Why mining uses real-time data sharing to create cloud data ecosystems

Posted: October 06, 2023

As mining and metals rapidly evolves to meet high demand for critical minerals, the traditional methods of operation are no longer enough. Miners require innovative solutions, and one key strategy has emerged as paramount: real-time data sharing.

The mining industry faces two crucial challenges that will define its future: capitalizing on critical mineral opportunities and meeting ESG and decarbonization targets. The industry must embrace digital transformation and harness the power of its data to meet these challenges. A recent survey revealed that 41% of mining CEOs recognize the urgency of change to ensure their companies’ viability in the future.

Creating a mining industry ecosystem

The transformational power of data sharing comes from its ability to foster external collaborations. It creates a connected ecosystem of vendors, service providers, supply-chain partners, and analytics companies that can all share data seamlessly in real time. By joining this connected ecosystem, mining companies can expand their information networks, discover new opportunities, and maintain a competitive edge in this dynamic industry.

However, the road to effective data sharing does have obstacles. Mining assets often exist in remote locations, leading to data silos. Specialized knowledge is scattered across the globe, making it challenging for stakeholders to maximize their expertise and optimize operations. Yet, embracing real-time data sharing is imperative. Simplified access to real-time data gives companies numerous benefits:

• OEM vendors monitor assets for operational resiliency.
• Service providers handle specialized tasks.
• Supply-chain partners optimize inventory.
• Analytics companies uncover opportunities.

Mining and minerals data ecosystem

Data value creation

While the benefits of real-time data sharing are clear, it’s essential to use modern solutions that respect IT protocols. Slow, unreliable methods that bypass IT departments lead to security vulnerabilities and compliance risks. Mining companies must embrace modern solutions that prioritize collaboration with IT departments. This approach doesn't merely streamline operations but also contributes to deeper collaboration between stakeholders. Bidirectional data flow enriches analyses, eliminates silos, and paves the way for value-added partnerships.

In the context of the critical mineral boom, real-time data sharing is essential. Historical operational data is a treasure trove of opportunities for responding to soaring demand and increasing supply. Through real-time data-sharing communities, mining operations can unlock efficiency, expedite analysis, achieve sustainability goals and foster transparency.