Credit to Author: Doug Warren| Date: Fri, 18 Aug 2017 18:23:51 +0000
Mega Trends defining the Future of Mining, Minerals and Metals
Today, we continue to see an increase in global consumption, as worldwide population growth together with upward trends in urbanization and industrialization has led to a robust increase in demand for commodities from the mining and metals industries.1 The industry plays a critical role in our live, it is estimated that each person uses more than 25,000 pounds of new nonfuel minerals on a daily basis.2 Minerals is process into everyday products- medicines, buildings, homes, electronic gadgets, etc. and these demands will continue to drive Mining, Minerals and Metals (MMM) industry.
Figure 1: World urbanization is expected to continue at a rapid pace.1
Which bring us back to… be it an upswing or downswing economy, mining companies are focused to maintain a sustainable balance sheet amidst the business challenges. Productivity still remains the top three concerns of many miners3 who are struggling to achieve long-term sustainable productivity improvement. Innovation is a key enabler of productivity improvement3, and 46% of the business leaders recognized the power of digital to drive innovation4, to provide the long-term competitive advantage for business growth. Now you see the correlation, let’s move on to how digitization positively impacts the mining operations.
Figure 2: Risk radar for mining and metals3
Digital Mining Transformation
Within the MMM industry, digitalization will be a force that transformed key aspects at every step of the value chain.
Here’s the finding on the real value miners are gaining from digital technology4:
- 64% of executives are satisfied with their digital investments.
- 47% of executives cited better operational performance
- 42% executives reported on operational/administrative cost savings
- 40% of executives saw better decision making process
Therefore, by enabling digital transformation and innovation in these four key mining operation pillars, an integrated mine operations is created to positively impact the bottom line:
With 82% of mining executives looking to digital technology to help them propel the business4, what does it means to you?
To gain further insights, join me for Digital Mining Transformation Webinar (August 30, 2017), as I share how leading mining companies are leveraging digital tools and capabilities to drive operational excellence, and succeed in this challenging environment.
1Mining & Metals Scenarios to 2030, World Economic Forum
2Do We Take Minerals for Granted?, U.S. Department of the Interior- U.S. Geological Survey
3Top 10 Business Risks Facing Mining and Metals 2016–2017, EY (2016)
4Digital in Mining: Progress And Opportunity, Accenture (2017)