When it comes to data and mining, perhaps the most common problems facing the mining industry today include the lack of access to all of the data generated at a mine site, as well as the use of low-quality data. This can result in inaccurate reporting and uninformed decision-making. With a data solution/system that can integrate all your data and qualify it at the highest level, you can achieve accurate reporting and make more informed decisions that help mitigate many of the problems that occur on a mine site.
When we attempt to learn more about data issues in the mining industry, it is not simply enough to place the blame on “bad data.” We must first understand the root of the issue in order to move forward with a productive solution. Obstacles related to data can be broken down into a few categories.
Lack of data accessibility: Perhaps the most common of these obstacles is not the lack of data but rather the lack of data accessibility. Data is of no use if it is not actionable and in order for it to be actionable, it must first be accessible. Without access to important data-driven insights, organizations are only seeing half of the picture instead of the full visual. Organizations may be rich in data, but that data serves no purpose if users cannot access it when it is needed. After all, what good does it do to collect vast amounts of data if you can’t properly access it?
Lack of high-quality data: Unfortunately, all data is not created equal and a lack in its quality can be problematic to your mine site. Simply put, low-quality data is any set of inaccurate information. This can include missing or poor entries (such as typos), wrong information, as well as duplicate records. Low-quality data can lead to inaccurate reporting and poor, at times even catastrophic, decision-making. Just as not all data is created equal, not all data tools are created equal either. And while some companies may think they are doing the right thing by investing in a data tool, they could actually be working with ineffective systems which in turn create more work.
Lack of data visualization: Data visualization is the ability to transform complex information into a visual representation, making it much easier for the reader to understand. Visualization is a vital part of any data retrieval process. Through the use of these representations, it becomes easier to identify patterns, trends, and potential problems. Presenting data in a way that is not only accurate but also easily digestible enables decision-makers to make informed and effective decisions quickly and confidently.
Inaccurate reports and uninformed decisions: As a result of any of the previously mentioned data pitfalls, companies may unknowingly be relying on inaccurate reports which in turn leads to misinformed decisions. This creates a risk-prone conduct of business that can lead to harmful and potentially catastrophic events.
Now that we’ve identified the problem, how can the mining community tackle the issue of lacking high-quality data? It may be easier than you think. Incorporating an Enterprise Knowledge Performance System will ensure high-standard data integration and provide easy access to all necessary stakeholders.
SourceOne® Enterprise Knowledge Performance System accelerates the gathering of insights for faster decision-making and provides higher productivity by facilitating rapid data retrieval. With SourceOne’s data visualization, reporting, and collaboration tools, visualizing and sharing data with others within a mining organization is simple and seamless, allowing stakeholders to make strategic decisions confidently.
By implementing the SourceOne Enterprise Knowledge Performance System, mining organizations no longer have to worry about not having access to their data or that they are using inaccurate data. SourceOne EKPS provides the tools needed to visualize their data and build and share reports easily and accurately. This helps upper management decide on a course of action confidently and in a timely manner that will benefit the mining organization as a whole.
Data and ESG:
ESG has become an important focus in the mining industry as mining organizations have increased attention to environmental, social, and governance-related matters. Data is one of the most valuable assets that a mining company can use in order to make its operations more responsible and sustainable. It provides insight into the operational workings of a mine and can help mitigate risks associated with ESG. With growing interest in the area of ESG, there is a growing need for data that is accessible, reliable, and easy to interpret.
“In ESG, the main value of data lies in operational control and optimization, and in being able to prove to external parties that mining companies are doing what they have promised,” Brett Marsh, AIPG Certified Professional Geologist, stated.
One of the biggest challenges associated with data and ESG is the volume of information being generated and collected on a daily basis. Mining organizations often struggle with keeping databases up-to-date and accurate. The SourceOne Enterprise Knowledge Performance System can integrate, consolidate, and interpret large amounts of data from multiple sources in a timely manner while preserving quality and context. This unification of data allows for quick analysis and provides actionable insights.
In order for a mining organization to succeed in the modern data-driven world, it must adopt a solution that provides access to the right data at the right time in a way that can be easily interpreted. The SourceOne Enterprise Knowledge Performance System achieves this goal, giving you the power to make informed decisions for your mine.
To discover more about the SourceOne Enterprise Knowledge Performance System and its additional benefits visit our website.
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