Transparency Market Research
Mining Production Accounting Solutions Market - Overview
Production accounting solutions monitor the operations in the mining industry in real-time. Production accounting solutions streamlines data capture and provides accounting & data validation techniques and structured processes for change control in the mining industry. These solutions facilitate efficient and accurate reporting of production and inventory information for better decision making. They adhere to the corporate governance guidelines related to the transparency of information and procure production data from various sources such as inspection data and data from information management systems and provide data audit trails, web log sheets, validation routines and multiple processing routines. Production accounting solutions facilitate risk management, timely and accurate recognition of revenue, reduction in unaccounted losses, production performance measurement, improved production planning & forecasting, and increased accuracy in matching production costs through accurate monitoring, reporting and analysis of data generated in the mining industry production environment. Production accounting solutions help companies in the mining industry achieve operational efficiency.
Mining Production Accounting Solutions Market – Drivers & Restraints
Traditional methods of management and reporting in inventories using spreadsheets and manual processes causes time lag in reporting and gives inaccurate information. Mining companies are focusing on accurately reporting the true state of the company’s financial health to remain competitive and also to comply with legislations such as Sarbanes-Oxley Act. This drives the need for accurate calculations and reporting throughout the mining industry lifecycle and thus the need for Production accounting solutions which makes data in inventories continuously available through a consistent and efficient information management process. Use of spreadsheets and other manual processes to manage key production information restrains the growth of the mining production accounting solutions market in the mining industry. However, wide variety of data types are not covered in these generic production information management systems; thus, the restraint is expected to have less impact on the mining production accounting solutions market over the forecast period and the market if expected to flourish. Production accounting solutions save data deriving time, facilitates accuracy, auditability, and provides long-term trend analysis of performance optimization initiatives. Leading mining companies are adopting Production accounting solutions to gain real-time visibility of their inventory to maximize throughput, improve recovery, reduce losses, and facilitate better decision making to improve profitability.
Mining Production Accounting Solutions Market - Segmentation
Production accounting solutions are helping to link production and finance departments of the mining industry. Production accounting solutions includes batch tracking engine, statistical mass-balancing algorithm, and flexible calculation engine for analyzing and delivering accurate information. Increasing focus on operational excellence and thus the digitization of operations in the mining industry is driving the Production accounting solutions market. Legislations such as Sarbanes-Oxley Act, 2002 and AMIRA International P754 enforces transparency in the production environment and fuels the growth of Production Accounting Solutions.
Inventory management is the key application area of Production accounting solutions in the mining industry. The global mining production accounting solutions market is segmented on the basis of application and region. In terms of application, the market is segmented into exploration, development, and operations. Development application segment which includes inventory management, asset maintenance, and human resource management is the key segment driving the mining production accounting solutions market.
Mining Production Accounting Solutions Market - Key Players
On the basis of geography, the mining production accounting solutions market is segmented into North America, Asia Pacific, Middle East & Africa (MEA), South America, and Europe. Key players in the mining production accounting solutions market include Schneider Electric SE, ABB Inc., Honeywell Process Solutions, General Electric Company, Caron Business Solutions Inc., and P2 Energy Solutions. Players in the mining industry remain competitive knowing their strengths and weaknesses using Production Accounting Solutions. Gaining knowledge about the production environment through these solutions empowers decision-making in the organizations.
MRR.BIZ has been compiled in-depth market research data in the report after exhaustive primary and secondary research. Our team of able, experienced in-house analysts has collated the information through personal interviews and study of industry databases, journals, and reputable paid sources.
The report provides the following information:
The main aim of the report is to:
MRR.BIZ is a leading provider of strategic market research. Our vast repository consists research reports, data books, company profiles, and regional market data sheets. We regularly update the data and analysis of a wide-ranging products and services around the world. As readers, you will have access to the latest information on almost 300 industries and their sub-segments. Both large Fortune 500 companies and SMEs have found those useful. This is because we customize our offerings keeping in mind the specific requirements of our clients.