singapore’s private sector representative to the APEC Policy Partnership on Food Security.
In a lecture, Professor Tan said fish farmers should understand financial modelling before moving up to Aquaculture 4.0, fish farming’s adaptation of the fourth industrial revolution (Industry 4.0) defined by the current trend of smart automation, interconnectivity and other disruptive technologies.
Professor Tan spoke during the 28th Dean Domiciano K Villaluz Memorial Lecture of SEAFDEC/AQD.
“First look at the market, who is buying? What is the price of the fish? What is the cost of technology implementation?” he advised.
Counting the costs
Professor Tan added that for every additional upgrade in equipment or technology, the additional cost must be considered to determine whether it is worth pursuing or not. “It must make financial sense in order to implement it,” he said.