Businesses in the mining industry are backing the Internet of Things (IoT) to help them retain their market share as competition intensifies, the quality of mineral seams decreases and profit margins are put under pressure.
According to the latest research from British satellite telecommunication company Inmarsat, the Internet of Things (IoT) will play a critical role in helping mining businesses survive.
IoT could increase production efficiency through automation, enabling them to compete with rivals operating in lower cost markets, the company said in a Thursday press release.
Market research specialist Vanson Bourne interviewed respondents from 100 large mining companies across the globe for Inmarsat’s “The Future of IoT in Enterprise” report, and found that 70 per cent of mining businesses agreed that IoT would give them a significant edge against their competitors.
Mining operators further identified how IoT would help them to bolster this competitive edge, with 41 per cent reporting that they would use IoT to increase the automation of business processes, and 44 per cent saying that it would help them to identify cost savings and efficiency opportunities.