Future of workforce rose from 7th to 2nd place in the risk ranking due to increasing demand for and difficulty attracting the digital and data-related skills needed to support the future of mining.
“Every mining and metals company is in the process of defining or executing on their own version of transformation,” says Theo Yameogo, EY Canada Mining & Metals Co-Leader. “Digital effectiveness isn’t about pushing the boundaries of innovation, which are far more complex to achieve by a single company. It’s about raising the visibility and performance of your business by embracing available technologies. This transformation requires adequate roadmap and execution plans, which the industry tends to overlook or underestimate.”
“Digital and data optimization” fell one place but held its position in the top three business risks cited by miners as they grapple with how to unlock the most value from investments.
“Machine learning models and artificial intelligence can surface incredible insights for mining and metals players,” says Yameogo. “Ultimately, AI uniquely creates or improves a company’s competitive advantage by churning multi-source data into valuable business levers. It’s a pervasive technology nowadays that the mining and metals sector should start adopting.”
The 2020 ranking also includes four new entrants gathering attention from executives: reducing carbon footprint (4), high impact risks (5), replacement of production (8) and innovation (9). Together, these challenges tell a story of a sector focused on redefining its future.
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