BI and the Mining Industry
The mining sector continues to face challenges with labour disruptions and a drop in demand impacting operations. However, the anticipated rise in prices for base and precious metals is expected to favour mining operations.
Business Intelligence in the Mining Industry
To respond effectively to this uptake, mines can incorporate Business Intelligence (BI) software as a way to harness cost-reduction strategies while leveraging potential areas for growth. Let’s look at how that works.
What is BI?
There are many explanations of what BI is and what it can do for business, but basically BI technology will gather, analyse and interpret data from an organisation’s internal and existing sources. This holistic information can be used to enhance business operations.
How is BI used in the mining industry?
The mining industry sits on a wealth of complex sets of data, it’s just a matter of incorporating the right BI technology to formulate this data into something useful for business. It’s fast being revealed that big data is actually a necessity for effective operations. With access to BI reporting and trending tools, mining operators are enhancing automation, workforce management, and safety, among others.
What are the benefits of BI for mining?
Business intelligence software has proven effective across a number of industries, but it has only recently been fully realised in the mining sector. Here’s a look at why:
1. Better collaboration
By implementing BI software, a mining operation enhances inter-departmental collaboration for more streamlined work processes.
2. Identify cost-drivers
BI software analyses big data and identifies which areas are productive, and which areas are less so. This means energy is being effectively focused on cost-drivers.
3. Better procurement processes
Through BI data analysis, mining operators are able to identify and monitor future requirements in terms of services and spares. This means operators are better-informed when negotiating prices.
4. Improved logistics
As with many industries, transportation is a key element of daily business operations. Using BI, a mining operation is able to automate the process, identifying areas of potential improvement.
5. Increased safety
Another primary consideration for the mining sector is the safety and security of employees. As a high-risk environment, elements such as escalating temperatures and carbon dioxide, weather and mining structures can be monitored in real-time using BI software. This will help minimise risk and improve operational safety.
6. Boost in productivity
The implementation of BI software will automate all mining processes, boosting overall operational efficiency and mining productivity.
7. Enhanced stakeholder relations
Because BI software allows for data-driven business decisions, and produces visual dashboards that can be easily understood, there is much more transparency in operations. This makes for better stakeholder engagement and relations.
8. Competitive advantage
Armed with insight into the mining market and their performance within this market, mines are able to strategically position themselves with a much more competitive edge.
Modern business requires modern solutions to remain competitive and productive. For mining, the best technological advantage is implementing BI software. It’s best to partner with a BI solutions’ experts that has extensive industry experience, and can provide valuable support after implementation.