A recent paper from the World Economic Forum and Accenture estimates digitization could bring more than $425 billion of value for the mining industry, customers, society and environment over the next 10 years (to 2025). With opportunities this lucrative, it's vital not to be left behind.
Mining has traditionally been slow to adopt new technologies due to the scale and complexity of its operations, and the heavy costs that come with change. And, they're not doing a lot with the digitization that already exists — according to McKinsey and Company — in some cases, miners use less than 1 percent of the data collected from their equipment.
With many other industries already embracing the digital revolution, mining has recognized the potential of digital and technology innovations that could transform and invigorate the industry and is starting to more quickly catch up.
Smart digitization can help to break down operational silos of the supply chain. This end-to-end visibility enables better decision-making, increases asset reliability, and improves people and process efficiency. These advantages are impossible for any future-facing company to resist.
How do you start to transform such a massive industry with such long-range project life cycles?