What Can Mining Companies Gain from Data-Driven Insights?

The mining industry today has a wealth of data from operations. This includes data related to equipment performance, resources, quality, fuel consumption, and many more. Most mining companies have implemented some form of reporting, but wonder whether it is the right time to dive into the proof-of-concepts of machine learning. Many do because they assume these experimentations are unable to scale, too complex to manage, or do not provide the desired benefits.

The fact is, using data-driven insights to drive value is giving top miners a competitive advantage and helping to optimize core mining functions including exploration, mine planning, resource allocation, and fleet management. With data playing such a pivotal role in the mining process, the ability to collect, process and manage data becomes a crucial task for mining companies.

To fully achieve the benefits from data in the long run, a structured approach is important for maturing mining companies to derive insights from data for decision-making. Here’s why.

Big Data = The Decisive Transformer

Big data is a decisive ally in handling and solving concerns that face mining companies today. Despite the huge amount of data analytics in mining, underinvestment in the technology puts the industry behind others when it comes to unlocking its value. Big data is driving many use cases that could transform mining in a powerful way, and the key is to find the most valuable data, find out where it could impact the most, and utilize it for competitive gains.

Ensures Operational Security and Safety

Through capturing operational, sensor, and personnel data, big data analytics gives actionable insights that are based on real-time monitoring of people in mines such as temperature, and the environment such as gas concentration or dust. Big data analytics also allows monitoring equipment and on-site risk determination to ensure safer operations.

Faster Decision-Making for Increased Output

Data-driven insights enable autonomous decision-making based on real-time information across every function. This will improve the quality and pace of decisions, resulting in faster benefit deliverance. For example, using sensors and machine learning algorithms to automate data feedback can optimize mining fleet capacity schedules, which can increase the output by 30% in six months.

Smarter Procurement

A system that is data-driven makes it easier to manage, monitor, and operate present and future requirements of services and spares, and optimizes spare parts inventory. Data analytics also makes negotiating price and spend analytics faster and more efficient while lowering overall procurement expenses.

Get Insight Towards Every Performance Parameters

Mining companies are now working on how to leverage an intelligent automation infrastructure in the best way possible and the huge data it produces. The reason is big data will give access to reporting and trending tools, providing insight towards performance parameters as a result. Mining companies can utilize the information to determine opportunities to minimize variability, lower costs, and boost productivity in operations across the supply chain.

It is important for mining companies to adopt technology to improve their overall performance. However, those that are able to build data management into their core operations and drives the importance of data management are ready to harness the real benefits of data-driven insights. Start your free trial at https://telkomseliot.com/en/request-free-trial and ensure your mining company gets the most out of IoT solutions.