Digitising finance in
Today’s Mining CFO must understand how to create value for the organization and take a more active role in the operations of the business. Driving performance and profitable growth by cutting costs where possible and searching for new tactics and techniques to increase revenue. Digitisating the mining supply chain allows CFOs to meet growth and profit expectations and stakeholder demands whilst keeping pace with rapid change, expanded regulations, and a shift in customer expectations
Increase forecast Reliability
In today's day and age, data is king. Having access to reliable, real time information from pit-to-port can assist the CFO remain agile and proactive in today's fast changing environment. Digitisation's main aim is to give the board confidence that they have direct access to daily operational information to for critical business decision making.
Eliminate redundancy and Automate
So much activity in an organization is duplicative (or, worst, wasteful.) Digitisation presents the opportunity to remove this behaviour and have the team rather focus on strategic initiatives. Activities such as data capturing, handling rebates, reconciling accounts or journaling are simple to automate. Why have an employee preforming robotic work - get a robot.
Reducing risk comes down to following specific processes and procures throughout the business. Whether it be compliance, governance or cyber risks, introducing a digitisation first corporate culture ensures that process is available, followed and that staff are held accountable at every step - together with their being a full audit trail coming month and year-end.
Alignment of Stakeholders
Instead of sectioning off different parts of the company, CFOs should look at improving communication and streamlining uncertainty between divisions. You should no longer view your role as CFO as insulated. Instead, look to collaborate with other executives. With better integration throughout the company, you can take on a more cohesive leadership role.
Proactive Cost Management
Digitization, automation and new technologies give operators and technicians immediate access to important performance, condition and technical information. Having this kind of critical data at your fingertips speeds up decision-making, troubleshooting, and performance efficiency.