Tag: Data

Technology is advancing at an exponential rate. And with the adoption of new innovations in the mining industry, we’ve seen dramatic increases in efficiency and business-wide reductions in cost. It meant greater risk management for those businesses that stay ahead of the curve. It’s a new era of operational transparency, and now for the first time it is possible to have near full visibility across every single aspect of your business. With advances in always-on sensor technology, the amount of data that can be collected is staggering. Digital Twins can help with that. It is no just about data However, there is a catch. These new abilities are not without their own challenges. How do you effectively manage so much data? How do we transform this data into actionable tasks? And who is now responsible for managing and interpreting the data? One of the most exciting solutions is found in the emerging field of digital twin technology. A digital twin is a virtual model designed to accurately depict a real-world physical object. The real-world object being studied — for example, a car dumper — is outfitted with multiple sensors related to important areas of functionality. These sensors can collect data about different aspects of the physical object’s performance, such as energy output, temperature, weather conditions and more. This data is then relayed to a processing system and applied to the digital copy. Once the virtual model has been informed with this sensor data, engineers can then use it to run simulations, investigate performance issues, make lifecycle predictions, and identify and virtually test possible improvements. Depending on the outcome of these simulations, the insights can then be applied to the original real-world physical object. Many applicable uses The benefits are immense. The use of a digital twin allows for dramatic improvements in research and development by enabling more effective design and testing before spending even a single dollar on production. This technology provides a new way to rapidly prototype new assets and infrastructures, subjecting them to real world conditions before even bringing them into the real world. The insights gleaned from digital twins are also useful in assisting engineers in making maintenance and lifecycle decisions by identifying product components in need of replacement long before the date arrives. Combined, this represents a revolution in business risk management. This is the kind of cutting edge innovation that we at Mincka live for! And this is just the start; Digital twin technology is still in its infancy, as new AI capabilities come online and are integrated into the simulation process, new capabilities will continue to emerge at breakneck speed. If your business is working with Mincka, this revolutionary power will be at your disposal, too!