BIG DATA IN MINING
Across the mining sector, Australia’s increasing production costs for operators are impacting their competitive advantage, says Deloitte in its recently released report Extracting business value through operational intelligence.
During the recent mining boom, high demand and high commodity prices created favourable conditions for investment and expansion of mining operations whilst masking some inefficient work practices.
Now that the economics of the industry have shifted, Australian mining operators are responding by cutting costs and pursuing operational efficiencies.
“Our experience reveals that a delicate balance has to be maintained between ‘cutting too close to the bone’ and maintaining a sustainable operation that can respond quickly when the next opportunity presents itself,” says Deloitte Partner Links Chithiray.
The report states that operational efficiencies can be gained by automating and integrating information across the value chain, which can also inform the more radical step of redesigning the operations.
Operational intelligence is one of the key levers for improving efficiency. It equips mining businesses with actionable insights across the entire value chain and between mine sites. It is changing the way information is used in mining.
“It is the companies that enable their operators and management to respond in a timely way to operational variances and market volatility, that will be better placed to minimise any adverse impacts and take advantage of productivity opportunities,” Mr Chithiray says.
“Ultimately, the goal of any mining operation in simple terms, is to optimise production at the lowest cost with zero harm to the workers and the environment. It is no coincidence that despite the tougher market conditions, global mining leaders are making big data investments in operational intelligence, remote operations centres, automation, analytics and mobility.”