Whizzing through ERP systems are of incredible loads of valuable data. Read more about how mining equipment, technology, and services or METS businesses can reap the benefits of this important resource.
Renowned management consultant, Peter Drucker, once said. “If you can’t measure it, you can’t improve it.”
But what is there to measure and how do we measure it? A myriad of answers can be found in your business’ data.
In the mining equipment, technology, and services (METS) sector, mines and plants accumulate terabytes and terabytes of data in a day.
The Productivity in Mining Global Survey stated that Data Analytics would be one of the major factors to improving the productivity of mining operations. According to the report, that business and operations data varies in terms of:
- Volume — the amount of data amassed.
- Variety — the different types of data.
- Veracity — the accuracy and authenticity of data.
- Velocity — the speed at which data is generated.
Accurate, comprehensive, and indicative data can show businesses their performance and productivity. However, METS businesses can be overwhelmed by the volume of information and struggle with going through all its data.
By identifying the four V’s, businesses can codify an important data opportunity and understand how to analyze and reap insights from it.
In a recent METS Tech Talk by Austmine, the CEO of smart automation technology provider, Auto-Mate, describe “The Data Situation” of mining companies with the following traits:
- Autonomous mining systems generate a huge amount of data continuously.
- There is currently no standard as far as where the data is stored. It could be with the miner or with the autonomous solution provider
- Often the data is stored in a proprietary format only readable by the autonomous solution provider
- The mining company engineers, analysts and operational staff are often unaware of who owns the data, how to navigate the databases and how to extract the data.
This is where enterprise resource planning or ERP systems come into the mix.
ERP systems collect, organize, and centralize operations data, making it easier for METS businesses to understand and make decisions for their operations.
Our previous article regarding the rise of business intelligence and data analytics cited that “55% of businesses, both small and large companies, are using analytics to improve efficiency, 45% depend on data to forecast business outcomes, and 47% rely on their data to find out how to better support their customers.”
An ERP system can completely transform how your METS business and give solutions to many of your challenges.
Because data is centralized, the mining workforce gains more visibility of what is happening with the operations beyond their own roles and sees the business as a whole.
ERP systems can break down data silos – a collection of data held by specific groups or held in certain technology structures inaccessible to others.
With a new perspective on operations and data at the palm of their hand, employees are given more control over their tasks. Apart from this, there are more benefits of implementing ERP systems for your METS businesses, whether it’s taking that first step towards digitalisation or improving the connectivity and mobility of your operations.
Has this blog post made you consider implementing an ERP system for your METS business? We offer you a few tips for choosing which ERP solution is fit for your company.
AlphaBiz Solutions is one of the leading ERP providers in Western Australia and we are dedicated to offering the best business management systems for your business. If you have any more questions, please contact the AlphaBiz team.