Title

Optimizing Business Performance through Forecasting

Optimizing Business Performance through Forecasting

Authorship

WILLIAMS, PAT; THOMPSON, HUGH

WILLIAMS, PAT

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THOMPSON, HUGH

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DOI

10.5151/2594-357x-5MinFe-411-422

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Abstract

There has been a lot of focus on using technology to provide business process efficiencies. The lessons learned in other industries have been translated to the mining industry through a range of technology systems, including the latest trend towards Enterprise Resource Planning (ERP) systems. However, these systems have a specific “gap” when attempting to comprehensively service the mining customer. The missing dimension to these enterprise systems is related to forecasting. Enterprise forecasting for the mining industry is a key to underpinning the future viability of global mining companies. Managers in the mining industry need to have accurate and up to date forecasting information at their fingertips so that they can ensure that they are leveraging their competitive advantage in an ever challenging global environment. This paper focuses on innovations and the approaches needed by mining organisations. We examine how technological advances have been applied in mining companies to achieve improvements in forecasting. We also step through the mine business planning process which looks at marginal economic analysis so that mining businesses are confidently positioned in a dynamic business environment.

There has been a lot of focus on using technology to provide business process efficiencies. The lessons learned in other industries have been translated to the mining industry through a range of technology systems, including the latest trend towards Enterprise Resource Planning (ERP) systems. However, these systems have a specific “gap” when attempting to comprehensively service the mining customer. The missing dimension to these enterprise systems is related to forecasting. Enterprise forecasting for the mining industry is a key to underpinning the future viability of global mining companies. Managers in the mining industry need to have accurate and up to date forecasting information at their fingertips so that they can ensure that they are leveraging their competitive advantage in an ever challenging global environment. This paper focuses on innovations and the approaches needed by mining organisations. We examine how technological advances have been applied in mining companies to achieve improvements in forecasting. We also step through the mine business planning process which looks at marginal economic analysis so that mining businesses are confidently positioned in a dynamic business environment.

Keywords

forecasting, mining industry, ERP systems, business performance, planning

forecasting, mining industry, ERP systems, business performance, planning