Artificial intelligence in mining and metals
Most mining and metals organizations are just beginning to exploit the potential of artificial intelligence (AI). At this point in their AI journey, it isn’t lack of talent that is holding companies back; it’s the lack of understanding what’s possible.
What EY can do for you
Through artificial intelligence (AI) and analytics, mining and metals companies can use data to recognize patterns and anomalies and increase agility and responsiveness, allowing them to be predictive and proactive instead of passive and reactive. Empowered with insights, management can continue to drive strategic decisions through a continuous feedback loop, improving both performance and risk management.
We have a range of AI solutions, including an intelligent virtual assistant, scheduling assistant and intelligent content generator, that can help you use your data to better predict the most strategic future state for your business.
Companies need to start adopting AI sooner rather than later, because it is a complex and lengthy process requiring patience and willingness to learn.
“AI is likely to create winners and losers, and those who start adopting the technology early stand to be at a significant advantage,” says Nigel Duffy, EY Global Innovation AI Leader.
For example, through predictive analytics and machine learning, companies can gain a better understanding of customer and supplier trends and behavioral patterns. Two clear benefits of this are the ability to capture price premiums locking in an advantage on customer contracts and the ability to capture discounts on supplier contracts. Taken one step further, this could entail capturing spot markets and price premiums via sales contracted at different points in the value chain.
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