Going global: Five must-haves from your global mining ERP
Global markets have been the source of much of the growth in the mining industry for the past decade. Latin America, in particular, is a popular global exploration spending destination, accounting for a 25% share of revenues. Overall, the mining industry is healthy and key indicators point to continued good times. What does it take to succeed in the global mining marketplace? In particular — what do you need from your organization’s accounting or ERP software? Here are our five must-haves to help you capture your share.
1. Cost visibility
Keeping costs under control is important for every mining operation, but if your plans include global expansion, it’s vital for you to have swift access to accurate cost information surrounding all aspects of your mining business.
Mining ERP software collects the data needed to identify production issues, manage inventory and quality, track production and asset performance and analyze costs. Integrated supply chain management can help mining companies plan, schedule and optimize operations to maximize profit. In fact, integrating supply chains can mean improving efficiency by as much as 20%.
2. People Management
Global expansion greatly complicates human resource management for mining companies. With both local and global personnel, companies must ensure their compliance with a myriad of rules and regulations relating to talent acquisition and talent management.
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 – supporting and promoting both your local and global recruiting, management and retention efforts.
3. Single, accessible database
Too often, mining organizations utilize 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. Called an integration gap, it can contribute to a 10 to 20% productivity loss for companies in the mining sector.
A global mining ERP application harnesses your 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 — recognizing later that additional functionality is needed to support multinational operations.
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 a rapidly changing place — and the mining industry is particularly volatile. Access to fact-based business analytics supports better decision making and 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.
Ernst and Young (EY), in an article titled “How do you prepare for tomorrow’s mine today?” 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. Learn more about Caron Mining Solutions here, or by contacting us here.