Drive Business Value from Digital Transformation in Mining, Minerals & Metals
Rapid developments of digital technologies have paved the way for innovation and growth for many industries, including automotive, healthcare, aviation, energy, banking, insurance, and retail. Though most of the progress has been in consumer-facing domains, many asset-intensive industries such as mining, minerals, and metals have also faced a significant impact of digital transformation.
One of the key findings of a report by WEF suggests that digitization in the mining, minerals and metals industry could generate more than $430 billion of value for the industry by 2030.
Digital transformation is here – and you should brace yourself for it.
Achieving Digital Transformation in Mining, Minerals, and Metals
The industry needs to embed forward-thinking processes and structures into the legacy processes to unlock the full power of digitization. You can incorporate strategies like Intelligent Automation, Insightful Analytics, and Smarter Machine Learning Ops to strengthen the already existing processes in a more foolproof manner. However, before jumping on to the digitization ship, it’s essential to take some basic steps.
Here is a checklist for the Mining, Minerals, and Metals industry for stepping towards a holistic digital transformation.
- Creating the right strategy The need is to create an enterprise-level strategy for digital transformation that clearly outlines and formulates the value that needs to be made by all the digital interventions. The strategy should focus on short-term goals while also keeping cognizance of long-term aims. Further, the strategy should note all the platforms, products, or services that make a complete solution for an entirely digital experience.
- Automating tasks Automation should be the first step for every company looking to move towards digital transformation. Most of the core operations in the supply chain can be automated and streamlined. For example, You can use smarter Machine Learning to automate and improve the reliability of equipment and trucks, and smart sensors can be used to capture and transfer real-time data and wearables for field maintenance and staff safety.
- Implementing data-driven decision making The real value of automation and digitization will be realized only when data is used to plan and optimize the processes across the entire chain. Therefore, the companies must invest in data solutions and services to bring together their data from various sources and gather actionable insight from it. All of that will help companies improve planning, controlling, and decision-making to optimize multiple processes.
- Reimagining ERP and adopting Robotic Process Automation The effects of digital transformation go beyond just the core operations to supporting other tasks like HR, finance, accounting, and more. So, the need is to reimagine the ERP (Enterprise Resource Planning) strategy and incorporate digitization in it. RPA can automate repetitive manual activities and reduce costs and errors in back-office support processes and shared services.
- Considering the impact on the workforce The fact is that digital transformation, mainly when applied at the enterprise level, will impact the workforce in various ways. There should also be an added focus on the impact of this technological intervention on the workforce.
The path to digital transformation is a smooth one. The idea is simple – think of choosing the right partner who brings extensive knowledge of digital tools and strategies. The sooner you step towards digitization, the faster your business will move towards forward-looking approaches and step in the right direction.
At Trantor, we have helped companies across different industries seamlessly achieve digital transformation, including Mining, Minerals, and Metals. Reach out to us, and let’s plan your transformation journey!