$40 Billion
This is what IDC expects the worldwide resource industry IoT revenue opportunity to be by 2018.
This is having a big impact on Mining and Metals companies. Read about examples from BHP Biliton, Usiminas Steel, Essar Steel and more.... Read more here - white paper - and below.
The IoT is opening opportunities for mining and metals companies to pursue visibility, safety, and efficiency like never before. There are many aspects of these industries that make them ideal candidates for transformation. These include large physical environments, changing market and environmental conditions, and the massive size and amount of equipment. Additionally, the challenges of assessing asset conditions against maintenance schedules and logistical constraints must be met.
The IoT is opening opportunities for mining and metals companies to pursue visibility, safety, and efficiency like never before. There are many aspects of these industries that make them ideal candidates for transformation. These include large physical environments, changing market and environmental conditions, and the massive size and amount of equipment. Additionally, the challenges of assessing asset conditions against maintenance schedules and logistical constraints must be met.
The IoT is at the heart of this transformation. It connects people, machines, items, and services to streamline the flow of information, enable real-time decisions, and open new opportunities in mining and metals. Leading companies are already investing billions in the IoT – and realizing returns that range from increased asset uptime and efficient predictive maintenance to autonomous fleets of vehicles able to move more goods. They are beginning to transform their business practices and recognize that, in time, the IoT will touch many areas of mining operations and production. How can you successfully navigate this transformation? Consider these top priorities for building a successful IoT strategy.
- Connected Asset Management
- Connected Operations –Real-Time Production and Delivery
- Connected Logistics –Vehicle Management and Tracking
- Remote Service Management –Predictive Maintenance
With the marriage of smart devices, advanced connectivity, and management platforms to manage the collaboration, IoT and machine-to-machine (M2M) communication is already gaining traction in many areas of mining and metals as a means to optimize efficiency and develop new business practices. Use of this technology is accelerating with mobile and cloud innovation, as well as advances in Big Data and predictive analytics based on in-memory computing. It’s also becoming more affordable and practical as the size and price of sensors shrink. Mining and metals companies that embrace innovative technologies can gain first mover advantage (see the table below).
"The most substantial contribution to mine productivity may well be the ability to deal with Big Data around the operation analyze it, process it, and react quickly enough to make a difference." Mike Elliott, Ernst and Young
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* this post originally appeared on Business Innovation
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