Mining organizations stand to benefit enormously if they can realize the productivity potential of their assets. The critical factor is how effectively they utilize the abundance of asset data available to them.
Below is an excerpt from our 24 page Mining Insights eBook: ‘The Path to Mining Productivity‘.
Mining companies are currently experiencing an ‘explosion’ in the amount of asset data they have at their disposal. But their ability to extract valuable data insights that can deliver game-changing asset productivity gains can often be severely constrained by siloed technical architecture and outdated processes.
The mining sector can learn a great deal from asset-intensive organizations in other sectors that are extracting maximum value from their asset data. These innovative organizations understand that integrating data sources and capturing asset performance insights can not only yield productivity benefits and ensure profitability but can also help them achieve ESG goals and secure future growth.
What these organizations have in common is a tried-and-tested asset management solution that puts data at the center of their organization’s operations.
Why a Common Data Environment is essential
When an organization establishes a Common Data Environment (CDE), they can capture data insights from a ‘single source of truth’ that asset and reliability managers and members of other departments can rely on to analyze, interpret and act upon. A CDE essentially creates a common language between integrated systems and enables information to flow freely and easily between them.
When an organization’s Enterprise Asset Management (EAM) platform is underpinned by a CDE, the right data is delivered to the right decision maker at the right time. Establishing a CDE is the essential foundation that allows organizations to optimize the performance of their assets.
With data made central to an organization’s asset management operations, it becomes possible for that organization to achieve digital asset management maturity. Reaching this state means an organization has made the successful transition from a scheduled or reactive maintenance model to an optimal predictive maintenance model.
How an integrated Asset Information Ecosystem can bolster mining productivity
The good news is that mining organizations can implement an EAM platform that integrates with their existing Enterprise Resource Planning (ERP) platform to enable them to achieve a predictive maintenance model. This EAM platform becomes part of an integrated Asset Information Ecosystem and is supported by real-time, data-driven insights that equip asset decision-makers to minimize unplanned asset downtime, optimize asset productivity, work towards ‘Zero D’ and almost completely eliminate asset failures.
The ecosystem approach to EAM enables organizations to make better asset lifecycle decisions and streamline efficiencies in inspections, maintenance, repairs and improvements. The productivity gains they derive from reduced maintenance costs and reduced lost time to equipment failure can significantly boost their competitiveness and maximize their profitability.
Towards greater asset intelligence
The COSOL group has extensive experience assisting asset-intensive organizations to reach their asset performance potential. We work closely with organizations in the mining sector, and other sectors, to help them realize their strategic objectives by bringing together their technologies, data, people and processes as part of an Asset Information Ecosystem attuned to their unique operations. Plus, we assist them to accelerate changes so they can achieve faster ‘time-to-value’.
We begin by establishing where an organization is on their path to digital asset management maturity and what technologies, processes and strategies they need as part of their Asset Information Ecosystem. We then help them build a roadmap consisting of sequential stages, each of which delivers productivity benefits, establishes new asset information capabilities and sets new business standards once each milestone is reached.
By the time an organization attains digital asset management maturity, their data and systems are integrated and improve continuously over time.
Positioning mining organisations for growth
Exciting advances in data capture, advanced analytics, Machine Learning, Artificial Intelligence (AI) and the Internet of Things (IoT) mean asset and reliability managers can now make smarter and fact-based decisions about their organization’s assets. The result is that mine operators can maximize the useful life of their assets, reduce asset downtime, minimize inventory stores and unlock productivity gains.
As the leaders of forward-thinking mining organization understand, reaching a state of digital asset management maturity doesn’t just offer a technology opportunity, it offers a compelling business opportunity.
Download the Mining Insights eBook
Learn more about how mining organizations can extract maximum value from their assets and increase productivity through digital asset management maturity.
Download the full 24 page eBook: ‘The Path to Mining Productivity’ now.
