#DisruptMining - My Expedition into the Mining Sector’s Transformation
President, Cisco Canada
Digital Business, Cisco Canada, Energy/Utilities, Innovation
On March 5, I had the privilege, on behalf of Cisco Canada, to be on the panel of judges at Goldcorp and Integra Gold’s #DisruptMining event in conjunction with the 2017 Annual Prospectors and Developers Conference (PDAC) in Toronto.
The event was aimed at showcasing individuals, groups, and companies that are using exponential technologies and disruptive concepts to address challenges faced by the mining industry today. The event brought together the top five semi-finalists out of a total of 154 submissions. Semi-finalists were chosen based on the following key criteria areas:
In a format similar to the popular TV programs Dragon’s Den and Shark Tank, each finalist had six-minutes to pitch their proposal. Each judge had $100K to award and distribute to one or two finalists of their choice. While all five finalist solutions were creative and innovative, all my money went to Goldspot Discoveries Inc.
Goldspot Discoveries has developed a machine learning algorithm that reduces exploration risk by analyzing massive amounts of data and identifying the best exploration targets. Their submission embodied all of the criteria listed above and their pitch was strong and clear. Most importantly, their use of exponential technologies such as artificial intelligence and machine learning to process big data will be revolutionary for new resource discoveries. Their submission underscored the importance of evolving and disrupting the mining sector through digitization.
As you know, I could talk about digitization all day long! But for me, digitization’s potential in mining is one of the most profound examples we see in the industry today – and an important one for Canada’s economic prosperity.
Contrary to other sectors, mining has seen few revolutionary advancements that have significantly altered the way the sector operates. And it’s no secret that mining companies are under unprecedented pressure to improve efficiency, cut costs, and become more innovative. What we do know, is that there remains significant untapped potential for productivity improvements, as Goldspot Discoveries demonstrated in their pitch.
By leveraging digital technologies, mining companies are able to realize strategic business benefits including enhanced productivity and efficiency in mines and ensuring better decision-making and employee safety in real time. It does all of this with a comparatively low cost of implementation while having a significant impact on a company’s bottom-line, allowing for further investment in, and time on, innovation.
I applaud Goldcorp and Integra Gold for hosting this fun and compelling discussion around the future of mining – and I congratulate all the winners.
Read the Financial Post’s coverage on the #DisruptMining event and visit our Innovation Centre to see first-hand how Cisco is partnering with our customers to drive innovation, productivity, and digital transformation.