Future-proofing is the process of anticipating change and adapting to minimise negative impacts, while taking advantage of the benefits. So, what does the future look like for mining?
Market trends show digitalisation and automation are being implemented on a large scale across mining for their ability to enhance operational efficiency, reduce costs, and improve decision making. A recent survey reported 100% of mining company decision makers said technology and innovation were ‘critical’ to their organisation’s survival.
As technology advances, operators will continue to benefit from the efficiencies that technology provides, but staying ahead of the technology curve is a challenge. Keeping informed about market trends and upcoming technologies, will help operators determine which technology they should be investing in.
Drawing on insights from current industry data, these are some of the top technologies that are leading digital transformation in mining:
The Internet of Things ((IoT) a broad term used to refer to devices that communicate with each other and exchange data and information) market is expected to surpass the $1 trillion mark by 2024, and there has been a boom in mining IoT jobs globally – an important indicator as to where the market is expanding.
Data is king and the implementation of IoT applications designed to gather and analyse data will continue to surge. Those organisations that are able manage all the models, systems, and applications, will profit the most.
Global mining companies are increasingly hiring for roles working in new technology including AI. AI is one of the core technologies assisting businesses to scale up. According to the latest report by Research and Markets, AI is expected to achieve a compound annual growth rate of 52% by 2025 – evidence of its rapid adoption by global businesses.
AI deployment in mining is in its early stages, but it’s the technology that represents the biggest growth opportunity for organisations.
A recent report found analytics and cloud-based platforms were the top technologies currently being deployed by mining organisations around the world. While productivity is the top driver for technology deployment, there is an increasingly important strategic focus on managing and monitoring ESG (Environmental, Social and Governance).
This requires operating systems that facilitate visibility, accountability, and collaboration between departments. Cloud-based platforms allow teams to collaborate with ease and use economies of scale to give people access to better resources than ever before.
What’s Stopping You?
Axora indicates that the biggest ongoing barriers hindering the adoption of digital transformation technologies, include:
Axora’s Innovation Director, Joe Carr, suggests that there isn’t enough knowledge across organisations about what solutions are available to help.
To overcome these barriers, it’s important to work with partners that offer tried and tested solutions that are tailored for the unique challenges of outdoor environments. Implementing solutions that fail to optimise the benefits of digital tools, could create inefficiency, increase expenditure, and result in failed ROI.
NB Industries have been working with digital technology on mine sites since 2016 – installing, deploying, and supporting some of Australian mining’s first autonomous fleets, Fleet Management Systems (FMS), and remote wireless networks. Focusing on the deployment of new technology and automation for the future, NB Industries is aligned with respected and progressive partners such as 3D-P, Sorba, Stoneridge-Orlaco, and more, that add value to clients Australia wide.
NB Industries are using their niche expertise to implement purpose-built solutions designed around Australian site environments, applications, and future technology requirements.
Contact us today to find out how we can assist you with the right digital solutions to help future-proof your operation.