Increasing digital investment to change mining industry: survey

Increasing digital investment to change mining industry: survey

A Cameco employee operates a remote-controlled truck at the McArthur River mine.

Mining companies in the US and Canada have began spending big bucks on digital technology that could boost productivity and transform the old ways of doing business in this industry, reveals a survey of 40 medium and large miners conducted by Accenture.

The results, published Wednesday, reveal that 25% of the executives interviewed said their digital investment has doubled or more over the last three years. From that group, 93% declared to be satisfied with their decisions and the associated business outcomes.

The study also found that 33% will significantly increase their digital investment by 2017, while 63% said it plans to boost digital expenditure modestly, and only 5% will keep it the same.

Perhaps the most important finding is that no companies surveyed are planning to cut back on digital investments in the next three years.

For an industry that has traditionally been conservative in its approach to new technologies, Accent’s survey’s results seem encouraging. Yet it also shows there is work to be done for digital adoption within the metals and mining sector.

While some executives said they are investing in digital to gain a competitive advantage (58%), the rest (42%) acknowledged they are just trying to keep pace with their competitors.

Image courtesy of Cameco