New research reveals nine opportunities for digital transformation in mining and mineral processing
A recent research study conducted about Australia’s M&M industry reveals important insights applicable to a wide range of stakeholders in the global resources sector. Highlights include a detailed understanding of where the industry finds itself today in terms of digital maturity, where the critical gaps are, and what opportunities for growth and long-term sustainability exist in pursuing particular aspects of digital transformation.
As industry leaders we face an imperative question: are we going to ride this pivotal wave of change, or sit on shore watching the digital world wash by?
Six key industry insights
One-on-one interviews with industry leaders exposed six common threads that illuminate the current state of digital maturity in the industry:
- Digital innovation is still in its infancy
- A lack of standardization across the industry
- Traditional tendencies in project leadership
- Emphasis on people over technology
- Positive attitudes towards digital innovation and a desire for better integration and connectedness
- The three common barriers to digital adoption are structural, cultural, and knowledge barriers
It quickly became evident that the desire for transformation is there. But several fundamental challenges need to be solved to move forward.
Nine opportunities for digital transformation
The challenges that the M&M industry faces will sound familiar to many of us in the resources sector globally. But how exactly do we go about tackling them in a smart way?
The study converges on three pillars of success through which targeted strategies and action plans can have the most effective impact for companies trying to navigate the difficult path through digital innovation. They are:
- Developing the right leadership, vision, and strategy to guide digital innovation efforts
- Nurturing people and culture to support your overarching goals
- Building solid technology foundations upon which useful advances in digital capability can serve measurable improvements to your bottom line, business growth, and long-term sustainability
It’s important to note that not every approach to digital transformation will necessarily yield valuable results. Digital investments must be well-researched, meticulously planned and directed, and supported from all angles. But with the right knowledge in hand, an individualized path to success can be mapped for a smooth and effective transformation. Several success stories reported by industry leaders, such as $10M in savings year over year, demonstrate the sheer magnitude of gain that’s possible when you get the execution just right.
As globalization increases the competition for provision of raw materials, resource sector companies that want to survive and thrive as essential drivers of the global economy can’t afford to rest on their laurels. Those who are slow to adapt to digital innovation risk not only falling behind but going extinct. The urgency for change can’t be understated: the time to act is now.
To download the full report and discover the nine detailed opportunities for digital transformation in M&M, as well as actionable steps for how you can start realizing tangible benefits today, click here.
Michael has over twenty years of experience in the global resources industry. He has a breadth of expertise including engineering and project management experience across a broad range of industries and more recently providing management consulting guidance to some of the world’s largest natural resources companies. Michael’s functional expertise includes development of innovative business strategies and operating models, requirement definitions, data management, and system implementation.