There’s a technology shift afoot in the mining industry. Once considered behind the technology eight ball compared to other industries, today’s mining operations are embracing technology in in new and expanded ways in what’s been called a quiet revolution in the industry. More mining companies are now using technology to integrate their operations, lower operating costs, and boost productivity. Which technology investments generate the best results for mining companies? Here are our top-five winners.
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.
To remain productive and profitable, mining operations must take a proactive approach to human resources and labour compliance, ensuring they have a safe, skilled and engaged workforce to drive the organization forward.
For a mining company seeking sustainable growth and profitability, information is critical. You are already be generating a tremendous amount of data from the field and the office, but how quickly and how effectively are you able to access and analyze that data to unlock the actionable insights within? Gaining access to actionable data requires a powerful business intelligence (BI) tool to uncover the gems.
Recently, research giant McKinsey advised mining companies to rethink their responses to the pandemic, and outlined a “5R” approach: Resolve, Resilience, Return, Reimagine, and Reform. Similarly, in Understanding COVID-19’s impact on the mining & metals sector, Deloitte speaks about three dimensions of managing the crisis: Respond, Recover, and Thrive. Extrapolating from these insights, we offer up our own take on how mining companies can survive and thrive in the new global economy.
Here we provide a quick overview of the steps in the procurement process and offer tips for optimizing each stage.