How Mining 4.0 Enables Stakeholders' Trust in the Industry?
How Mining 4.0 Enables Stakeholders' Trust in the Industry?
The world is rapidly changing. Digitization has made it possible for companies all over the world to transform their business and operations for efficiency and sustainability. One of the key opportunities offered by digitization is the ability to elevate the level of trust between businesses and their stakeholders through transparency, safety and achievement of environmental goals.
Mining is a core industry whose output forms the bedrock of the technology industry, automobile industry, construction industry, and other important sectors of the economy. Consequently, any digital transformation within the mining sector would positively impact the level of stakeholders’ trust across sectors.
The mining is under enormous pressure from its stakeholders to reduce carbon emissions, make mines safer for workers and ensure the entire mining value chain is sustainable. Digitization can serve as a ‘triple-edged sword’ to keep miners safe, minimize carbon emissions – hence making mining practices sustainable – and improve the efficiency and profitability of operating mines.
Today, digitization can reduce the environmental impact of mining. Private wireless platforms coupled with artificial intelligence make miners capable of monitoring, recording, and evaluating the entire extraction process to identify, quantify and manage carbon emissions. Most importantly, they put the mining industry in a better capacity to collaborate with external stakeholders for knowledge-sharing and reporting, thereby bridging the gap between societal expectations and mining practices.
Mining 4.0 capabilities and digitization can be used to enhance the safety standards of mines. Connected mobility and wearable technology equipped with sensors and augmented reality helps mine workers assess risks, respond to emergencies, and prevent injuries. Moreover, in dangerous areas autonomous robots equipped with sensors and cameras can safely perform exploration and extraction activities.
Artificial intelligence and digitization can also help optimize capital expenditure and stabilize cash flows – a good reason to scale up the digital transformation processes. Most importantly, digitization allows the mining industry to document and analyze all processes across the entire value chain. Having access to analytical data would make it easier for leaders within the industry to make the right decisions, interact better with the public and meet new industry regulations.
Mining companies can only build trust between themselves and industry stakeholders when they have the right tools and the right data to make the right decisions. Investing and utilizing mining 4.0 capabilities would equip industry leaders with the best set of data for knowledge sharing with other stakeholders to foster more collaborative relationships.
When it comes to integrating mining processes with digitalization and artificial intelligence, Symboticware is at the forefront of this wave. We have in-depth experience, retooling leading mining companies with the appropriate technology to digitize their entire mining value chain for operational efficiencies, worker safety, and ESG monitoring and evaluation.
Would you like to learn more about artificial intelligence and its role in the mining industry? We would love to connect with you. Reach out to us.