In a challenging mining market, the digital transformation of mining organizations has become a business imperative and leveraging technology to improve processes aligned to value.
FREMONT, CA: For mining organizations, small enhancement in yield, productivity, and utilization can have an extraordinary impact. Industry 4.0 brings advanced analytics, the internet of things, automation, machine learning, and robotics. This has delivered significant savings in mining. Enhanced quantities of data, cheaper computing, and the spread of connected devices can benefit mining businesses. Below given are some of the reasons why leveraging technologies help the industry in abundance.
The initial advantage to mention is the vast performance improvements, especially for line workers and supervisors in tough mining conditions. Digital technology can enhance employee safety, provide operating transparency, and provide quicker decisions. It also attracts a more diverse and talented workforce. The company management and supervisors can exchange real-time information about the production, adjusted work plans, and emerging safety hazards to improve overall performance. Fatigue-monitoring devices can prepare the operators and supervisors when drivers need rest even before the accidents occur.
The next advantage is better handoff through enhanced transparency across the full value chain. Mining supply chains include interdependent systems from pit to port to market so that real-time transparency can provide better decision making and maximized margins. Technology and a single source of data truth across an entire company can help to rapidly tailor its plans and schedules to balance inventory needs, enhance blending, and minimize demurrage costs.
Last but not least, data-driven insights from technology implementations help the business leaders to understand their businesses better. Mining companies generate a major amount of data, but most use less than five percent of that data to capture real value. The companies are proving the value of harnessing existing data. For example, several use advanced analytics to enhance component lifetime, minimize inventory, and forecast bottlenecks. To improve recovery while reducing costs, companies apply similar analytics to key processing steps.
At present, these problems can be alleviated and eliminated in some of the cases. By embracing technology-enabled operations, the mining industry can significantly improve its productivity, costs and the well-being of its workers. Mining companies that successfully navigate this shift today will win tomorrow.
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