Improve mining productivity through digital innovation with Pulse Mining
Globally mining productivity has fallen by as much as 28 percent over the last decade | McKinsey & Co. have identified 5 key areas where digital innovation may assist to reverse this trend | Pulse Mining ‘ticks the box’ in 4 of the 5 areas identified.
McKinsey & Co.’s newly released white-paper titled ‘How digital innovation can improve mining productivity’ (November 2015) indicates that digital innovation is providing the mining industry with new opportunities to increase productivity and better understand work process flows.
They say that, when used together, digital technologies associated with building a more comprehensive understanding of the resource base, optimising material and equipment flow, improving anticipation of failures, increasing mechanisation through automation and monitoring performance in real time, represent a fundamental shift in both potential safety outcomes and how value can be captured in the mining sector.
McKinsey cites an annual global productivity decline within the mining sector at -3.5% (average) over the past 10 years, and uses several case studies, particularly around the use of data analytics, to demonstrate the effectiveness of shifting mining practice towards those based on 'data driven decision making' (our term), or as McKinsey puts it, 'knowledgebased', rather than by experience and 'gut instinct'.
The report goes on to say that:
Mining has always been marked by uncertainty and variability, from the resources in the ground to the stress on equipment to the weather. These dynamics are core to the industry’s operational performance. The key to the next era in mining is recognizing that this situation is no longer inevitable - that, with the right investments, miners have the opportunity to reduce and, in some cases, eliminate the uncertainty. Over time, mining work will evolve toward knowledgebased jobs that solve the same challenges as today but do so through different means. The mining companies that recognize this shift today and best navigate the changes ahead will be the winners of tomorrow.
Pulse Mining is already 'ticking the boxes' in this new frontier of mining productivity!
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