Where is the data coming from?
This article outlines Insights' formulas and calculations behind the scenes so you can have confidence in the data and understand its origin. If you’re validating data, ensure you calculate across the same date range and ‘actuals to’ dates between Insights and the main Figured app.
Account Categories
Figured utilises the set account categories in the main application to generate comparable data across farms. How you have categorised your farms will affect what data flows into each of these categories in Insights.
You can refer to this article for more information about account categories.
Production Summary
Insights gathers this data from the inputs at an individual farm level, combined with the data selections chosen in the Insights platform.
Output (as described in-app) | Calculation/Source |
Total Area - Owned (ha) | As entered under Operations tab > Properties page |
Effective Area - Owned (ha) | As entered under Operations tab > Properties page |
Total Effective Area (ha) | Combines any owned and rented effective area |
Milk (Cow) Production (kgMS) | Total milk production for period filtered |
Milk Production per Cow (kgMS/PCM) | Calculation: milk production ÷ peak cows |
Milking Platform - Cow (ha)
| Entered in the milk tracker per season. Insights pulls across the milking platform value per month for that season. This is derived from the end month chosen on the Insights date selector.
Note: If there is a discrepancy between the farm’s financial year-end and season year-end, Insights is pulling data from the season where the end month falls.
The milking platform values roll forward into subsequent months/years if there are no changes in value. |
Peak Cows Milked (PCM) qty | Entered in the milk tracker per season.
Insights pulls across the milking platform value per month for that season. This is derived from the end month chosen on the Insights date selector.
Note: if there is a discrepancy between the farm’s financial year-end and season year-end, Insights is pulling data from the season where the end month falls.
Example: Farm financial year ends in June, and milk season ends in May
• PCM entered in the 2023 season as 100 • PCM entered the 2024 season as 150
If Insights analysis is run on season year from June 22 - May 23, then PCM = 100
If Insights analysis is run on financial year May 22 - June 23, then PCM = 150 (this is because June 23 is the end month and falls into the 2024 season) |
Stocking Rate (Cows/Milking Platform) | Calculation: peak cows ÷ milking platform area |
Stocking Rate (Total SU/Eff ha) | Calculation: Total Stock Units ÷ Total Effective Area |
Total Stock Units | Calculated from industry standard values. This may result in a value that differs from what you see in Figured if you have configured different SU values. |
Birth rate % | The birth rate is the number of offspring produced divided by the number of potential livestock capable of producing offspring. Designed to be comparable for the majority, mixed-age (MA) stock classes are included as breeding females for the calculation. |
Financial Summary
In the top right of your screen, you will see an array of options (as per below) after filtering your date ranges, dictating the data you choose to bring forward from the date range applied in the chart and table below. Clicking the cog wheel allows for further customisation of what is viewed on the page.
Group Average/Total
This option lets you specify whether the data is viewed as a Group Average or a Total value.
Group Average will average all the information by dividing the total value by the total number of farms in the group. Farms in the group are any farms pulled through in your search, meaning they are counted even if they do not have data available for a particular data point.
Selecting Total will combine all that information for a total result.
Grouped By
This option allows you to determine how the data is grouped in the table. There will be one column of data (and per unit selected if available) showing per group.
You can group by the following options:
Region - the region added upon farm setup. Edited through Settings > General > Basic Farm Info.
Portfolio - portfolios created under your organisation.
Production Type - the production type added upon farm setup. Edited through Settings > General > Basic Farm Info.
All - groups all data together into one column. This also allows you to drill down in the table below to sort results hierarchically.
Farm - displaying individual farms in the graph and table below.
Metric Selector
The metric selector is available on the Financial Summary, Balance Sheet, and Ratios pages, and allows you to break data down to a per unit basis, making it more suitable for comparisons.
The metric selector allows you to select multiple options to pull multiple metrics into the table below and include one as the basis for the main graph. You will get different results depending on the farms you have selected in your search, i.e. if you haven’t entered your ‘peak cows milked’ in the tracker for a farm for that year, then $/peak cow will not show any results.
The values used to calculate these per-unit metrics are outlined below.
Output (as described in-app) | Calculation/Source |
$/ha | Total Effective Area (ha) |
$/SU | Total Stock Units |
$/kgMS | Milk (Cow) Production (kgMS) |
$/peak cow | Peak Cows Milked |
$/ha (milking platform) | Milking Platform - Cow (ha) |
The values being used for these per-unit calculations are also displayed in the table.
Ratios
There is a standard set of ratios displayed on this page. The multi-metric selector drives the ratios calculated per unit, and selecting more options here will lead to further ratios being displayed.
The formulas for these Ratios are described below. On Insights, you can also hover over the name of the Ratio to see the formula and the basis of the data used to calculate it.
Output (as described in-app) | Calculation/Source |
Debt Ratio | Calculation: (Borrowings + Short Term Debt)/total assets Accrual basis |
Operating Expense Ratio | Calculation: Total Operating Expenses ÷ Gross Farm Income Cash basis |
Equity Percent | Calculation: Total equity ÷ Total assets *100 Accrual basis |
Net profit / per unit (individual metric selected) | Calculation: Net profit ÷ unit Accrual basis |
Operating Expense / per unit (individual metric selected)
| Calculation: Total operating expenses ÷ unit Cash basis |
EBIT | Earnings Before Interest + Tax Matches Operating Surplus |
Comparisons
The Compare module is a Figured Insights benchmarking solution where you can curate benchmarks to pull data across production, financial, and ratios. You can select the comparison farm from within your benchmark group, or compare a farm not included in your benchmark. As explained above, the data sets are pulled for the Production, Financial, and Ratio sections.
Integrated Reporting KPI’s
Insights can drive KPI back into the Figured Insights Report. These KPIs measure the difference in farm performance across several topics, metrics and periods.
The below KPIs can be applied to either a Farm Stats or Benchmark report and show a variance percentage, calculated as (comparison value - baseline value) ÷ baseline value * 100
The purpose of KPIs in a Farm Stats report is to compare a single farm to its performance in the previous year, so the calculation operates as (2022 value - 2021 value) ÷ 2021 value * 100
The purpose of KPIs in a Benchmark report is to compare a single farm to the benchmark group within the same year, so the calculation operates as (Farm A value - Group value) ÷ Group value * 100
Output (as described in-app) | Calculation/source |
Stocking Rate
(Cows/Milking Platform)
| Should be applied to dairy farms.
Total peak cows milked (milk tracker(s)) ÷ Total milking platform area (milk tracker(s)) |
Milk Production per ha
(kgMS/Milking Platform)
| Total milk production (milk tracker(s)) ÷ Total milking platform area (milk tracker(s)) |
Milk Production per cow
(kgMS/cow)
| Total milk production (milk tracker(s)) ÷ Total peak cows milked (milk tracker(s)) |
Stocking Rate
(Total SU/ha)
| Should be applied to livestock farms.
Total stock units (livestock tracker(s)) ÷ Total effective area |
Debt Ratio | (Borrowings + Short Term Debt)/total assets Accrual basis |
Equity Percent | Total equity ÷ Total assets *100 Accrual basis |
Profitability/unit | Net profit ÷ unit (selected in metrics section) Accrual basis |
Operating Expenses/unit | Total operating expenses/unit (selected in metrics section) |
Non-operating expenses/unit | Total operating expenses/unit (selected in metrics section) |
Debt/unit | Borrowings + Short-Term Debt) / unit (selected in metrics section) |