Australian Resources and Investment
Author: Ali Soofastaei
Date: September 2017
Big data, global connectivity and pervasive real-time analytics are changing the way that companies manage their business. Today, the general goal of most business intelligence systems is to access data from a variety of different sources; transform that data into information, and then into knowledge; and provide an easy-to-use, graphical interface to display this knowledge. In other words, a business intelligence system is responsible for collecting, digesting and presenting data in a friendly way.
Many mining companies assume that knowledge is the final objective – after all, knowledge is an essential component of any decision-making process – but it is important that businesses understand that knowledge is no longer enough for making decisions in today’s competitive global market. A mining company may ‘know’ a lot about the operation and maintenance systems — it may have thousands of graphs, tables and charts – but management may still be insecure about making a decision! And this is the difference between ‘decision support’ and ‘decision-making’. The saying goes: ‘All the knowledge in the world will not guarantee the right or best decision’. More knowledge is equal to more confidence, but it does not improve the accuracy of decisions.