How better use of data can deliver big benefits to the Australian resources sect...

Wednesday, 14 July 2021 22:16

How better use of data can deliver big benefits to the Australian resources sector

Mark Fazackerley, Regional Vice President Australia and New Zealand at Talend

GUEST OPINION by Mark Fazackerley, Regional Vice President Australia and New Zealand at Talend:  Thanks to vast reserves of many resources, including oil, coal and minerals, Australia’s resources sector has grown to become a crucial part of the national economy.

Accounting for more than one million jobs and around 10% of gross domestic product, the sector has been a financial powerhouse for years. With global demand showing no sign of slowing, this is likely to continue for decades to come.

However, while resources companies have been focusing on extracting value from their assets, many are becoming aware of a new asset and potential source of value: their data.

Unlike other business sectors, such as retail or manufacturing — where data has been a focus for years — the resources sector must overcome sizable institutional, structural, and technical challenges when it comes to modernising existing data infrastructures.

For example, critical geological data is frequently stored in legacy applications that are 30 or even 40 years old. Newer technologies, such as IoT sensors in trucks, ships, and rail, provide an abundance of valuable data, but can require complex calculations around capacity, timing, and maintenance. As inevitably consolidation occurs within the industry, the opportunity to likewise consolidate their data assets from a cluster of legacy sources gains new importance.

With so many logistical hurdles to overcome, it can seem impossible to even know where to start building a better data infrastructure. Fortunately, however, there is a solution. Though the resources sector has highly specialised needs when it comes to data, it can still benefit from modern data technologies.

Liberating legacy data

One of the key areas that can benefit from the introduction of modern data technologies is the large, ageing, legacy applications that underpin many activities. While they continue to operate in a dependable manner, they were never designed to share the data they generate with other applications or organisations.

They are also difficult to use in conjunction with analytical tools that could extract fresh value from the data. New cloud-based services are challenging to link and accessing the data using mobile devices is often almost impossible.

By deploying a modern data infrastructure, it becomes possible to break away from these old-world constraints. Data can be replicated from source applications into a shared data repository, where it can be used for cutting- edge transformations and analytics.

Optimising the supply chain

Modern data technologies can also help resources companies better manage their large equipment fleets. The technologies can help interpret signals from IoT sensor devices in trucks, trains, infrastructure and oil and mining rigs to confirm current locations and better map expected behaviour against the reality on the ground.

Many solutions can comfortably correlate streaming data from connected devices and batch updates from vehicles coming back into range after a time in more remote, unconnected areas.

This capability can also help with achieving better predictive maintenance. Data collected from the field can provide critical detail about the degree and type of service that equipment requires. This allows the construction of a maintenance model that alerts operators of potential failures before they happen, saving both downtime and money.

Achieving environmental responsibility

Another area in which better data usage can deliver value is environmental responsibility. The emissions footprints of some of Australia’s largest resource companies show they are already having a significant impacton the environment and in the future this could have serious financial implications.

Even operations that specialise in non-energy resources will inevitably feel the pressure to demonstrate greener practices, and that will be impossible without the appropriate data infrastructure. Modern data technology allows companies to become more transparent in their operations without sacrificing data security.

The technologies also provide flexibility and control when it comes to reporting. This is particularly important when new regulations are introduced that demand precise and specific reporting on the ecological footprint of operations and fleets.

Rather than waiting for financial and government institutions to change on them, resources companies should consider making the required investments now. This will also make it easier to build and sustain corporate reputation which is a clear benefit.

Data as an asset

At the end of the day, it’s important for resources companies to treat their data as an asset and work to extract as much value from it as possible. By liberating data from the constraints of legacy systems, ensuring consistent data quality across the company, and eliminating data bottlenecks, it can become an even more valuable asset than it has been in the past. Indeed many are calling data ‘the New Oil’.

By embracing the power and capabilities of modern data technologies, resources companies can be well placed to meet the challenges of the future, and extract value from all of their assets.

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