IoT is emerging as an effective way for companies to differentiate and gain a competitive advantage
Today, mining companies are being forced to go further to stay competitive—geographically and operationally. Companies must venture further afield to find and extract dwindling raw materials. As operation sites become more remote, mining companies must further monitor crew safety to keep employees happy and healthy. Companies also need to consider more than their mine site; they must integrate environmental sustainability initiatives in all operations. Simultaneously, companies must do all this while operating faster and at lower costs than competitors.
In other words, retaining market share in the competitive mining industry requires leveraging any, and all, advantages. If companies want to maintain their place in the industry, they need to explore and implement strategies that keep them ahead of the curve.
While there is no magic solution to solve all the obstacles the industry faces, the Internet of Things (IoT) is emerging as an effective way for companies to differentiate and gain a competitive advantage—especially as digitization continues to spread from big players in the industry to smaller operations. IoT devices connecting sites, people, and equipment from across the globe provide data that allows for high-quality decision making across all organizational levels, from highly strategic location choices to operational and maintenance schedules, to on-site, real-time evaluations. The more data available, the better and faster a company can confidently make decisions that lead to increased margins and improved work conditions.
Today, Industrial IoT (IIoT) is already having an impact on operations in mining, agriculture, energy, transport, and maritime. Interviews with more than 750 professionals across these industries by Inmarsat found that 27 percent of companies surveyed were already experiencing improved decision making thanks to deployed IoT devices, with an additional 49 percent expecting to see similar results in the future. Gartner also estimates that more than 20 billion IoT devices will be in use by 2020, with manufacturing and utilities expected to have the largest installed base of devices.
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