Mining industry betting on smart technology
- May 25, 2017
- Posted by: Admin
- Category: SRO Technology News
Mining companies in Australia will increasingly invest in new technologies that have the potential to enhance operational efficiency, improve safety, reduce waste and lessen environment impact, according to BMI Research. Automation, internet connectivity and data analytics will feature strongly.
The integration of technology such as sensors, equipment and employee monitoring devices will be part of the first wave.
The future of technology in Australian mining
BMI Research offers a range of predictions regarding how technology will be adopted by mining companies in the near future.
It suggests that the integration of technology such as sensors, equipment and employee monitoring devices will be part of the first wave. Following this, the mining industry will enter an era of big data, internet of things (IoT) and automation when data is collected and analysed to streamline operations and predict problems.
When the mineral commodities market hit its lowest point from 2015 to 2016, many mining firms turned their attention towards technology, using it to bring costs under control and improve business performance. With expenditure still low relative to historical levels, technology will help these firms get the most value out of their increasingly outdated assets.
What will further facilitate mining innovation?
BMI identifies strong network connections, power supply, availability of skilled labour and government support as being important factors for driving mining innovations and the integration of IoT and other advanced technologies.
Australia is already a global leader in IoT integration: it produces about 60 per cent of all mining software used worldwide. Government support through public policy and funding is one of the major factors contributing to the the sector's high level of innovation.
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