Embarking on the digitization journey in mining: think strategy first, technology second
The World Economic Forum in January 2017 highlighted that digitization in the mining industry has the potential to deliver over $425 billion in shareholder, customer and environmental value by 2025. Much of this value will come in the form of optimized operational effectiveness, increased productivity, and enhanced safety. However, with increased opportunity comes inherent uncertainty, and Ernst & Young has identified digital effectiveness as the top risk currently facing the mining and metals sector. Realizing the value of digitization requires strategic planning, strong industrial partnerships, realignment of culture, and appropriate selection and deployment of digitization technologies. Most mining companies are either actively engaged or in the process of evaluating how best to optimize their operations by leveraging digitization to drive efficiencies and remain competitive. Many however have yet to travel very far down the digitization path and are uncertain on where ...