The Frontier of Analytics and Artificial Intelligence
Abstract from: Deloitte "Tracking the Trends 2019 - The top 10 trends transforming the future of mining"
In Trend 2, The Frontier of Analytics and Artificial Intelligence, Deloitte discuss the increasing quantity and access to digital information with the ability to quickly distribute it to required users, and with this the opportunities and challenges it presents in this new information age.
Deloitte note this change is driving operational improvements and increasing expectations for analytic information and insight, but add that many organisations are unprepared for this change in terms of both technology and people.
Deloitte concur that mining companies are investing in analytic and AI systems to leverage data into more accurate planning and decision making information, however there is a way to go. Mining companies are asking key questions such as how relevant are innovations in other industries to mining, what value will it deliver, where should our investment be focussed and how do we approach the task. In response to these questions Deloitte suggest tackling these with a 3 phased approach;
1. Think big: Establish clear vision, strategy and desired outcomes 2. Start Small – plan and deliver with minimal succinct solutions 3. Scale fast – Rapidly scale up and embed successful initiatives
Deloitte go on to quote consulting partner Paul Klein in addressing the use of analytics across multiple points in the value chain throughout an organisation; “Experience shows that the majority of early analytics use have been targeted point solutions, which deliver value in only one part of the value chain or at only one operation. Increasing analytics maturity requires greater integration of data from multiple sources, and delivery of end-to-end planning and decision-making solutions that span multiple processes and operations.”
Deloitte go on to note that this ultimately requires a data and warehousing platform that reliably and consistently captures and integrates data from multiple systems and operations. With this an end-to-end planning and decision making solution becomes possible.
This is an organisation wide solution and Deloitte suggest that a successful implementation and maturity of analytic capabilities require not only top down support and leadership but also buy-in and support from operational stakeholders in order to embed changes down into operational processes. This underpins building and implementing an organisational culture where staff embrace and use improved information and analytics to drive operational improvement.
Analytics & Business Intelligence
Business Intelligence is a key outcome from embracing digital technologies and analytics, which delivers critical decision making information swiftly and accurately. This Information not only enables cost control and improvement but provides a measure of the value returned.
Having the right information at your fingertips to make and measure critical business decisions is the key to deliver measurable value across the mining cycle. Deloitte goes on to ask nine more hard questions of mining company’s management and boards, these can be read here: Tracking the Trends 2019
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