How Mining Companies Can Use Technology to Drive Down Costs
People have been mining stones and metal since prehistoric times. And while modern mining is still difficult often dangerous work, technological advances are propelling changes and advancements in the industry. Most of the advancements, though, have been concentrated on the field side, rather than in the back office. Ernst and Young reports that digital effectiveness is the top challenge the mining industry faces in 2018. Over the next several posts, we’ll describe six brilliantly simple ways mining companies can utilize mining industry software to drive down costs by improving productivity and leveraging business data to promote digital effectiveness. Here are the highlights of what we’ll be sharing.
- Staying Out in Front — Taking a proactive approach to maintenance
Optimizing capital asset management helps you minimize both downtime and unexpected costs. The continuous monitoring of equipment with mining industry ERP software helps ensures optimum lifetime performance.
- Conveying the Facts — Supporting business decisions with dependable information
Access to real-time information on equipment activity, safety performance, asset utilization, and other critical metrics helps mining companies uncover the true costs of their operations and predict project outcomes to prevent budget overruns and project failures.
- Digging Down — Using KPIs to monitor progress and control costs
Key Performance Indicators (KPIs) establish benchmarks to continuously measure both financial and non-financial indicators operational activities that affect your operation’s overall profitability. With real-time KPIs delivered through an integrated mining industry ERP solution, you can quickly view summarized information and drill down to validate underlying details.
- Filling the Data Warehouse — Automating labour-intensive financial reporting and analysis
Real-time reports and timely data analysis from mining industry software help you stay ahead of cost overruns and identify opportunities to cut costs. Traditional ERP software makes this kind of information difficult to extract and analyze. An ERP solution designed for the mining industry facilitates data collaboration and sharing in ways that benefit the entire operation.
- Investing in the Reserves — Promoting effective recruiting and retention practices
Centralized Human Resource Management Systems (HRMS) allow mining companies to take a consistent and efficient approach to all aspects of employee management. In the mining industry, consistency and training are critical to increasing workforce retention, decreasing employee turnover costs, and maximizing productivity.
- Eliminating Fissures — Reducing workarounds and improve efficiency
Workarounds and manual business processes are efficiency killers. As a mining company, you may be managing people across multiple locations, countries, and languages, which only adds to the usual business challenges. Mining industry software can help enforce best practice workflows, promote collaboration, and support varying compliance demands across the organization while eliminating workarounds and promoting efficiency.
In upcoming posts, we’ll take a closer look at each of the six brilliantly simple ways your mining company can leverage technology, in the form of mining industry software, to drive down costs and drive up overall efficiency.