Using Data and Driving Profits in Mining Metal and Materials Industries

Balanced Scorecard is a model for managing a business; it was introduced by researchers Kaplan and Norton in early 1990's to facilitate decision making and influence four areas:

1) Financial/Stewardship (financial, resource use, sustainability, and corporate social responsibility, stakeholder engagement, etc.)
2) Internal Processes (health and safety, efficiency, quality, etc.)
3) Customers (retention, percieved value, satisfaction, etc.)
4) Innovation and Learning (HR, technology, culture, etc.)

The goal with a balanced scorecard approach is to use business strategy to drive business actions. While many industries have applied it, mining has had only mixed results with it, and is not as widely used in mining, metals, and materials as in other sectors. Given historical and recent challenges the mining, metals, and materials sector has faced, the next five to ten years could very well be the right time for the industry to get the most from the balanced scorecard approach.

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