JV Article: Stockholm Precision Tools unveils its new corporate identity

On Mar. 2, Stockholm Precision Tools (SPT) launched a new corporate identity to reflect its significant structural changes and its commitment to environmental, social, and governance (ESG) issues. 

The company, founded in Stockholm in 1996, is the leading global designer and manufacturer of borehole survey tools. Starting in the oil and gas sector, it has expanded its operations to serve the mining, civil engineering, and geotechnical industries, and has become a prominent player in the mining industry by adapting technology from the oil sector. Now, it’s ensuring that ESG principles are prioritized in every aspect of its business.

“All the way from where we source our minerals to how we deliver value to our customers, in every step of this chain we are infusing ESG and offering sustainable and responsible solutions to our customers,” says Eric Estrada, global marketing and sales manager. “We are also transforming all digital processes, restructuring, and implementing new standards.”

The changes will improve productivity and sustainability, and streamline product offerings.

“Regarding ESG, we are changing our directives, the resources that we buy, and who we buy them from. We will be implementing different processes to ensure that these metals were sourced in a responsible way. In the future we will prioritize doing business with companies that have similar values,” Estrada says. 

SPT prioritizes the safety of employees, customers and improving the local communities where it operates.

Other ESG initiatives will transform how value is added in all corporate processes, including post-sales customer and technical support. This impacts operations, outbound logistics, marketing and sales, and customer service.

Another change is a new vision expanding their offerings into other energy industries. “Our vision is groundbreaking for SPT. In the past we were just focused on reaching market cap in the same industry. Now we are thinking as a technology company, and we can develop tools, technology and software that can be used in different parts of the energy sector. Perhaps we’ll be a key player in the energy transition,” Estrada says.

The company is enhancing its standards including QHSE and ISO and integrating lean manufacturing to improve efficiency. New reporting tools and automation software are being implemented to simplify processes and improve safety.

“One of the changes in our processes is how we consider all the different stages that our commercial processes take. Like offering services. So now we document and coordinate every single stage in an orderly way. At any moment in time, we can go back and find out exactly what happened in each stage, and see how long something is taking,” Estrada says.

For example, before the company implemented a quality, health, safety and environment (QHSE) policy, employees could simply borrow a company vehicle. Now they must fill out a request form electronically. If their trip is more than 50 km away, they must indicate their destination. The company calculates the time the trip will take and considers safety features including personal safety equipment.

“We have always complied with ISO9001 standards for quality control and ISO14001 for environmental. Now we will also follow different international ISO standards that go beyond what companies are requiring. This will allow us to deliver more value in less time to our customers,” Estrada says.

“Last time we did 14001, we opened a dedicated department leading QHSE in each department. For the previous ISO9001 audit, we tried to go beyond the requirements. Following the standards is so much better, it saves time and resources and helps you understand what you’re doing well and not so well. It’s an investment at the beginning, but it actually saves time and money in the long run.”

SPT has been using Agile methodologies for software and production stages, and now is adding lean manufacturing. The Agile methodology is a project management system that breaks projects into several phases involving planning, executing improvements and evaluation.

Agile holds four values: individuals and interactions over processes and tools, working software over comprehensive documentation, customer collaboration over contract negotiation, and responding to change over following a plan.

The company is also adding lean manufacturing into its processes to maximize productivity while minimizing waste in manufacturing operations. “The company is also streamlining its operations. For example, if a product is difficult to produce, is not urgently needed and is not impactful, it will be discontinued,” Estrada says.

An online training platform called SPT Academy is now offering training for employees. The platform features multimedia courses providing company certifications.  Courses for customers will eventually be offered.

Currently the company has about 100 employees globally and is planning on hiring around 25 more people across its 14 divisions. “While some offices are working really well, in others some employees are overworked, and we want them to be more relaxed, happy, and have more spare time. We want to do more team building activities,” Estrada says.

SPT’s updated logo retains the same colours while adding a new typeface and including four distinct components that symbolize its values. First is the Old Tjikko, a 10,000-year-old tree symbolizing longevity and the environment. The second component is snowy mountains, representing consistency and the commitment to attain goals. Precision is represented by two intersecting perpendicular lines. Lastly, an arrow pointing north unifies the elements and represents growth. 

SPT products

Several of SPT’s mining products use gyroscope technology for accurate borehole drilling and placement, including the GyroMaster, GyroLogic, GyroScout, GyroGamma, and Gyro RigAligner.

Other products include the Core Master, a digital core orientation device that works with any diameter; and MagCruiser, an affordable magnetic measurement tool which works in harsh mining conditions from -4°F up to 140°F and is one of the most precise tools on the market.

In addition, SPT’s SmartCloud application keeps track of survey data in real time from any device and is compatible with all of its tools.

The preceding Joint Venture Article is PROMOTED CONTENT sponsored by STOCKHOLM PRECISION TOOLS, and produced in co-operation with The Northern Miner. Visit www.sptab.com for more information.