International Mining – Brisbane-based software developer DINGO says it is harnessing the power of thick data, the deep human insights from smaller data sets, to help mining companies save millions on maintenance costs.
The company is forging new data-driven solutions for heavy-asset operators which have long-grappled with minimising maintenance and repair costs, especially during the resources downturn.
According to DINGO CEO Paul Higgins, Big Data has become a buzzword across many industries, but it is Thick Data that is producing real-world solutions.
“Resources operators are gathering vast amounts of data on their sites but are not always able to apply the analytics in practical, effective ways. DINGO is changing the way data is used. It’s not just that we have the world’s largest database of asset health information for the mining industry – it’s that we combine this data with real-life maintenance scenarios and expertise to help operators make smarter, more cost-effective decisions. It’s adding a layer of context only humans can bring,” he said.
Using the power of thick data insights and big data analytics, DINGO’s customers have so far achieved more than $300 million in savings by improving the health and extending the life of more than 125,000 major components.
DINGO recently launched a new version of its predictive maintenance software, Trakka® 4.5, and is now helping more than 180 operations globally capture, curate, store and analyse even more data to inform how and when they repair, maintain and replace their assets.
According to Higgins, the mining industry is not taking advantage of the data at its disposal. “Less than 1% of available data in the mining industry is being used. By unlocking the value of this dormant data, the industry could save $100 billion in cumulative maintenance costs by 2025. Mining operations have always understood the importance of collecting data, but being measurable doesn’t make it valuable.”
He adds: “By uniquely applying a layer of context, or Thick Data, DINGO is now giving them the power to access it more immediately, understand it, and apply it quickly to real-world situations,” he said. “And this leads to real-world results. We all need to be operating with the mindset that it’s more than just the technology —it’s about keeping the people who use the technology central to the process.”
Paul Moore │ International Mining │ Excerpted from the Spotlight Feature Article – Big Data and Digitalisation: Breaking out of Silos