Blog Post

IoT Asset Management Solutions For The Mining Industry

Adapt Ideations • Jun 07, 2022

How IoT Asset Management Solutions Can Provide Valuable Insights For The Mining Industry.

Australia's strong mining industry facilitates significant job growth and opportunities for the economy, with the industry employing over 256,000 people as reported by the Minerals Council Australia in 2021. A mining company in the mining industry brings an annual AUD $206 billion into the economy, both through internal profits and revenue gained from exports, as reported by Statista in 2020 signifying the size of the industry.

The size of the industry also highlights the significant amount of assets that mining companies utilise throughout operations. It goes without saying that these assets would be considered high-value and therefore their location must always be known. The industry utilises a range of equipment across mining fields highlighting the need to implement asset monitoring solutions to track them.

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Keeping Track Of Your Assets.

Increasing insights & visibility through asset monitoring solutions.

Application of iot in mining industry.

Utilising products such as IoT enabled asset tracking solutions will allow for increased insight and visibility into mining operations and assets in the field and enable cost and productivity optimisation. With some common mining equipment costing millions of dollars, understanding their location is vital for daily operations. Broken, lost or over-exerted machinery can greatly cost the mining industry and reduce their annual revenue turnovers and operational costs.

Increased visibility via asset tracking solutions not only improves visibility overall but it can also reduce instances of lost assets or stolen equipment from sites. With near real-time visibility of assets being a prime benefit of IoT enabled asset tracking solutions, this helps assets be quickly located. This in turn improves the downtime experienced when assets are misplaced or stolen from mining sites. The greater level of visibility that is developed therefore helps minimise loss of assets and associated financial loss.

The impact of location tracking and geofencing capabilities.

Due to the lengthy and costly process involved with manufacturing mining equipment, it is imperative to maximise asset usage. The equipment utilised needs to be consistently tracked to understand its location. IoT enabled industrial asset monitoring and industrial asset tracking of equipment allows managers and other stakeholders to understand where assets are located remotely. Near real-time solutions offer the convenience of predictive maintenance and minimising manual checks whether that be in the field or before equipment is utilised at the beginning or end of the day.

Application of IoT in mining industry

Many solutions offer geofencing capabilities allowing businesses to set parameters for their assets ensuring they do not leave the set locations and if any deviations occur alerts are immediately sent. Geofencing enables companies to also ensure employees do not enter unsafe areas, assets do not leave set locations unexpectedly and highlight where assets are located in emergency situations if they arise. Therefore, leveraging IoT technology to enable digitalisation of asset monitoring will benefit the mining industry to a great extent.

How does Adapt Ideations help with asset monitoring?

Adapt Ideations’ asset tracking solutions can be utilised across a range of industries including the mining industry. With a range of capabilities our solutions can collect data on a number of metrics such as temperature and location including geofencing capabilities.

The comprehensive data collected allows a greater understanding of everyday operations to be developed and for decisions to be backed by data, monitoring vital elements like: