The mining industry has been at the forefront of everything good and beneficial businesswise and the mood of optimism is spreading like wildfire. Everybody in this business is looking to reap good benefits from it and head to the bank smiling. With this kind of business objective many mining companies have in-cooperated the use of the latest and cost effective underground mining technology combined with business trends. Here are some top 10 business trends being experienced by the mining industry this 2017.
The adoption of integrated approaches to reporting
It is no doubt that the mining industry is currently in the spotlight and facing increasing scrutiny, even as the regulatory bodies and governments demand even greater levels of transparency in the field. International tax reporting and financial disclosures are not left behind here and the investor community is also looking to gain more from the mining industry as well. What with the mining companies looking to get more compliance for the compliance sake as well as a report on an even broader range of all the non-financial information. And this includes the enhanced reporting and transparency, information, standardizing and the consideration of all the benefits of over-reporting.
Supporting strategic priorities
With most of the mining companies only realizing now the value of transforming their operating models even as they try to sustain their growth, a lot of pressure is coming from some of the companies will have to decentralize their current management approach in order to ensure they foster high-performance cultures as well as to instill greater accountability as well at the mine sites. Other companies went for a centralized approach and eliminated duplication.
Creating a healthy and inclusive workforce
Diversity and wellness have long since been high up on the agenda of most of the mining companies and they intend to even sharpen their focus further this 2017. An industry that fosters a healthy workspace for its workers will automatically achieve sustainable productivity improvements and when you look at the mining industry at the moment, it is underperforming in this sector even as it becomes more digital in its operations.
Getting back the social license to operate
Energy management and environmental sustainability still continue to manage a move to sharper focus across the mining industry with the sector currently facing challenges when it comes to winning the social licenses to enable them to operate in communities. This is purely due to the environmental impacts it will pose.
Creating a better vision of the sector
One of the most difficult steps that the mining industry has been unable to resolve is the one of creating better relationships between the governments and mining industries as well depending mostly on where your business is currently located. The mining policies about businesses have currently become more of a trial an error type of issue with governments trying to balance their overall desire to attract more mining investments.
Mapping the threat landscape
The number of mining companies in the industry has been subject to attacks from all corners. When you look at the current IT solutions and security systems which are used by most of the operators, you find that most of them are not as effective or fully get to protect the increasing threat levels and a number of threats surrounding the mining industry.
The digital revolution
The digital revolution has shaped and remodeled the way the whole mining industry functions. This hasn’t come without its own risks and or slow in terms of capabilities and digital innovation.
Operating in an ecosystem
Currently, there are loads of innovation hubs emerging across the mining industry, which all aim to lead to a much greater industry collaboration amongst businesses, technology startups, industry leaders, and academia.
Unlocking productivity improvement
Productivity is currently the main priority of all mining industries and there are two ways to go about the whole process. Mining companies need to have a shift in how they perceive technology and innovation.
Understanding what drives shareholder value
With the current commodity prices on the rise, financial values are on the up even though it is still vital that you realize that the share performance will still continue to lag.