For a mining company seeking sustainable growth and profitability, information is critical. You are already be generating a tremendous amount of data from the field and the office, but how quickly and how effectively are you able to access and analyze that data to unlock the actionable insights within? Gaining access to actionable data requires a powerful business intelligence (BI) tool to uncover the gems.
Recently, research giant McKinsey advised mining companies to rethink their responses to the pandemic, and outlined a “5R” approach: Resolve, Resilience, Return, Reimagine, and Reform. Similarly, in Understanding COVID-19’s impact on the mining & metals sector, Deloitte speaks about three dimensions of managing the crisis: Respond, Recover, and Thrive. Extrapolating from these insights, we offer up our own take on how mining companies can survive and thrive in the new global economy.
Here we provide a quick overview of the steps in the procurement process and offer tips for optimizing each stage.
Here we’ve identified five areas in the procurement cycle where mining companies can reduce waste and costs to better position themselves for the recovery. In our next installment, we’ll get into the specifics of how smart procurement tools and practices provide the practical infrastructure needed to make it happen.
The current health crisis is highlighting the need for an effective mining industry ERP solution that supports mining companies’ efforts to mitigate risk and adapt to change.