How Data Analytics Trends Can Help Mining Contractors in 2023
These days, there is a lot of data available at mining sites, including design and BIM data from the project planning stage, mobile devices, and sensors on tools and materials, data from wearables, accounting and job progress data from the office, and data from project management.
Many miners need help to make sense of all this data since they need the tools to analyze and assess it in a meaningful way that would impact their projects.
However, that is changing. Mining companies are realizing the benefits other industries are experiencing with data analytics and business intelligence, making these topics popular.
According to a report by Deloitte, the mining industry has been collecting data for decades, but only recently has it started to use it to drive decision-making. The report states that data analytics can help mining companies reduce costs, improve safety, and increase productivity.
The entire sector is seeking ways to help contractors become knowledgeable about data. So, let’s explore the primary ways you can use the data and become a genuinely data-driven contractor?
Top Benefits Mining Contractors can Gain from Data Analytics
A more profound understanding of your project data can significantly enhance the current project's efficiency, profitability, and future planning.
Below are six crucial tactics to utilize data analysis in your mining projects and become a contractor who relies on data.
1. An Integrated Software System for the Mining Sector
You're probably working more and harder to make sense of your disconnected data if your existing mining management processes rely on a variety of disconnected software tools.
A fully integrated accounting software for contractors makes it simple to automate workflows and streamline the mining process by giving you a single source of data truth across all departments and operations.
Also, be sure your solution is built, as most "one-size-fits-all" solutions lack the flexibility or particular features you require for success.
2. Cloud-Based Mining Management
The effectiveness of your mining data relies on how up-to-date, reachable, and relevant it is. With real-time data being fully accessible to users beyond the office, many contractors have already shifted their entire mining management procedures to the cloud.
Andrew Scott quoted in one of his podcasts that "Mining is essentially a big data industry...we're really just dealing with volumes of data that are just beyond the realm of traditional means of managing that data."
This involves swiftly providing data in formats suitable for each user and making it accessible through advanced communication channels such as mobile and online applications.
3. Building a Strong Data Strategy
Simply having all the latest technological features in place won't matter if you don't know what you're looking for. To develop a plan for achieving your goals as a data-focused contractor, begin with what you currently understand and what you know you need to learn.
Compile a list of the information that your users desire, understand how each department or user comprehends data, compare your outcomes to industry standards, consider creating benchmarks, ask industry colleagues which data drives them, and establish practical objectives and milestones as you progress.
4. Using Appropriate Data Analytics Tools
With the right data analytics and business intelligence tools in place, which are a crucial component of your connected, cloud software suite, you can easily access powerful mining data analytics.
The best solutions allow end-users to self-serve their own data queries, without needing to be a data scientist or particularly tech-savvy. This is achieved by combining robust data warehouses with user-friendly data segmentation and analysis tools.
These solutions empower you by leveraging the cloud and uniform data, allowing you to visualize data however you prefer: from charts and graphs to automated dashboards, in-depth line-item reports, and geographical and statistical maps.
5. Stay Compliant with Data Governance
Excellent data stewardship is closely linked to substantial data influence. Therefore, the prosperity of your data-driven enterprise relies on safeguarding your data constantly.
If you don't rely on a dependable technology provider for hosting or employ internal hosting approaches such as managing servers, you will need to exercise such caution around the clock.
However, you can alleviate a significant amount of stress by utilizing a reliable cloud software company to host your data.
These organizations maintain up-to-date knowledge of the latest security threats, implement top-notch defenses, and provide dependable automated data backups to ensure business continuity.
Of course, this commitment to data security extends to your teams and end-users, who should always follow proper data security and protocol on their end.
You can use a dedicated Microsoft Dynamics construction software to manage data efficiently and stay compliant to government norms.
6. Shift from Analytics to Predictive Analytics
Being a data-driven contractor today involves planning for potential future events, which is referred to as predictive analytics. Ideally, you wouldn't just evaluate what happened on a project after the fact.
Instead, you need the information to create models of what will happen in the future to make better decisions. Using your data, you can create these models. Thanks to the cloud!
Miners can now experiment with new data-driven techniques like machine learning, artificial intelligence, and more, which could accelerate the adoption of predictive models in the mining industry.
To stay ahead of the game, your data analytics tools should be forward-thinking, inspiring your executives to come up with new strategies, rewarding innovation, and scaling for the future.
How ProjectPro can Help?
Now that you’ve geared up to become an advanced, data-driven contractor, you should look for a technology partner you can trust will work with you every step of the way and is just committed to your success as you are.
ProjectPro Partner Program has been at the forefront of leading technologies for over 20 years. It offers all-in-one, integrated, cloud-based solutions meant to meet the demands of today’s modern mining contractors.
