5 Benefits of Better Asset Management in the Mining Industry

Mining companies typically spend between 30 to 50 percent of total operating costs on mining equipment management and maintenance. Any operational element responsible for such a substantial cost share warrants your attention. By improving asset management and maintenance, mining companies can lower costs and risks while boosting productivity and safety. Here are five benefits of better asset management.

Digital Transformation Drives Mining Industry Innovation

By now we’ve all heard the term “digital transformation” – the rethinking of existing business models and processes through the use of technology. We have read and been told that if we’re not transforming, we’re going to be left behind. That part is true, actually, but that’s not our point here. Our point is that we shouldn’t be talking about digital transformation as a thing – we ought to be acting on it. Easier said than done, right? Ernst and Young recently outlined a wave approach to digital transformation that offers a simple roadmap to help mining companies use technology to outperform their competition.

Unified Agribusiness Digital Business Platform

Many agribusinesses rely on multiple, disconnected software applications to address the broad and various aspects of their business. A collection of individual systems can deprive the business of the operational efficiencies and enterprise visibility needed to be profitable. Agribusinesses that can unite their operations using a single, purpose-built business management solution are able to create a global digital platform that allows them to scale and grow profitably.

Lower Costs with Predictive Maintenance in Mining

Mining companies have gone from spending 1% of revenue on IT in 2015 to an estimated 10% in 2020. Considering that mining maintenance costs alone can run from 30% to over 50% of total mine operating costs, it makes sense to direct some of that spending to the activity responsible for half its costs.