Big data is revolutionizing every industry, and the mining industry is no exception. Data allows companies to lower costs and improve productivity — but only if the data is used correctly.
Not all data is equally useful. The cost of data is decreasing, but as it's collected more frequently, there are diminishing marginal benefits that vary based on not only the type of work you're doing, but also across different sites or even within a specific site. For example, opening a new pit or outsourcing overburden removal requires more data than a low-production operation.
Because data is being collected more frequently, it's more important than ever for everyone — including high-level executives — to understand the basics of data collection, analysis, and delivery. You’re making the critical operating decisions, so you need to understand where the data comes from. The best way to do this is by forming an accurate but broad picture of the end-to-end process, which will help you make confident and educated decisions using that data.
Read the full article published in Pit & Quarry here.