Today, Hatch released a new study on the state of digital maturity in Australia’s mining and mineral processing (M&M) industry that highlights key digital transformation opportunities for growth and long-term sustainability.
The report 'The Digital Drift: Unearthing innovative opportunities for Australia’s mining and mineral industry' offers in-depth insights into the current state and future opportunities of digital and business innovation for capital projects in Australia’s M&M industry. The goal is that it will spur actionable paths forward for business leaders seeking answers on what can be done today when it comes to advancing digital innovation and reaping the widespread benefits for growth, profitability, resilience, and sustainability well into the future.
“A huge amount of value that is currently available is being left on the table. In this regard we would argue that the industry still has plenty of room to grow, and, more urgently, it cannot afford to fall behind,” said Hatch’s Managing Director, Australia-Asia, Jan Kwak.
While this report draws its insights from one of the most targeted primary research studies conducted into the Australian M&M industry to date, the findings and recommendations are relevant to those who work in a broad range of commercial-industrial, asset-intensive, advisory, engineering, and construction settings around the world.
One-on-one interviews with industry leaders exposed six common threads that illuminate the current state of digital maturity in the industry:
- digital innovation is still in its infancy
- a lack of standardization across the industry
- traditional tendencies in project leadership
- an emphasis on people over technology
- positive attitudes towards digital innovation and desire for better integration and connectedness
- three common barriers to digital adoption are structural, cultural, and knowledge barriers
Most business leaders in the survey agreed that the impetus for innovation should be focused on the relationships between teams and partners, and how everyone works together. To back this, they reported several success stories, such as AUD$10M in savings year over year, that demonstrate the sheer magnitude of gain that is possible when you get the execution right.
“Leaders agreed that the desire for transformation is there,” said Michael Grady, Hatch’s Digital Consulting Lead. “But several fundamental challenges need to be solved to move forward. With targeted strategies, companies can navigate the difficult path through digital innovation.”
The report details nine actionable recommendations to accelerate digital transformation in Australia’s M&M industry with immediate benefits to create better value for all capital project stakeholders and long-term benefits to secure lasting prosperity in the industry.
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