Financial innovation is a concept that everyone has adopted in the mining industry, but no one has a set system for. Most are evaluating their finances through old and outdated spreadsheets that are very large and difficult to work. Companies have been actively trying to relate their operations initiatives to business finances in what is being called “the digitization of mining.” The importance of seeing the financial impacts of operational initiatives are pretty obvious:
- Visibility into hitting financial targets set by the corporate company
- Easy access to view the direction of the company and suggest changes
- One source of truth for financial data regarding the company—instead of siloed spreadsheets
Understand the financial implications of decisions
Mine sites are providing their operations data, and sure they could do a better job of reporting on every single detail, but the pain point still stands—the provided data is not being translated to financial insights. Companies want to mine smarter without fully understanding the financial implications.
So there is a big disconnect in the financial aspect of mining digitization. Though companies may have ways of hitting financial targets or evaluating their mine site finances, typically the link between operations and finances is broken. If executive teams had better visibility into the relationship between the two, and how operations trickle down to company finances, they could be even more successful in meeting stakeholder goals. For a mining company to hit its set financial targets—such as lowering debt or increasing free cash flow—teams need technology that allows for a fully integrated operation.
Alight, Inc. connects operations and finance
Alight Strategic Planning offers the last step in digitization. All pertinent operational data is captured to the detail you want, and directly equates operational actions to financial impacts. In Alight, you can immediately see how any action taken at the mine site level will impact company finances. Through our mining value chain approach—all of the moving parts of the mining industry from pit to port are embedded in our applications—we provide you visibility on the direction of your company and how changes can help you be successful in hitting your financial targets moving forward. One application that serves as the one source of truth across your organization.
Don’t let easy-to-solve disconnects in your operation and finance hold you back from achieving digitization. With the power of Alight’s mining financial innovation, evaluating how operational changes will impact mining finances is simple, quick and effortless.
The Alight Mining Solutions team is built on years of mining industry experience combined with the best of the Bay Area’s technological talent. Our experience spans from mining engineering to equipment to finance to metallurgy.