PERTH (miningweekly.com) – A report by global consulting firm VCI has warned that the Australian resources sector is falling short on innovation and technology strategy.
VCI’s ‘State of Play’ report surveyed over 800 leaders from 321 companies in the global mining industry and uncovered that, while 66% of Australian mining executives say their companies are prepared for digitalisation, only 26% are focusing on innovation plans that extend beyond just three years.
Despite nearly 98% of Australian mining company leaders indicating innovation is ‘important’ or ‘critical’ to their long-term business strategy, when it came to their company’s focus on a long-term strategy, Australia ranked last in the globe, trailing other major mining regions including South Africa, India and North America.
Since the survey began in 2013, the timeframe for long-term innovation focus in Australian companies has actually dropped by more than half from 59% in 2013 to 26% in 2017.
State of Play founder Graeme Stanway says although Australian mining leaders have an overall understanding of the impact digitalisation will have on their business, for many the ability to define a long-term plan has remained elusive. “To a degree, Australia’s local industry is gridlocked when it comes to the mechanics of preparing for digitalisation and tech disruption.
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