INNOVATION

Innovation tougher than just saying 'blockchain'

Even finance firms are struggling to change their culturees, so how will miners go?

Staff reporter

This article is 7 years old. Images might not display.

Granted, miners are now onto newer things now like artificial intelligence and blockchain (hello 2016), but the buzzword bingo remains an issue.

The NewVantage survey asked 60 Fortune 1000 executives how tech spending was working out for them.

None were mining companies, but many of the usual industry financiers took part, meaning more and more IPOs and actual investment decisions will be backed by bulk data analysis rather than gut instinct.

Of the 60, 97% were putting money in data analytics and AI programmes.

But it was implementation where things got tough, said the report's authors.

"Nearly half of executives - 48.5% - identify people challenges as the greatest barrier to becoming data-driven, contrasted with only 19.1% that cite technology as the issue," the report said. 

"Further, 57.5% of executives cite insufficient organisational alignment or cultural resistance as the biggest barrier to business adoption."

On top of all that, only a third of the 59 leaders "embarking on [the creation] of a data-driven culture" said they'd been successful.

Seeing how difficult it is to move even finance companies into the brave new world of big data won't stop miners rolling out new blockchain-inspired programmes closer to tighter supply chain reporting, like De Beers, or trademarked portmanteaux that nod to a new way of operating, like De Beers' parent Anglo American (LN:AAL), but investors would do well to be aware of the actual challenges these buzzwords present.

Expert-led Insights reports and Analytics tools built on robust data, rigorous analysis and expert commentary covering mining Risk, Projects, ESG, Leadership, and Investor Sentiment.

Expert-led Insights reports and Analytics tools built on robust data, rigorous analysis and expert commentary covering mining Risk, Projects, ESG, Leadership, and Investor Sentiment.

editions

Leadership Insights 2025

Leadership Insights reveals key trends in priority mining issues through interviews with 15+ top mining company executives and an industrywide survey.

editions

Mining IQ Risk Analytics

Risk Analytics offers interactive access to World Risk Insight data, allowing you to customise risk views, benchmark jurisdictions, explore data behind scores and read expert commentary to guide your decision-making.

editions

Project Pipeline Index 2025

View our 50 top mining projects, handpicked using a unique, objective selection process from an expanded database of 600+ global assets.

editions

Investor Sentiment Insights 2025

Exclusive insights into the plans, priorities and preferences of 130+ mining investors and top factors influencing investment decisions in 2025.