We argue that information and knowledge are key levers for enhancing productivity and maintaining the competitive edge in the resources sector. The key drivers for information and knowledge management (IKM) in the resources sector are cost reduction, maintaining licence to operate and connecting skilled workers throughout the business. These enable growth, productivity and optimisation across the value chain, in turn delivering global capability and competitive advantage.
Let's look at that more closely.
The first key driver is Compliance - maintaining license to operate. Regulatory regimes worldwide continue to increase in severity and complexity. For resources companies to extend global reach, understanding local requirements and maintaining license to operate will remain key requirements and very significant challenges. Environmental regulations are increasingly stringent. The pressure to comply with them and to report on adherence is greater than ever. Tracking, managing and reporting on compliance relies on effective information and knowledge management.
The second key driver is Cost – becoming more efficient and growing the margin. Despite increasing profits in the resource sector, costs continue to rise. In a demanding fiscal environment, controlling costs across the value chain will remain critical for resources companies. Optimising asset management is a key lever for doing this. Tracking assets and their performance more precisely enables improved maintenance, reduced failure rates, more efficient asset utilisation and ultimately reduced costs. This is enabled by improving the availability of information and embedding knowledge about the business's key assets and best practice for their use. ICT costs can be reduced by identifying key information assets and managing them consistently and effectively throughout the information lifecycle. More targeted, consistent and effective information management will reduce the demand for systems, storage and network capacity.
The third key driver is Connectivity - addressing the talent gap and enhancing employee productivity. There is greater demand for talent and skills than ever before in the resources sector. Competitive advantage is gained by attracting and retaining staff and exploiting their knowledge and experience. Resource companies must enable employees to connect across time and distance so that they can share knowledge, learn from each other and innovate. Growth and globalisation will demand new employees, who will speak different languages and have varied perspectives and levels of skill and experience. They must be integrated and connected to the global workforce. Resources companies will need to develop cultures that promote collaboration and to support skilled employees through structured and progressive approaches to managing and exploiting their information.
Productivity for resources companies depends on getting the best out of employees by enabling them to connect, share, collaborate and become more effective in their roles. Many resources businesses have effective information management processes in place already and are reaping the rewards.
These drivers, then, enable resource companies to achieve growth and shareholder value in fiercely competitive global marketplace.
