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.
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Predicting the future to create better outcomes
We have a range of AI solutions, including 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.
The biggest risk of AI is non-adoption. 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.
Mining and metals companies can use relevant data to recognize patterns and anomalies to leverage machine learning, and increase agility and responsiveness. This allows companies to be predictive and proactive instead of passive and reactive. Additionally, the insights gained from AI allows companies to drive strategic decisions through a continuous feedback loop, improving both performance and risk management.
Using predictive analytics and machine learning, companies can gather and analyze data from systems and big data to obtain 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, e.g., “on water.”
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