Global markets have been the source of much of the growth in the mining industry for the past decade. Latin America, in particular, is experiencing renewed growth. Overall, the mining industry looks to be rebounding well and the outlook for 2022 is positive.
If your mining company is considering global expansion, you may be asking — what does it take to succeed in the global mining marketplace? In particular — what do you need from your organization’s accounting or mining ERP software? Here are our five must-haves to help you make your global operations a success.
1. Equipment management & maintenance
Mining companies own, operate (and repair) many parts, equipment, and supplies. Given that miners spend between 30 to 50 percent of total operating costs on mining equipment management and maintenance, this is an area that warrants your attention. When your equipment is spread between locations — many remote and difficult to access — it becomes even more important to properly manage and maintain it so it performs optimally.
A global mining ERP application should include mine equipment maintenance capabilities, such as those provided by a Computerized Maintenance Management System (CMMS). By improving asset management and maintenance, mining companies can lower costs and risks while keeping equipment performing optimally wherever it may be working.
2. People management
Global expansion greatly complicates human resource management for mining companies. With both local and international personnel, companies must ensure their compliance with a myriad of rules and regulations relating to talent acquisition and talent management. In addition, like many other industries, miners struggle to find and retain qualified workers, giving recruiting and training tasks increased importance.
With the right cloud Human Capital Management (HCM) solution designed for multinational organizations, you can centralize people data into a single solution – accessible from anywhere and any device. Look for an HCM solution that supports multiple currencies, languages, companies, and compliance zones to support your global expansion.
3. Single, accessible database
Too often, mining organizations start small, utilizing fragmented and disconnected technologies that do not effectively or easily share information. Global expansions with multiple offices only serve to exacerbate this challenge. The result is data silos scattered throughout the organization without an ability to bring the data together for meaningful use. Recent research from Deloitte indicates that one of the foundational steps required before a mining company can embrace new avenues of opportunity is to integrate internal operations.
An integrated technology platform, starring a global mining ERP application, closes the integration gap. It harnesses your mining organization’s data across departments and geographies, delivering end-to-end, front office to back functionality in a cohesive, accessible database. Armed with real-time, comprehensive insight and analytics, the decision-makers in your organization can plan optimized operations and your workforce can deliver on the plans. With industry-specific features and functions, mining ERP applications can be a big contributor to your organization’s digital effectiveness.
4. Multinational capabilities
It sounds obvious to ensure your mining ERP application provides multi-national capabilities if global expansion is in your plans. However, most mining organizations start small, often using entry-level, off-the-shelf accounting software. Later, they recognize that additional functionality is needed to support multinational operations. Having a global mining ERP ready to go can speed your company’s ability to mobilize and be productive as you expand.
A mining ERP solution with multi-currency, multi-language, multi-company and multi-legislation capabilities builds in the scalability and extensibility needed in order to be efficient, productive, accurate and compliant in a global marketplace.
5.Rapid access to decision-making data
The world is rapidly changing, and the mining industry is particularly volatile. Global operations and multiple site further complicate operations, making it even more important to stay out in front of trends and changes. Access to fact-based business analytics supports better decision making. It can help mining organizations optimize performance and gain a competitive edge.
There are numerous key performance indicators (KPIs) mining organizations should be monitoring to help make better decisions faster, and a mining ERP application will make it easy to keep the pulse of your operation through KPIs, data queries, and automated alerts.
Preparing for tomorrow – today
Technology is transforming the mining industry and creating new opportunities for miners to profitably scale their operations. In an article titled “How do you prepare for tomorrow’s mine today?” Ernst and Young (EY) identified two key steps to increasing productivity: adopting end-to-end business processes and embracing a digital transformation. A mining ERP solution that incorporates the vital functionality outlined here checks the box on both these steps.
Caron Mining Solutions is a comprehensive, powerful and easy-to-use mining industry ERP solution, built on Sage ERP software, that addresses the challenges modern mining operations face. Read more about Caron Mining Solutions or contact us with your questions.