Case Study | 08 October 2024
How a Mining Equipment Manufacturing Company Incorporated Mining Solutions & Successfully Mitigated Their Product Analysis Challenges?
Posted by : Shweta Singh
The leading mining equipment manufacturing company had been consistently offering mining and other services and had experience in building good partnerships with its consumers. The company had been experiencing a need to upgrade itself according to the latest market trends. This led the company executives to approach Research Nester for proactive solutions.
An overview:
- The company started its production of minerals, mining services, and products and become the largest pit-to-port provider of mining solutions. The business was going smoothly until the demand got high and materials, and minerals became less in quantity.
- The company continuously failed to identify the crucial aspects of the products that needed consistent evaluation. The company’s strategy was focused on delivering as per the supply and demand analysis. It unconsciously neglected the quality, sustainability, usability, and mutual compatibility of its products.
- With hollow land and less mineral, the company’s revenue suffered from loss and the company started to look for different business strategies and partnerships to survive their loss and improve their product quality and quantity.
- Finally, Research Nester was brought into the domain to facilitate a strategy for effective product analysis and help navigate the situation.
The Story
The company was established in 2006 to deliver quality minerals. The company made a huge supply and grew explicitly. The company provided mining services for iron ore and lithium. It became a significant supplier of mining solutions with advanced mining services such as crushing, processing, building strategies to bring consumers, and expanding the business to port services as well. To provide minerals of the excellent quality company invested in mining services but climatic changes occurred which affected the market of mining solutions. Heavy winds, unwanted rain, and natural disasters are all these factors are restrained the production. However, with the onslaught of the COVID-19 pandemic, the market trends changed drastically. The company did try to keep pace with the evolving market dynamics but the lack of domain-specific expertise failed in identifying vulnerabilities and ineffective product analysis. To complicate matters further, there were technology and mineral processing ways to produce on a large scale easily which reduced the cost of manual mining from mineralized rocks. This resulted in soil degradation, air contamination, rise in chronic diseases. All this started to drain the profits, margins, and resources as environmental life became a concerning factor. Research Nester analysts stepped in at this crucial time when the company was incurring losses and was finding it difficult to keep afloat.
Our Solution:
The major point of the company was faulty product analysis. Research Nester analysts suggested a change of strategy in crushing, processing, and supplying. The initial use of autonomous heavy equipment and then switching to eco-friendly equipment, will help the company to extract minerals at a low cost and will also reduce investment in electricity and machines. Reusing mining waste to provide mining solutions also will result in profitability. Research Nester product analysis suggests the company uses lower-impact techniques and reusing mining wastes to prevent the degradation of natural resources and produce quality products in the field to acquire a top position in the production of mining solutions.
The following strategies were suggested by RNPL analysts-
- Firstly, to clearly define the objectives regarding the functionality and analysis of the product.
- Secondly, to establish a dedicated and specialized team with adequate knowledge and skill to use technology without harming natural resources.
- Thirdly clearly outlining the methodology of product analysis and consistently and carefully evaluating and improving it as per the product requirement.
- Fourthly, establishing a well-structured and standardized analysis that covers all relevant aspects of mining solutions and minerals evaluation and their mutual compatibility.
- Fifthly, documenting the analysis of all products for future reference and better decision-making based on the analysis outcomes.
- Finally, evaluating the product from the user’s perspective, the experience and satisfaction a customer can achieve while using it.
The company incorporated the above strategies to finally achieve its targeted business objective.
Results
The company had impressive financial results in 2018 as it earned USD 272 million in profit. By the end of 2020, the company encountered minor problems in the business and production. The leadership of the company took the advice and suggestions offered by RNPL consultants to bring the business back on track. After re-planning and restructuring its product analysis strategies, the production and sales improved initially by 23% in 2022, which was noted to be 18% in the year 2020. Research Nester consultants used their experience and expertise to facilitate the incorporation of the right product analysis methodologies for the company. This way the company was able to build a prominent market position and create profitable prospects for future growth.
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