How Mining Companies manage Big Data Analytics to Benefit the Business

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With the explosion of Big Data, different Big Data development services are surging fast. Data analytics has imposed a huge challenge when it comes to consolidating all data on one platform and analyze it to acquire the insights that could truly drive a business further.

Now, the worldwide business analytics software development market is forecasted to grow at a 9.7 percent compound annual growth rate. Big data analytics companies enable to meet challenges of customers with data analytics solutions that integrate numerous systems, collaborates data and present it to users.

INNOVATIONS THAT USE BIG DATA IN MINING COMPANIES
Managing big data could be puzzling for mining organizations. New technologies explosion is offered to the mining industry, giving companies a chance to analyze equipment and operations like they never do before. Nevertheless, with the new technology comes a new challenge and that is how do mining firms manage the generated data by the technologies to benefit the business.

THE ADVANTAGES OF BIG DATA IN THE MINING INDUSTRY
The mining field is sitting on a virtual goldmine of very complex and huge sets of data. However, the lack of investment in analytical technology prevents the field from unlocking true value of the system and to make full use of big data development tools.

These days, it is gradually waking up to the fact that big data is not just a game changer, it is also a necessity with gains in operation efficiencies, real-time planning and automation to entire workforce management, safety and a whole lot more. The key is to analyze data, determine where it could be most useful and to use it for competitive edge. Check out the following advantages of data analytics in the mining world.

  • Boost efficiency. With agile and automated processes at the operations level, extraction of ore, processing it, separating and concentrating the best components is quicker.
  • Smart collaboration. A single data source across the organization boosts collaboration between different departments, which build newer collaboration models with operators, OEMs and service providers to monitor through cloud or networks.
  • Enhance logistics. A core of the mining industry is transportation, and automating the process could benefit it greatly. Data analytics could help determine areas efficiency and improvement.
  • Business intelligence. BI helps in identifying areas that are true cost drivers, allowing for a quicker decision making and enhanced performance.
  • Smarter procurement. A system that’s data-driven makes it easier to manage and monitor present and future requirements of services and spares, and optimizes spare parts inventory. Data analytics makes negotiating price and spend analytics fast and efficient while lowering overall procurement expenses.
  • Security and safety. Through capturing operational, sensor and people data, big data analytics gives actionable insights that are based on real-time monitoring of people in mines, such as temperature, location and heart rate and the environment, like CO, gas concentration, wind speed, dust. It also allows monitoring equipment, including operating pressure, power and speed. The analysis could help determine the risks like tunnel collapse for instance or instances of near misses, thus ensuring safer operations.

THE DECISIVE ALLY
Big data is a decisive ally in handling and ultimately solving high-profile concerns that face mining companies today. Despite the virtual goldmine of data analytics in mining, underinvestment in the technology puts the industry behind others when it comes to their ability of unlocking its value. At present, companies in natural resource industries spend only one percent of IT compared to the five to seven percent for most industries. The underinvestment means that mining firms collected data but with a limited understanding of how it could inform and boost businesses. Big data is driving many use cases that could transform mining in a powerful way. The key again is to find the most valuable data, find out where it could impact the most and use it for competitive gains.

REPORTING AND TRENDING TOOLS
A major miner has access to reporting and trending tools, which provide insight towards performance parameters. The miner utilizes the information to determine opportunities to minimize variability, lower costs and boost productivity in operations across the supply chain. Many producers now are working on how to leverage an intelligent automation infrastructure in the best way possible and the huge data that it produces. Big data management would continue to grow in relevance as contemporary technologies are being implemented and new digital opportunities are emerging. Managing big data would set the foundation for application of new technologies as they become available.

Leaders in the global mining industry is making big data investments in remote operations centers, operational intelligence, automation, analytics and mobility. Operational intelligence drives fundamental changes in how information is exploited in the industry. The solutions deliver new insights to mine site executives, management teams as well as operations staff, which reflects the environment and empowers to make decisions that are data-driven on costs and performance. As the market gets tougher for mining operators, new technologies should be used to acquire a competitive edge, and just like other sectors, data analytics is a promising prospect for the industry.

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