BONDURANT, IA - As technological advancements continue to drive agricultural development, Deere & Co is tapping into the sector to meet demand and up its revenue growth. This comes as the machinery manufacturer revealed that it will be combining cutting-edge hardware, software, and subscription models to continue its company evolution and benefit producers.

"The more technology we can develop to allow farmers to get productivity out of their land without having to spend so much money on fertilizer and inputs, the better off everybody is," Julian Sanchez, Deere's Director of Emerging Technology, told Reuters in a statement.

Currently, Deere is working on creating self-driving equipment featuring state-of-the-art software that uses data to streamline the production process and up revenue, the report from Reuters explained. The next step for the company is to equip its machines with the ability to plant seeds using satellite imagery and soil data.

Deere is now focusing on artificial intelligence as a way to drive growth forward, especially as the technology becomes more integrated into the farming sector. Right now, the company’s self-driving 8R tillage tractor is the latest addition to its algorithm-enabled offerings and will go on sale in the fall.

Priced at $500,000, the new tractor will have the autonomy feature sold separately as Deere will maintain its point-of-sale model for equipment but will integrate a software-as-a-service (SaaS) model for its autonomous solutions.

"While it may take us a few years to build out a base of recurring revenues, autonomous solutions, on top of our underlying machine forms, will be recurring," said Joshua Jepsen, Deere's Deputy Financial Officer.

Where will this new strategy take Deere? Keep reading AndNowUKnow to find out.

Deere & Co