{"id":1706,"date":"2016-07-28T22:03:37","date_gmt":"2016-07-28T22:03:37","guid":{"rendered":"http:\/\/yinghuiinternational.com\/?p=1706"},"modified":"2016-07-28T22:03:37","modified_gmt":"2016-07-28T22:03:37","slug":"embrace-innovation-or-suffer-deloitte-tells-miners","status":"publish","type":"post","link":"https:\/\/yinghuiinternational.com\/index.php\/2016\/07\/28\/embrace-innovation-or-suffer-deloitte-tells-miners\/","title":{"rendered":"Embrace innovation or suffer, Deloitte tells miners"},"content":{"rendered":"

Cost cutting and incremental improvements aren\u2019t enough to lift mining, and the industry must embrace innovation or else, a Deloitte report says.<\/p>\n

In its recent Innovation in Mining report, Deloitte explained that the industry understood the innovation concept but it is failing to implement it effectively, and the current focus on driving down capex and opex through cost cutting measures, as well as chasing incremental efficiencies to lift productivity, are no longer enough.<\/p>\n

\u201cInnovation is not only key to protect the future of the mining sector,\u201d Deloitte said, \u201cbut that of the entire mining system, from the country in which the resources are harnessed to the people in its workforce, government, and the broader mining community.\u201d<\/p>\n

Nicki Ivory, Deloitte\u2019s Australian national mining leader, explained that the industry has endured a difficult market marked by commodity price volatility, diminished Chinese demand tied to a slowdown in the country\u2019s economic growth, capital and investment access issues, and ongoing environmental issues, according to The Australian.<\/a><\/p>\n

\u201cHowever to remain globally competitive, Australian miners must decide if they are willing to go beyond the basics and incorporate a structured approach to innovation,\u2019\u2019 Ivory said.<\/p>\n

This research echoes statements made by METS sector lobby group Austmine.<\/p>\n

\u201cMost in the sector are agreed that for Australia to remain competitive in the years to come, the way we do things needs to change \u2013 dramatically,\u201d Austmine CEO Christine Gibbs Stewart said.<\/a><\/p>\n

\u201cThis is where innovation comes in. When we refer to innovation, we\u2019re not simply referring to the next big invention, we are also encompassing incremental innovation, or a re-thinking of how we use equipment, technology or processes that we already have in place.<\/p>\n

\u201cThis concept of re-thinking is key for innovation to succeed in the mining and METS sector. We must change how we think about innovation, about how we partner to achieve innovation and what innovation looks like.\u201d<\/p>\n

The Australian report added that while innovation is viewed overwhelmingly positively, most miners prefer to chase operational excellence and continuous improvement programs rather than make a huge leap technologically \u2013 \u00a0as well as in \u00a0mindset \u2013 and invest in transformative innovation.<\/p>\n

\u201cThe tide for taking innovation seriously as a business imperative has come in,\u201d Deloitte\u2019s Africa Energy & Resources leader said in the African division of the report.<\/p>\n

\u201cWhile talk of this had drummed on for years, often constrained to the boardroom, now is when mining houses will succeed or falter based on whether innovation strategy is brought to life and whether it is integrated across departments.<\/p>\n

\u201cIt is now critical for companies to push beyond what these reports term Core innovation.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Cost cutting and incremental improvements aren\u2019t enough to lift mining, and the industry must embrace innovation or else, a Deloitte report says. In its recent Innovation in Mining report, Deloitte explained that the industry understood the innovation concept but it is failing to implement it effectively, and the current focus on driving down capex and … Continue reading “Embrace innovation or suffer, Deloitte tells miners”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[36],"tags":[],"class_list":["post-1706","post","type-post","status-publish","format-standard","hentry","category-new-ideas"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p83F9T-rw","jetpack-related-posts":[{"id":1136,"url":"https:\/\/yinghuiinternational.com\/index.php\/2015\/12\/02\/the-top-ten-issues-facing-miners-in-2016\/","url_meta":{"origin":1706,"position":0},"title":"The top ten issues facing miners in 2016","author":"yinghui","date":"December 2, 2015","format":false,"excerpt":"Deloitte has compiled a new report outlining the top 10 problems miners will face next year. 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