Top 5 information management hurdles for the mining and mineral resources industry
Companies working with the earth’s natural resources have multiple information management challenges.
Mining companies around the world are increasingly reliant on data to drive decisions across all aspects of their business. Data plays a critical role in the decision-making process, from operations and due diligence to environmental and social impact, governance, financial and legal reporting, data plays a critical role in the decision-making process.
It’s not a surprise when you consider the findings in EY’s Top 10 business risks and opportunities for mining and metals in 2024. For the third consecutive year, the report identifies ESG (Environmental, Social and Governance) as the number one risk facing miners. Balancing ESG priorities with other business goals, such as productivity and safety, is essential.
Learn how acQuire can help mitigate ESG information management risks here >
Data underpins a company’s ability to make confident decisions about where to mine and how to engage with local communities and the environment around them. Effective information management is business-critical, but it requires the right tools and support to be done well.
Let’s take a closer look at what’s causing the most concern for mining companies when it comes to making informed, data-driven decisions.
Top 5 information management challenges for natural resources companies
Rapidly increasing volumes and sources of data
Information management professionals in the mining industry are faced with data being generated by both man and machine. Sensors are everywhere in the mining value-chain, from magnetometers to water quality sensors, and companies are trying to make sense of it all, both in scale and volume. It used to be enough to keep a good handle on your original measurements and observations of drillhole data. However, now it is an impossible task unless you have good information management tools to support you.
Discover how acQuire helps manage data from multiple sources here >
Reporting in real time
Reporting requirements have increased in frequency and volume. Pinpointing your social impact on a specific date or proving you’re compliant with all your environmental obligations is commonplace for both internal and external requests. Therefore, having information at your fingertips and being able to measure and monitor your progress are essential to making confident decisions.
Siloed data
It’s no longer feasible to have data stored in spreadsheets, multiple versions of the same data or standalone datasets in ‘black box’ systems. With ESG requirements becoming more complex and interlinked, having a big picture of your data – and making it available as a single source of truth – is the only way to build trust throughout the organisation and across stakeholder groups. This is true for companies of all sizes, from multinational major miners to exploration companies.
Read more about why we think spreadsheets are risky for reliable information management here >
Data quality
One of the biggest stumbling blocks when working with data related to the Earth’s natural resources, is knowing what data you can trust. As ESG reporting obligations become more complex, so does the demand for companies to track their reporting obligations in a way that is transparent and auditable.
In all cases, manually collecting and inputting data from multiple sources maximises the risk of human error, leading to inaccurate reporting and the inability to make informed decisions. The risk continues to increase as companies grow and scale, with data handling also having the potential to become a bottleneck to growth strategies.
Learn how to turn your data into a business asset here >
Maintaining community and investor trust
Consistency and transparency are the keys to maintaining trust with stakeholders. Miners now need to convey both the financial and non-financial value they provide to communities and investors, beyond meeting regulatory expectations and making earnings expectations. Consistent and accurate reporting on ESG obligations throughout the life of the mine can demonstrate a company’s commitment to shareholders and to the communities where they operate.
Confident decisions require getting the right data to the right people
Information management software can improve monitoring and reporting across the mining value chain and ensure the accuracy and auditability of your data. Only then can mining and mineral resource companies stay competitive while managing the expectations of their stakeholders.
acQuire offers a suite of solutions to help get your geoscientific, environmental and social performance data in front of the right people, so you can gain valuable insights and make confident business decisions.
Find out more here >
