The first comprehensive Mining Big Data Guide, just published by Mining Journal, suggests results of a survey by MJ in the first half of 2014 was on the money: big data, and big data analytics, will be transformational for the industry over the next 5-10 years.
Big data is the decisive ally in tackling and ultimately solving the high-profile problems facing mining companies. Despite the virtual goldmine of big data in mining, underinvestment in technology puts mining behind other industries with respect to their ability to unlock its value. Currently, companies in natural resource industries spend just 1% on information technology compared with 5-7% for most industries. This underinvestment means that mining companies collect data but have a limited understanding of how it can inform and improve their businesses. Big data is driving numerous use cases that have the power to transform mining. The key, as in any mining operation, is to find the most valuable data, determine where it can be most impactful, and then use it for competitive advantage. There are now tools and technologies on the market that allow mining enterprises to use data to transform every aspect of their operations, and according to a recent survey, some 61% have started applying big data in particular use cases.
Chapter 4 explores 10 use cases where mining companies are undergoing transformation with the help of big data technology and describes the tremendous benefits they’re realizing as a result of their efforts. Companies such as Rio Tinto, MMG, Essar, ThyssenKrupp on Internet of Things, Smart vehicles, Predictive Maintenance, Health and Safety.