Mining
NetSuite Solutions for the Mining Industry
Mining companies face challenges with outdated tools and legacy systems that hinder operations, fail to align with streamlined processes, and lack integration with essential technologies. To succeed, they require a robust, adaptable tech stack to meet evolving demands, provide critical insights for construction and operations, and ensure compliance with internal control standards for publicly traded companies.
NetSuite, combined with CrossCountry’s deep industry expertise and leading practices, provides mining companies with a modern technology stack designed for enhanced functionality during each mining phase. NetSuite addresses standard mining requirements, ensures smooth implementation, and equips teams with the tools and insights needed to navigate the unique demands of the mining lifecycle.
Functionality and Modules
Mining Phases
NetSuite can be utilized throughout all phases of the mining lifecycle, from feasibility and construction to ongoing operations. Its unique functionality and flexibility enable the platform to adapt seamlessly to the specific needs of each core stage. Feasibility studies in NetSuite can be tracked using the SuiteProjects module to get deep insights into cost codes, budget, and actual expenses. The construction phase can incorporate complex approval workflows and budget tracking as well as vendor engagement. The operations phase can provide deeper insights into maintenance needs and inventory for both employee and contract mining operations.
Project & Budget Tracking
Efficiently track feasibility studies and internal initiatives using the SuiteProjects module and requisition functionality. Cost codes and contract numbers help monitor expenses accurately across specific projects or within various work breakdown structure (WBS) cost codes during the construction phase.
Procurement & Approvals/Controls
NetSuite provides advanced procurement approval processes and robust internal controls, ensuring precise spend tracking throughout every phase of mine construction. Its streamlined requisitioning and centralized procurement workflows integrate vendor contracts, financial approvals, and releases for efficient large-scale spend management. The platform also supports vendor prepayments and milestone-based payments aligned with construction timelines, enhancing operational efficiency and financial oversight.
Project Tracking & Construction In Progress
During the construction phase, leverage tailored NetSuite functionality to automatically journal costs into construction-in-progress accounts with accurate segmentation at month-end. Access detailed expense data and track information by code, while seamlessly integrating with common project cost systems like PRISM or similar.
Inventory & Stock Requests
NetSuite’s real-time inventory visibility enables the approval of consumption requests from the warehouse, controlled fulfillment, and allocation of inventory for specific stock needs. Utilize tools for managing consignment inventory and tracking lead times for replacement items.
User Roles & Dashboards
Prepackaged user roles with purpose-built dashboards are tailored to the mining industry, featuring preset internal control reviews and segregation of duties. These dashboards include customized searches, reminders, reports, and graphs designed specifically for mining operations and related roles.
Integrations & Localization
NetSuite can be localized to meet country-specific requirements for mining organizations operating abroad. Leverage the platforms localized reporting capabilities for statutory compliance and integrate with central bank exchange rates or local payment file formats to streamline vendor payments.