Mining Industry Analysis
The past one decade has been a rollercoaster ride for companies in the mining industry. Commodity prices have reached both historic highs and lows, with operational entities shifting irrevocably in the face of the digital revolution. Demands for efficiency have skyrocketed, while the means to invest in new programs to support such efficiency have often fallen away with prices. However, new technology trends in the mining industry, especially in the form of mining software and innovations in water resilience, are offering exceptional opportunities for efficiency gains and are worth investigating for adoption across the sector. Moreover, mining industry companies who embrace digital trends can expect a more nimble and profitable business, with improved decision-making and increased employee empowerment.
The Need for Supply Chain Risk Assessment
The rapid globalization of supply chains has made companies vulnerable to disruptions such as economic unrest, demand fluctuations, or natural or man-made disasters with potentially damaging long- and short-term impact on businesses. Supply chain risk assessment is the risk assessment process of taking strategic steps to identify, assess and mitigate the risk in your end-to-end supply chain. Enterprises need a resilient supply chain risk assessment process to minimize the negative impact of disruptions on revenues, costs, and customers. Moreover, understanding and effectively managing supply chain risks is a key capability for developing and managing resilient supply chains.
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About the Client: A renowned mining industry company, based out of the US. The company was established in 1993.
The client, a renowned mining industry company wanted to identify, monitor, and detect threats to ensure supply chain continuity and profitability. With the help of industry best practices, the client wanted to forecast the potential risks in terms of cost volatility, material shortages, and supplier financial issues and suggest best practices to manage supplier information. Moreover, with the help of our supply chain risk assessment process, the mining industry client wanted to collect, analyze, and manage supplier information and leverage the use of advanced technologies to automate early detection. By leveraging a supply chain risk assessment process, the client needed to focus on their marketing efforts to reduce production cycles and maximize the ROI.
SpendEdge’s supply chain risk management solution helped the mining industry company to understand the macro and micro-economic risks and the regulatory environment to improve their production capacity. Moreover, risk assessment the solution also sought ways to realign their financial structure to allocate their resources in an effective manner. By leveraging an effective supply chain risk assessment process, the client gained adequate insights into the typical risks associated with the supply chain. Moreover, the risk assessment engagement assisted the client in developing a centralized supply chain governance system to gain better control over their supply chain activities, increase operational efficiency, and ultimately improve their overall ROI.
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