With increased IT/OT integration, resolving data security concerns is high on miners’ agenda
Four of five mining and metals companies expect to increase their spending on digital technologies over the next three years.
Whereas, more than one-quarter (28 percent) planning significant investments and almost half (46 percent) citing digital as the biggest contributor to innovation.
The new research from Accenture, reveals that executive and their companies have applied and will continue to apply digital technology over the next three to five years predominantly in mine operations, but also in exploration, mine development and other areas.
Most of the investments in mining operations target robotics and automation, named by 54 percent as a top spending area, along with remote operating centers, drones and wearable technologies, each at 41 percent.
The Digital Technology in Mining report shows that the convergence of information and operational technologies (IT/OT) and adoption of cloud computing are advancing the digital agenda, prompting the need for more-stringent cybersecurity measures.
“Our research confirms that mining and metals companies are investing in digital led innovation to help them improve operational efficiency, and address issues such as rising capital as well as compliance costs,’ said Sandeep Dutta, Managing Director and Lead, Resources, Accenture in India.
Organization-wide, the most often cited benefit from current digital technology investments was improved workforce productivity, driven most by mobile/tablet devices (32 percent), automation of mobile and/or fixed assets (30 percent) and simulating physical environments (30 percent). Cost savings across the organization ranked lower as a benefit than improved workforce productivity in general.
However, digital transformation could actually unlock USD $190 billion in value industry wide over the next 10 years, according to an analysis by the World Economic Forum with Accenture Strategy: “Mining and Metals Digital Transformation and the industry’s ‘new normal.’”
Overall, almost all executives (97 percent) said they were satisfied with their digital investments over the past 12 months, with almost two-thirds (64 percent) ‘relatively satisfied’ and one-third (33 percent) ‘extremely satisfied.’
The survey was successfully commissioned with aligning almost 200 mining and metals executives and functional leaders worldwide.