Many companies have made substantial investments in a range of back-end technology systems.
FREMONT, CA: Miners need to modernize many legacy systems and migrate to a digital one raising an array of considerations around moving to the cloud while adopting sound cyber risk strategies and choosing the best approach for modernizing their core system. This digital era has provided mining companies with a substantial opportunity to innovate, decrease cost, enhance productivity, better safety performance, and realize operational efficiency improvements. Unlocking these benefits might be easier said than done, given the industry’s ongoing reliance on legacy back-end technology systems.
Core modernization has been considered to solve the problem of how companies with investment in legacy systems can gain more value from these systems by making them a foundation for new disruptive innovations. Core modernization includes creating a roadmap for building a next-generation enterprise resource planning (ERP) core instead of incorporating rather than merely allowing digital, cloud, and other macro forces.
With major ERP providers rolling out the next-generation platforms formulated to allow real-time transactional processing and data analysis, mining companies are witnessing an ardent need to update their ERP systems and make choices to host their data on-premises or in the cloud. Here are a few approaches that must be considered by mining companies for core modernization.
• Revitalize: Piling up new capabilities to boost stable underlying core processes and data. This can account for enhancing usability with digital solutions that betters employee engagement, endorsing visualization suites to augment data analysis, or introducing cognitive techniques to strengthen reporting and support predictive and prescriptive analytics.
• Replatform: Includes upgrading platforms via technical software updates, upgrades, and migration to modern operating environments such as cloud platforms, in-memory databases, and virtualized environments.
• Remediate: Tends to internal complexities of existing core implementations. This could involve reconciling master data to ease the business processes and introduce single views of critical data, rationalizing custom extensions and bespoke solutions to simplify system maintenance, or integrating disparate systems to streamline data sharing with external partners.
• Retrench: Take no action, which can be regarded as strategic as long as it’s an intentional choice. The crucial element is to weigh the risks and intimate the stakeholders before taking this route.