Top 8 Issues Mining Companies Face
Recently, Deloitte published a white paper on the Top 10 Issues Mining Companies Face on their website. As a company that has a fair bit of experience working with businesses in that industry, Dundas is aware that a lot of these problems are not only prevalent, but also quite easy to fix if the proper solution is adopted. Since eight of the issues have to do with understanding past performances and learning from them, having a dashboard would help mining companies immensely. Let’s take a look at how you can use dashboards to work through the top eight issues or problems, in the mining industry:
The High Cost of Doing Business
Mining has a large amount of costs built into it, costs that can shift in a second that you need to constantly be aware of.
Implementing a dashboard allows you to keep an eye on both your true costs, and any potential cost drivers that may creep up. Dashboards will also allow you to improve your operating model so that you can streamline operations and spot any potential inefficiencies. By monitoring your assets at all times with dashboards, you’ll be able to avoid breakage, as well as streamline your supply chain to go from pit to customer as leanly as possible.
Managing Demand Uncertainty
It’s hard to know where you stand when the market’s outlook can shift in the blink of an eye.
A mining company’s portfolio is stacked with information about various metals whose values fluctuate constantly. To make the best decisions possible, it’s important to have access to the information in real-time to manage competing decisions. By using a dashboard, your company will become as analytical as possible, by being able to predict future movements thanks to your data analysis.
Capital Project Deceleration
Your project pipeline is determined by the quality of your work, not how much of it you’re preforming.
By installing a dashboard, you’re constantly keeping key figures in your face. And by knowing where your highest returns are, you’ll be able to allocate capital where it’s needed. Dashboards also help you dictate the resources that are in demand and will allow you to monitor project costs and risks at a glance. The increased governance that comes with dashboards will also help you keep costs from rising due to possible inefficiencies.
Preparing for Merger & Acquisitions
Just because a deal is imminent doesn’t mean you should be as prepared as possible for it to happen.
Before anything is explored, you should be able to know where your business stands. The easiest way to see how you work, is visually, which is why performance dashboards are crucial to moments like this. And by viewing market trends and getting a good read on the outlook, you’ll be able to go beyond the traditional diligence thanks to performance dashboards.
Companies are being held to higher standard, so be sure you’re making the cut.
By visualizing your standards and codes and whether or not employees are paying attention to them, you grant yourself the gift of oversight. These internal compliance programs will both help you stay ahead of your competition as well as ready you in case a regulator decides to launch an investigation.
Reaching A New Level of Responsible Behavior
Mining should mean more than simply taking metal out of the earth, it should aim to better the earth as well.
Corporate social responsibility is something that should be highlighted so that everyone in your company is aware of the good you’re doing. Keep it in sight by plotting it onto a dashboard and charting your successes. Also, by monitoring resources closely by visualizing them on a map, you’ll be able to better equip yourself to spot and prevent social conflicts. This scouring of information will also help you sense risks and early warnings before they occur.
Gain insight into your company and know how you can improve outcomes with each scenario.
By rethinking your current processes, you’ll be able to view areas where potential slip-ups may occur and take care of the issue before it becomes something more. Using your data to help with preventative maintenance isn’t uncommon, and is something that any good company is already doing. A health and safety dashboard will simply allow you to do it better.
Staying At The Edge of IT
Making sure you’re getting the most out of your technology to guarantee constant success.
By adopting a dashboard solution you’re staying ahead of technology trends by turning to visualization to understand every aspect of your business. Dashboards allow you to view what might happen by analyzing your old data (giving you a predictive edge), see where you can improve performance by viewing how your system works, allow you to see where costs can be reduced or productivity and safety increased, and allow you to understand where you can make stronger and more efficient products.
Download our white paper on dashboard solutions for the mining industry to learn more.