Gold and diamond mining is the foundation of South Africa’s economy; in fact, gold accounts for a third of the country’s exports. It is important that South Africa’s mining sector continues to flourish.
It has, unfortunately, hit some bumps along the way due to labour costs, electrical power issues in South Africa, global demand etc. Because the cost of energy has increased, many mining companies have had to lay off workers or decrease their wages thus causing issues within the industry. Mining companies can restore themselves through the use of business intelligence.
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The most useful business intelligence for the mining industry
A mining company will need a complete overview of their data to help them understand where the most money is being spent in comparison to where the profits received are coming from. The best way to get an accurate collection of data is by using “big data” to predict future growth and reduce waste.
How big data can help a mining company
By tracking statistics and collecting data, a company’s previous performance can be studied in order for effective future decisions to be made. One needs to know what actions have not worked in the past in order to provide stable solutions and alternative strategies for the future, especially if a mining company is looking to take a new direction in its business approach.
One step ahead of the competition
Any mining company is bound to have competition with other companies. Business intelligence not only tracks a company’s internal data, it also compares the company to outside competitors’ performances to determine if a company needs to either change its niche or add onto its customer base and also to determine if any new possible pursuits should be followed.
It will change the mining business
- It will help companies make decisions based on hard facts according to potential and performance
- It will be able to determine what is working and not working for a company and what areas need to be changed
- It will help the company make better decisions
- It will protect the company from possible failures and asset loss
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