Though South Africa has long been a staple of the world’s mining industry, having produced natural resources as well as gold and diamonds in huge numbers, the current state of South African mining sectors appear in jeopardy. The cost of energy has lead to lower usage of electricity, reducing the profit margins of coal mining operations and forcing some companies to lay off workers. With less labour and wages comes frustration and inefficiency from workers. The best way to counteract the current inefficiencies is to collect business intelligence for mining industry operations.
What’s In A Name
What kind of business intelligence does the mining industry need? For starters, a complete overview of their current operations helps a company to understand where the most money is going out in comparison to where the profits are coming in. Companies used to only look at historical trends and market movement, but today it is possible to use “big data” in order to make predictions about growth and reduce waste. Even though the variables in the mining industry lie hundreds of meters underground, the economies above ground have not changed, making it necessary for business intelligence to get insight for operations.
What is big data and how can it help a mining company? The ability to track statistics has never been more efficient than it is today. By using data collection, it is possible to look at previous company performance in the context of future decisions, studying what moves have been productive and what moves have not been pulling their weight. This can provide stability to a company looking for a sure thing, or it may offer an alternative strategy for a mining interest looking for a new direction to take.
Any mine, whether it produces coal or diamonds, is in direct competition with other mining operations. Being able to compare your performance with the performances of these competitors helps a company determine when it is time to move into a new market niche or when it is time to shore up a customer base. Business intelligence looks both outside and within a company to better dictate what a profitable pursuit entails.
How It Can Change Mining Business
Traditional business intelligence will not go the way of the dodo, but with big data it will be possible for companies to make decisions based on much more concrete facts about performance and potential. The mining industry will be able to look at areas of quality and areas that lack quality in order to determine what aspects stand to benefit from change. Whether a mining operation is looking to open up a new dig, hire a new batch of workers, or begin to market their products to a new customer, using comprehensive business intelligence helps guide a company to better decisions. Every aspect of a company’s operations may be analysed using big data and business intelligence so that no potential failures or inefficiencies slip through the cracks and cause potential assets to be lost.