TECHNOLOGY
HOW IOT TECHNOLOGY IS TRANSFORMING THE MINING INDUSTRY
We take a look at some of the challenges faced by mining organisations on a day-today basis , and how mining technology can help leaders overcome complications
WRITTEN BY : TANMAY PATANGE
In the digital period , technology is thoroughly changing how organisations operate . Asset-intensive enterprises like utilities , oil and gas , energy , manufacturing and construction are progressively deploying IoT solutions to conduct operations more productively and lower costs . As the population keeps on growing , there is increased pressure on the mining business . With every industry utilising new technologies to bolster proficiency , cost savings and growth , the mining industry is also in the race . To conduct certain operations and guarantee mining safety , there ' s a crucial need to introduce underground monitoring and control systems .
“ IN THE MINING BUSINESS , EACH ROCK SQUASHED IS CASH IN THE BANK ”
Hence , the mining industry is looking forward to IoT to automate certain operations and gain an edge . According to a study by market research specialist Vanson Bourne , 70 % of participants from 100 huge mining organisations across the world believe that IoT would give them a significant advantage against competitors , with 41 % recommending it would build business process automation and practically half assuring that IoT could be utilised to discover cost-saving opportunities .
Nonetheless , IoT technology has been around for quite some time now , representing connected machines , sensors , connected appliances and internet-powered equipment . However , the mining industry has been slow to accept this technology , frequently deciding to stay with traditional and manual processes .
It appears as though this is set to change as an increasing number of firms are starting to realise the advantages IoT can provide in mining operations . Indeed , this technology can change the business , increase safety measures in dangerous conditions , improve overall efficiency , and positively influence an organisation ’ s bottom line .
How can IoT help the mining industry overcome its drawbacks and move on the path of growth and efficiency ? First , let ' s understand some critical challenges the mining industry faces each day to get insights . miningglobal . com 83