5 Better Business Reporting Tips for the Mining Industry
Modern companies produce an enormous volume of data — 2.5 quintillion (one billion billion!) bytes of data every day. And somewhere in all that data is some pretty good stuff — if you’re able to unlock it and view it in an easily digestible format. In our last post, we spoke about the important role key performance indicators (KPIs) play in your mining operation, and reporting is the most effective way to monitor those KPIs, so it’s vital for reporting to be fast, simple, flexible, and comprehensive. Here are five things you should consider when evaluating a financial reporting system for your mining operation.
1. Consolidated database
There are powerful report-writing tools capable of spanning multiple databases, bringing even disparate data together cohesively — and that’s very good functionality to have. However, reporting tasks will be substantially simpler if your mining business data is under one roof. A comprehensive ERP solution for the mining industry offers a breadth of functionality, meaning you won’t need to rely on spreadsheets and other applications to hold data that doesn’t have a home in your accounting software.
2. Real-time availability & automated delivery
When reporting tasks take too much time, the data is outdated by the time you get it. In a fast-moving industry, you don’t want the risk of relying on old data as you make vital decisions.
Look for reporting tools that allow you to schedule the automated creation and delivery of your reports. This way, you can be sure that your staff has the information they need, when they need it.
3. Powerful and flexible
Mining companies are complex operations. With multiple sites, projects, capital equipment, and even multiple legal entities involved, it requires a reporting tool with some backbone to extract the data and present it in usable formats. Look for a reporting tool capable of providing a high level of detail along with options to roll up as needed to provide a consolidated picture of your operations.
4. Easy to use
Given the power of many reporting tools, some can be overly complex to use. When the tool is too difficult, users either abandon the effort, or look to your already strapped IT department to create the reports for them. Many reporting tools are driven by wizards that walk users through the creation of reports, and come with templates that users can modify and save for reuse.
5. Business activity monitoring
Reporting is an important and necessary tool for analyzing your mining company’s data, helping you understand and make sense of what’s taking place in the business. But there’s another tool that can draw your attention to something that may not have happened yet — in time for you to take action. Business activity monitoring tools effectively monitor your ERP database looking for conditions you’ve identified as important and alerts you to those conditions — by email, text, IM, FTP, fax, or the web.
The right reporting strategy
Reports are often touted as one of the most important functions in an ERP solution, and for good reason. The ability to perform sophisticated and innovative reporting and analytics is critical for all mining organizations, enhancing your ability to make more informed, evidence-based decisions. The right reporting, analytics, and information-delivery strategy can have a significant impact on your organization, increasing productivity, enhancing communications and collaboration, and driving employee satisfaction.
Caron Mining Solutions is a comprehensive, robust and easy-to-use mining industry ERP and reporting solution, built on Sage 300 or Sage X3, that addresses the challenges modern mining operations face. Learn more about Caron Mining Solutions here, or by contacting us here.