Corruption continues to represent a significant concern in the mining industry for many reasons, which include decentralised operations and lack of proper regulations. Thankfully, new research indicates that mining companies are using cloud data analytics to turn the tide against corruption.
The proliferation of new technologies and big data analytics have proven helpful in the continuous fight against corruption, according to the views expressed by the business advisory company, BDO’s mining leadership team.
Traditionally, mining companies operate in very difficult regions and countries that are often more prone to corruption than others. Compared to other natural resources sectors, the industry is not operating under heavy regulatory frameworks.
Many operations are decentralised and difficult to integrate as a result, but the situation is changing with the necessity of a centralised ERP system backed by the latest technology and state-of-the-art operational guidelines.
Decision Inc. Immix leverages the Microsoft Dyanmics 365 technology to provide mining specific software across a variety of modules. Other investments in Microsoft’s software are also leveraged providing a reduced cost of ownership.
Advanced data analytics has revolutionised the ability to detect and mitigate fraud and corruption risks thanks to powerful business intelligence (BI) and enterprise resource planning (ERP) platforms that has built-in intelligence capabilities.
Technologies such as artificial intelligence (AI) and the internet of things (IoT) connected to existing systems and machinery help improve both operational efficiency and corporate governance through smarter and transparent predictions and decision-making.
There are many challenges within this industry, including the industry’s dependency on the government for mining licenses and approvals.
The emergence of data analytics in the mining sector is set to alleviate these risks, improve transparency with key stakeholders and ensure compliance with global human rights and environmental standards.
Increased transparency and visibility in the mining procedures and operations leads to a stronger and more efficient mining supply chain – one that can protect itself and diminish the corruption threat through technology.
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DecisionInc.Immix’s software provides extensive exploration, Mining, and Mineral Process (xMMP) solutions for key mining requirements, including functionality required for nearly all of the Total Life of Mine (LOM) requirements.
Microsoft Dynamics AX serves as the platform for the xMMP product suite and is a world-class global Enterprise Resource Planning (ERP) solution used by over 20 000 businesses across the globe.