Digital Transformation: Changing the Future of Mining (analyst survey results)
While digitalization is impacting every form of industry today – one industry that stands to gain the most is mining. LNS Research recently published an eBook detailing survey results from talking with dozens of mining companies about their business goals, technology efforts and plans for the future. Read a summary below and download the ebook to get some really interesting insights on what these companies are thinking.
Here is just one interesting fact about the industry’s operational aspirations
Not surprisingly, improving operational efficiency was the number one goal of mining respondents.
- 34% of mining companies said operational efficiency was their top objective
- 22% said their second most important goal was improving customer service – beating out insuring compliance and managing risk.
The move to technology-enabled business provides opportunities for Digital Transformation and an impetus for the mining industry to make the shift sooner than other industries or risk being left behind. It requires forethought, planning, focus on Operational Excellence and an understanding of how People, Process and Technology combine to create new business models and opportunities and crate an environment where the next generation of workers will not just be capable, but actually enthused about coming to work.
- The mining industry is in the midst of changes on multiple fronts.
- While there has always been specialized and more profitable niches in the industry, much of the mining industry have behaved as commodity product producers.
- An emphasis on sustainability by operating safely, cleanly and “greener” than ever before is impacting all businesses, but mining faces greater scrutiny than most other industries.
- Material substitution is driving down consumption and demand for many minerals and carton reduction is driving down coal consumption.
When you couple these challenges with the overall economic pressures and slowing global growth the mining industry must do something differently if it is to avoid becoming the next sunset industry. Technologies like Mobility, Cloud, the Industrial Internet of Things (IIoT) and Big Data & Analytics have driven the demand for paper down, but they have provided the tools the industry needs to transform itself into a more customer focused and responsive model. The growth of online commerce, mass customization and the development of new materials and production methods like 3D printing (additive manufacturing) all are creating tremendous opportunities to alter customer service of the industry.
Envisioning, creating and managing Digital Transformation in any industry can prove challenging but it is an effort the mining sector needs to undertake. Having a framework to guide the effort is essential. There are steps, if followed correctly, that enable the industry to:
- Identify the business case for change with clear goals for transformation
- Create a culture that is adaptable and flexible
- Focus on continuous improvement leading to operational excellence
- Building partnerships with suppliers that results in an architecture that supports the business goals
This eBook will provide readers in the mining industry with a template to help guide them along the path to Digital Transformation. Specifically, you will gain a perspective on:
- What is driving the mining industry today?
- What is Digital Transformation in the context of mining?
- How should a mining company set its strategic objectives as they relate to Digital Transformation?
- How should a mining company define operational excellence in the context of their strategic objectives?