Never before has your mining company’s ability to be fast and fluid mattered so much. While the stay at home orders will eventually be lifted — business as usual is no more. It will no longer be enough to simply be good (or even great) at what you do. In order to succeed, you must have the right tools in place to manage the fluidity of your labor force, the variabilities of your supply chain, the complexities of your global operations, and the nuances of your financials.
For companies across every industry, including mining, the best tools come from the cloud. Cloud-based Mining ERP solutions are mining companies’ fuel during these uncertain times. The solutions are uniquely capable of providing the agility — the fast and fluid capabilities — needed to allow mining companies to meet and overcome the numerous challenges brought on by the new normal.
An opportune time for improvements
While we all acknowledge and are deeply saddened by the tremendous economic impacts countless businesses are currently facing, there are opportunities presented by the slowdown.
With many mining organizations placing current and planned projects on hold, time and resources are available for businesses to focus on business growth and efficiency improvements that are often delayed during busy times. This may include brainstorming about the future, evaluating the company’s technologies and readiness for future growth and profitability, global expansion opportunities, workforce remote work capabilities, customers’ needs, training, and collaboration. It can also be an opportune time to implement a Mining ERP solution to better support your business going forward.
The perfect storm — on premise ERP and a global pandemic
Mining businesses that are relying on on-premises business management solutions while they work from home or in other remote scenarios are experiencing major disruptions to their workflows. During the global pandemic, and perhaps beyond, millions of employees are working from home, and without easy access to the business management solution, productivity is zapped — costing the company time and money.
Mining businesses operating in the cloud, however, are able to mitigate disruption to their processes. With a cloud-based Mining ERP, the “office” becomes anywhere team members are, helping them remain productive, connected, and even innovative. Core business functions like accounting, project costing, and procurement can continue unimpeded.
Cloud capabilities provide the silver lining
The COVID-19 epidemic is showcasing the value of cloud-based applications. Collaborative office, video conferencing, remote support and service, procurement automation, out-of-the-office approvals and routing, AP automation, and other systems have played a tremendous role in coping with the challenges posed by the epidemic. Enterprises leading in digital transformation are significantly less vulnerable to the epidemic, as they likely have improved long-distance collaborative coordination and higher overall work efficiency.
Even before the pandemic hit, cloud computing had become a transformative technology that allows businesses in every sector to improve information technology services while lowering costs. Cloud-based Mining ERP applications are a case in point, delivering needed functionality, controls and workflow continuity to your workforce, wherever and whenever they are working.
Cloud Mining ERP systems allow users to take their business with them and continuously access data in real-time. Employees no longer have to rely on in-person meetings or paper files. The single-source data of a Mining ERP system is always accessible. Additionally, cloud ERP systems are automatically updated, guaranteeing your workforce is operating with the latest, most accurate information.
Visibility through the fog
Some of the best Mining ERP solutions deliver functionality well beyond basic accounting functions, providing a real-time and unified view of financials and operations, including visibility for mobile and remote users. Cloud-based mining ERP solutions deliver deep insight into how your mining business is performing, combined with end-to-end operational data to drive fast, informed decisions and greater productivity.
Internet-enabled dashboards, KPIs, and fact-based analytics provide management with visibility into every aspect of mining from output, workflow, logistics, sales, procurement, employee management, and financial management. This allows mine managers to automate and accelerate their end-to-end processes while simultaneously driving down costs and boosting efficiencies. It all translates into higher operating margins, and ultimately, improved cash flow.
Cloud Mining ERP fosters transparency and accountability by identifying opportunities to streamline processes and minimize waste, from procurement to accounting to field operations. The solutions also promote collaboration with third parties such as consultants, vendors, and shareholders by providing easy ways to share data and information. These features go beyond improving functionality, they improve a mining company’s agility — its ability to respond quickly and decisively to ongoing challenges.
Cloud delivers necessary mobility
Working through COVID-19 will require creative strategies to enable mobile work capabilities, support remote decision-making and provide leaders with access to up-to-date information. Gartner researchers recently forecast the top three trends in business in our new environment will be remote working, increasing reliance on digital channels and platforms, and data and analytics for faster and better decision-making — all trends facilitated by cloud-based mining ERP solutions.
Cloud Mining ERP solutions provides seamless mobile access to data from any mobile device, improving efficiency and productivity for a remote and global workforce, reducing communication errors or the need to go to the office to access data. With remote access to all business activities, users have real-time visibility into the status of all processes, providing the ability to alert team members of process deviations, or to prevent an incident or hazard. We highlighted the specific benefits of mobility for mining operations in this article.
Cloud-based Mining ERP
Most web-based ERP applications are not mining specific. While many may provide some of the core accounting functionality that every business needs, they lack the specific toolset necessary to providing a modern mining operation with the speed and agility needed to power through uncertain times. Interested in learning more about the benefits of cloud-based Mining ERP? Contact one of our mining industry specialists to start the discussion.