The Mining Industry in Australia-Free-Samples-Myassignmenthelp

Question: Analyze the Business Model Canvas of the Mining Industry in Australia. Answer: Introduction Australia has a large mining industry due to its large deposits of varieties of minerals. The oldest metal that is found in the country is Copper that is one of the most useful mineral used by humanity. The total amount of copper cover in Australia accounts for 6%, which has made the country the fifth largest copper producer globally. The industry has also continuously induced a large number of new technologies in order to improve their mining methods (Ivanova 2014). This paper focuses on the business model set up by the mining industry depending on augmented and virtual reality. Further, it will discuss about the technology trend linking to the realities. It will focus on the effect of the business model of the industry on the value proposition mainly viewing the customer segments and customer journey. Business model canvas Key Partners Investors Government Distributors Miners Customers Key activities Mining Surveying Reaching the ore Digging out the ore Melting the ore Distributing Value proposition Risk free environment to the workers Investment in research and development activities Continuous innovation Sustainable method of mining Good customer experience Customer relationship Maintain the data base Manage the customers through CRM Modifying the elements of mining according to the needs of the customers Customer segment Industrial customers Businessmen Premium customer base Niche market Key Resources Miners Mining ore Cost structure Cost of inputs Structuring the price of metals Revenue stream Price of the metals Cutting the cost Increasing productivity and demand Figure 1: Business model canvas Source: (created by author) The above figure represents a business model canvas of the mining industry of Australia (Dudin et. al 2015). It depicts the credentials that are crucial for the business. A company or the industry plans a new technology or methods to incorporate or just modify the existing methods through the process. Various credentials of a business are measured through this model such as the infrastructure of a business by analyzing its key activities, resources and partner network. The key activities of the mining industry are stated above such as mining, researching and developing. Further the other factors of infrastructure has also been analyzed under this canvas. The business model canvas is drawn to assist augmented reality and Virtual reality to incorporate in the business system. Depending on the business situations, key partners, technology and customer need the company can modify it via augmented reality in which it can induce digital innovation on the existing technology (Wu et. al 2013 ). The customer relationship management (CRM) can also be developed easily using augmented reality technique (Barfield 2015). Thus, augmented reality can solve the problems of mining industry such as unskilled workers, pricing problem, reduction of risk, distribution channels and reduction of mining cost. Technology analysis Technology is yet another important factor in a mining industry ecaus eut is through good technology the industry can carry out its mining activities actively and safely by offering a risk free environment to the workers. Moreover, the technology also helps the industry to offer its products to the customers through multichannel system. In technology, too the industry can induce augmented reality by imposing digital information over the existing distribution channel and manufacturing methods (Biocca and Levy 2013). In developing the technology the industry must first need to analyze the promise gap visible between the employee and the company and customers and the company. Any gap between them will not allow the industry to take up successful innovations. The company can use augmented reality in their data mining activities for effective CRM and share message with the employees about the complexities of the machines used. This will help them reduce the promise gap available between t hem. Data mining process can be conducted by forming a database where the company can modify their supply according to the needs of the customers. The employees can also be trained via presentation about the use of machineries. Thus, the industry will turn the complexities of the real world into a virtual one. Moreover, virtual reality can also be used by the industry to show the customers the structure of the metal that they will be getting (Earnshaw 2014). They can present the metal design and forms in a digital framework and show it to the customers. By doing this the company will bring a false world into a real one. Both can be done by imposing virtual world about the metal. Figure 2: promise Gap Source: (Evans 2016) Alignment of business model The main customer segment of the mining industry is the industrial customers that manufacture things from those metals such the jewelry makers, construction businessmen and the government (Kilara and Rhyne 2014). Thus, it can be seen that the customers of the industry are mainly premium and big customers. The industry targets the niche customer base that earn huge amount of revenue for the industry. The industry targets such customers because the products that it produces through the mining activities are valuable for such customers. They are usually big businessmen and invest a lot on these metal to increase their revenue (Muhtaroglu et. al 2013). The customers of the industry have to pass through a series of channel to get the product. The channel can be Omni channel or multi channel distribution. Thus, the experience the customer gets from buying the products of the industry can make them feel positive, negative or neutral about the mining industry. Thus, a gap arises if the industry fails to achieve the targeted impression on the customer. The customer journey of a mining industry is the agents, distributors, retailers and the online portals. Thus, the industry has to make sure the experience of the customer is positive in all these stages. The company can use the online channel to distribute their products, which will reduce the chance of failure in increasing value proportion. Figure 3: Distribution channel Source: (Creation of the author) Recommendation Analyzing the business model canvas and the technology and customer trend of the mining industry it can be recommended that (Joyce. and Paquin 2016): The industry can use augmented reality in their technology sector such as maintain the data base the modeling the customer needs It can use augmented reality in training the complexities and risk in using the machineries in the mining sites It can use Omni channel system reduce the complexities in the distribution channel and make the journey easy for the customers Modify the cost structure of the company to increase profit To offer a safe environment to the workers and the economy it is operating by sustainable development of technology Conclusion Thus from the above analysis it can be deduced that the company can benefit a lot from the business model canvas. The business model canvas presented above about the mining industry of Australia shows the key partners, value proportion, technology, customer segment and other important factors. It is through these factors the industry can incorporate the augmented reality and virtual reality concepts. This will help the company to reduce the gap that occurs between the industry and its customers and employee. This will also help the company reduce its cost structure and maintain high profit margin in future. Further, the company to solve all its issues can also effectively use the concept of virtual reality and augmented reality References Barfield, W. ed., 2015.Fundamentals of wearable computers and augmented reality. CRC Press. Biocca, F. and Levy, M.R. eds., 2013.Communication in the age of virtual reality. Routledge. Dudin, M.N., Kucuri, G.N., Fedorova, I.J.E., Dzusova, S.S. and Namitulina, A.Z., 2015. The innovative business model canvas in the system of effective budgeting. Earnshaw, R.A. ed., 2014.Virtual reality systems. Academic press. Evans, H 2016, Experience Architecture: Testing the limits of Design Thinking, [Web], FromHereOn, USA, https://www.fromhereon.com/resources/experience-architecture-whitepaper. Ivanova, G., 2014. The mining industry in Queensland, Australia: Some regional development issues.Resources Policy,39, pp.101-114. Joyce, A. and Paquin, R.L., 2016. The triple layered business model canvas: A tool to design more sustainable business models.Journal of Cleaner Production,135, pp.1474-1486. Kilara, T. and Rhyne, E., 2014. Customer-Centricity for Financial Inclusion. Muhtaroglu, F.C.P., Demir, S., Obali, M. and Girgin, C., 2013, October. Business model canvas perspective on big data applications. InBig Data, 2013 IEEE International Conference on(pp. 32-37). IEEE. Wu, H.K., Lee, S.W.Y., Chang, H.Y. and Liang, J.C., 2013. Current status, opportunities and challenges of augmented reality in education.Com