The digital revolution is changing the way we think about mining just as the industrial revolution did
The industrial revolution drove fundamental change in the mining industry resulting in productivity improvements largely as a result of ‘bigger and better’ equipment. However, this productivity improvement plateaued over a decade ago. According to McKinsey research, mining organisations are approximately 28 percent less productive (adjusted for declining ore grades and mine cost inflation).
The industry now faces its biggest challenge since the industrial revolution largely fuelled by the scarcity of commercially viable assets, increasing cost pressures and an evolving political or nationalistic agenda. Fuelled by the commoditisation of technology we are witnessing a ‘data explosion’ and mining organisations are grappling with how to leverage this data to drive step change in productivity improvement. We refer to this industry intersection as the digital revolution.
The new frontiers to productivity and market competitiveness in mining includes advanced analytics and automation, remote data capture and analysis, machine learning and artificial intelligence. Future mining operations will look different to even the most sophisticated of today’s mining ventures.
Successfully navigating this environment requires an experienced and trusted partner. At COSOL, we’re experts at unlocking asset potential. Whether it be the opportunities in your existing asset management systems, your underutilised and undervalued data or the digital representation of your physical assets, we thrive on complex asset management challenges.
We have a recognised name in the mining industry, with an impressive record partnering with mining organisations to optimise asset performance and provide insight, advice and solutions for business process improvement across operations, maintenance, logistics, finance and human resources. Our improvement initiatives are based on data facts not people’s perspectives, cutting straight to the chase of data-driven business improvement.
The COSOL difference is that our people are business people that have real world operational and field experience, that understand technology. Not technologists that only understand products.
How will you address the challenges and opportunities in your mining business?
Talk to our specialists about partnering with COSOL to reduce risk, improve efficiencies and lower operational costs in your organisation. Find out more about how we can assist with Advisory Services, Enterprise Asset Management, Enterprise Data Management Services and Managed Services.