Power in data
According to The Economist (2017), since 2017 oil is no longer the world’s most valuable resource, but instead data is. Mining companies typically generate vast amounts of data through mining-, logistics- and processing equipment. Does this mean mining companies should start mining and trading in data? Not necessarily, but it does highlight the importance and value of a mining entity’s own data and it does mean that mining companies have to realise the potential impact and power of the data they are storing and not leveraging to its full potential.
Given the potential power associated with data, some serious questions and discovery needs to occur in all mining companies to better understand their data lakes, how they are being utilized and how operations are being positively impacted by data based insights. McKinsey (2015) noted that , how little of their data, mining companies actually leverage to generate new insights. In some cases, as little under 1% of the available data is used to base key value driving decisions. In an age of advanced automation, accessible internet connections and teams that need to improve bottom line performance, this needs to change.
On a processing plant, a significant number of parameters are measured constantly or at regular time intervals throughout the day, which generates heaps of data. Manually collecting this data consumes time and leads to data being either lost or corrupted, rarely analysed in depth or understood, and sometimes forgotten, essentially missing opportunities for improvement of operations.
We believe important decisions should be based on both current and historical data as context is important, therefore more power and advantage is embedded in holistically viewing ones data than is often initially released.
The question - how can more focus be placed on data based insights within an organisation? Our thinking is that to achieve this, we either requires more manpower to actively investigate and query the data or a more systematic process needs to be set up to enable teams to ingest what's happening.
“ Digital technology - when implemented with management and mindset changes - is leading to meaningful operational improvements” - McKinsey,Sept 2018
Considering these factors it is clear that WIRE, (the metal accounting, monitoring and production management software tool developed by MMS), adds value to a mine or processing plant by
saving time with its data collection and collating process by integrating with SCADA and LIMS systems and by having customized logsheets to capture any additional data much easier.
Personnel are then enabled to spend more time looking at the data instead of just trying to capture everything in time.
WIRE also consists of a platform to display the data better. Whether it is setting up custom reports to view a set of aggregated data or complex dashboards with graphs that gets automatically updated with the new data, WIRE provides a flexible outcome to represent your data. It is also possible to download sets of data, aadd pictures or comments to the results to be stored or to export data to a template excel file.
If you are looking to unlock further potential of your data and need a technology partner with a flexible, cost effective and customisable solution to match your needs, please get in touch with MMS today. We would also like to continue the discussion with you about what your team sees as the primary bottlenecks to better utilisation of data and how these challenges can be mitigated.
Unpacking data is a journey and MMS’s aim is to be able to work with team and plants at various stages of their data evolution, from limited manual control to advanced process optimisation. For further information email: email@example.com
Note: WIRE, our solution is a better way to represent significant real time data in order for the personnel on (and off) site to be able to view data efficiently and take action effectively. Technology is the enabler and the goal should be to move plants from a state of chaos, to better systemisation of processed, improved control and then a state of advanced optimisation.. Not all metal accounting systems help team monitor ones data along with the day to day metal accounting reporting. It often requires more time and effort to get the data in a representative or analysible format.
The Economist, 6 May 2017. The world’s most valuable resource is no longer oil, but data. https://www.economist.com/leaders/2017/05/06/the-worlds-most-valuable-resource-is-no-longer-oil-but-data
McKinsey, November 2015. How digital innovation can improve mining productivity. https://www.mckinsey.com/industries/metals-and-mining/our-insights/how-digital-innovation-can-improve-mining-productivity
McKinsey, September 2018. Behind the mining productivity upswing: Technology-enabled transformation. https://www.mckinsey.com/industries/metals-and-mining/our-insights/behind-the-mining-productivity-upswing-technology-enabled-transformation