Caterpillar Venture Capital Inc., a subsidiary of Caterpillar Inc., announced its investment in Alight, Inc., a software as a service (SaaS) technology company that develops industry-specific solutions for financial forecasting and scenario analysis. The software is made up of modules that are designed for different industries, and mining is one of the first two target industries. Caterpillar began discussions with Alight Mining Solutions to help mining companies make more real-time business decisions by combining data from technology-enabled machines with financial forecasting software. Alights cloud-based products allow users to pull data from other systems and quickly run multiple scenarios to facilitate financial decision making and create financial forecasts.
Were always looking to invest in new ways that could help Caterpillars customers improve their profitability, especially through the use of technology, says Jim Hawkins, managing director of mining technology for Caterpillar, in a press release. Alights technologies can allow our customers to see the financial impact of a machine or technology purchases, as well as operational decisions, before theyre made.
We are thrilled to partner with Caterpillar and help bring new levels of innovation to the global mining industry, says Michele McGovern, CEO, Alight, Inc., in the press release. Caterpillars technology is making huge quantities of rich information available to its customers, and our intention is to combine this data with Alights solutions so that data can be used to drive decision making to find greater profits and opportunities for growth.
Alights mining offering was developed by mining industry experts, specifically for mining customers. Combining Alights software with Cat MineStar will allow production data to be viewed in the context of financial information, helping miners make assessments at the site level and analyze strategic opportunities throughout the enterprise.
Our mining customers make decisions on very large capital investments, in market conditions that are constantly changing, Hawkins adds in the press release. We believe that the solutions we are looking to develop with Alight could help them better understand the impact of these decisions on production and operations, as well as on profit margins and cash flow.
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