Digitalisation in Mining Conference Day 2, Perth, WA
?? Day2 Opening Panel insights from the Mining Innovation Network 's 4th Annual Digitalisation In Mining conference in Perth today ??.?
There was a great panel on Developing Strategic Partnerships and Industry Collaborations to Drive Innovation featuring this highly experienced group of speakers:
Given our company?SpendConsole?is deep into Industry Collaborations and always looking towards helping partners who we work with to implement our AI-powered Accounts Payable Transformation Platform, I wanted to hear how others viewed their partnerships and collaborations within the mining industry. I'm excited to share some of the panel’s insights! ??
?? Embrace Technology with Purpose: Focus on delivering tangible results and outcomes with tech, and not just for the sake of using the tech.??
??? Data Accessibility is Key: Ensure data is easily accessible across your business for efficient problem-solving without unnecessary hurdles. No more red tape!??
?? Open Data Standards: More open data standards in mining are essential for fostering innovation and collaboration.??
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?? Cultural Shift for Collaboration: Time for a cultural evolution within organisations to truly embrace collaboration and data sharing.
?? Investment in Collective Innovation: Embrace the concept of a "Digital Stack" - a shared tech investment for multiple vendors and operators.?
?? Leveraging University Capabilities: Harness the deep capabilities of universities and research organisations for real-world solutions to real-world problems.?
?? Building Trust in Commercial Relationships: Trust is key in all commercial relationships and collaborations to make them successful.?
?? Empathy and Understanding Pain Points: Understand each other's challenges for better collaboration between operators and vendors.?
?? Recognising the Human Element: As we evolve our tech and data practices, let's not forget the human impact of the digital transformation and bring everyone along. The fear of change is sometimes very hard to embrace - let’s help ease those fears
?? Long-Term R&D: Acknowledge the long-term nature of R&D. Breakthroughs, like in the electrolysis in green hydrogen production, can be a long journey worth pursuing.?
Digital Transformation is part science and part art with so many challenges along the way. By embracing trust, openness and the human factor we can all help deliver great collaborations and partnerships. We have seen this ourselves within the digital transformation of Accounts Payables.?
Over the past three years we have used AI to increasingly solve the real problems of suppliers sending invoices in multiple different formats, which because of their complexity so often have to be manually processed. Our AI-powered Optical Character Recognition accurately identifies over 98% of supplier invoice data and then automatically reconciles this data against Purchase Orders, contracts and receipts data within backend ERP systems. We are not only very mindful of the dramatic savings that can be made through our AP Transformation (typical invoice approval times reduce from 17 days to hours), but also the concerns AP teams may have with dealing with such dramatic change. We are extremely aware of the need to help AP teams understand the process and to feel comfortable with it.
Do you have any further comments to add to the panelists' observations? Have I missed anything? If so, please add them in the comments.
#DMAustralia23 #APTransformation #AI #MiningTechnology #Innovation #Collaboration #Partnerships