Data is vitally important to business, and companies are producing more and more. Yet there is an integral problem with this excess of information. Valuable data becomes siloed or goes unused because of poor data mangement. It then becomes useless to the company.
Data veracity is often lacking in mining and metals, attributable to the fact that there simply aren’t adequate rules, regulations and systems in place to maintain data intelligence.
So why is valuable data so important? And what can we actually do about it?
Unified data
In a survey by Accenture, only 36% of metals and mining respondents report that they validate their data and are reasonably to very confident in its quality.
This isn’t enough.
Business practice fundamentally relies on the successful analysis and implementation of valuable data to optimize company processes.
Data must be unified in a valuable, usable manner, with knowledge that the information is both trustworthy and correct.
This is a particularly applicable in the mining and metals industry, where valuable data can be profit, prosperity or failure.
Mining companies use data for forecasts and predictions, as well as for mineral exploration. Valuable and trustworthy data is also integral when making informed choices about mergers and acquisitions, as well as general auditing. Companies must possess and be able to present valuable data regarding the sustainability, ethics and governance of their supply chains.
How do we protect and verify valuable data?
Is it as straightforward as implementing new systems and technology? Can you bring in automation and blockchain, for example, and suddenly everything is reliable, permanent and automatic?
Unfortunately, it isn’t quite that simple.
Optimizing data veracity is an ongoing process, one that inherently incorporates best business practice, digital transformation and valuable and informative data analysis. It involves genuine effort on a company-wide basis, with the facilitation of technology such as artificial intelligence and blockchain, if suitable, to optimize data usage and analysis.
While these technologies certainly help ensure that data is valued and used optimally, they require human intervention to be used to their best potential.
Blockhead’s platform STAMP Supply solves the data problem by ingesting your company data – including historical – and organizing it in an easily consumable way, through a dashboard and reports. It’s also blockchain-enabled, meaning that you know that your data is trustworthy and secure. So, while STAMP Supply isn’t a fix-all solution, it allows you to keep track of your data, tracking mining supply chains from beginning to end.
To find out more about STAMP Supply, click here. Our platform STAMP Stream is also ideal for the mining sector and targets precious metals streaming data management. Interested in a demo? Head over here.