Intelligent CIO LATAM Issue 10 - Page 73

70 % OF THE WORLD ’ S TOP 100 MINING COMPANIES THAT ARE USING IIOT SUGGEST THAT THESE CHANGES WILL BE CRITICAL FOR COMPANIES IN THIS FIELD TO BE MORE COMPETITIVE .
INDUSTRY WATCH

70 % OF THE WORLD ’ S TOP 100 MINING COMPANIES THAT ARE USING IIOT SUGGEST THAT THESE CHANGES WILL BE CRITICAL FOR COMPANIES IN THIS FIELD TO BE MORE COMPETITIVE .

Many industries are in processes of modernization , digitization and transformation that are being widely implemented , showing rapid growth and development within each productive sector .

The entire process of the mining industry can generate more than 2.5 TBs of information per minute , so it is essential to process and analyze this data in real-time so that those in charge ( operators or supervisors ) can make better decisions .
This evolution is part of what we call the Fourth Industrial Revolution , also known as Industry 4.0 , allowing a better implementation of new technologies focused not only on the Internet of Things ( IoT ) but also on the Industrial Internet of Things ( IIoT ).
Through IIoT sensors and high-speed image processing , it is possible to identify before the end of the process if a product will be manufactured according to the required quality standards , causing cost savings .
This new concept of IIoT includes sensors , equipment , instruments and autonomous devices that are connected to industrial applications through the Internet , making them part of a company ’ s production process . The pandemic caused by COVID-19 also helped IoT to be implemented in many industries to upturn the economy .
Hernán Neirotti , Director of Business Development of the Secure Energy Unit for South America , Schneider Electric , said : “ Digitalization positively affects production and operations processes , which allows , for example , the improvement of the accuracy of forecasts through the optimization of inventories , costs and materials .
A research report by the EY consultancy , released in May 2021 , revealed that 55 % of companies increased their investment in Digital Transformation to digitize and be part of Industry 4.0 in its entirety .
Mining in full transformation
The mining industry is modernizing its methods to provide greater productivity , efficiency and speed through the digitization of processes . All this will allow companies to reduce production costs and maximize quality levels .
A study from last year by Vanson Bourne , a specialized technology consultancy , indicates that 70 % of the world ’ s top 100 mining companies that are using IIoT suggest that these changes will be critical for companies in this field to be more competitive , increase their market share and visualize the inefficiencies and cost savings that its use can provide .
“ It also helps to reduce engineering costs through the implementation of digital twins and the reduction of costs associated with production drops , reduction of non-quality costs , among others .”
For the Colombian Mining Association , for example , digitalization plays an important role since it makes the real-time location of people , vehicles and equipment easier through sensors and interconnected mobile devices which generates safer operation , traffic control , emergency management and online data availability for decision making .
Towards a digitized mining sector
Thanks to digitization , precision and effectiveness in mining processes , it is possible to have a deeper analysis of the information generated by each method . But to do so , companies must consider some challenges , especially those related to physical
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