Industry Insights on Digitalization
Every single field of business is facing drastic changes. We are talking about the fourth Industrial Revolution. The world is very different from 100 years, 50 years, or even just 10 years ago – also in the metals and mining industry.
The metals and mining industry is affected by several megatrends that are driving changes in the field:
Digitalization brings with it opportunities to address these drivers in new ways – for example, by using digital solutions to improve the efficiency of existing processes. However, digitalization also brings new requirements in terms of things like personnel skills.
Big investments are already being made to close the gap
The leading companies aim to invest on average $55bn a year in digital operations*. Expected digitalization benefits in cost reduction alone equal $54bn, or 3.2% per annum. In addition, companies are expected to benefit from a 2.7% increase in revenue per annum.
* Ref, PriceWaterhouseCoopers 2016 Global Industry 4.0 Survey:
- Metals industry companies expected benefits of digitalization by 2020
- Planned investments in digital operations solutions equal 4% of revenue p.a. by 2020