Latest Innovation Report Reveals Tech Disruption & Change Management Trends

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It’s no secret that the mining industry needs to innovate to survive, but just what do we need to change about ourselves to thrive in today’s global mining market? What are the trends that will drive our industry for the next 15 years?

The latest Innovation State of Play Report from VCI, supported by the University of Western Australia and METS Ignited, reveals the impact of a rapidly changing international marketplace and its effect on innovation in the industry.

The survey of more than 800 global mining leaders across 60 countries found that 62% rated innovation as important or critical to their long-term business strategy, up from 41% in 2015. However, the success rate of these companies at introducing new innovations into their business has emerged significantly lower.

Half of the respondents who identified as conservative followers believed they were unsuccessful at introducing innovations, while 27% of those who classified themselves as fast followers were unsuccessful.

Importantly, one in five respondents stated that industry culture was the biggest obstacle to innovation in mining.

Why is innovation so challenging for the mining industry?

Here are some of our takeaways from this year’s report:

  • 24% rank change management as the top reason why innovation initiatives fail, followed by project complexity (11%) and budget (10%)
  • Innovation comes from within, with most respondents stating that innovation is “core to their company culture”.
  • Innovators are great at communicating success stories and demonstrating leadership within their company
  • 57% of respondents believe mining companies should involve suppliers in their innovation process
  • Resistance to change and skill availability are considered the greatest people challenge to implementing new technologies
  • 37% of mining executives believe companies should invest in local services and infrastructure to be successful
  • The top trends that will impact mining over the next 15 years include technological change and disruption, followed by environmental pressures and a “technically aware generation entering the workforce”.

A summary of the initial survey findings is available now at the website www.innovationstateofplay.com, with the full report due to be released in June. In the coming weeks, detailed reports on the Indian and South African mining sectors will also be released.

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