What do you do if mining engineering innovation isn't reducing costs?

1 Re-evaluate Goals

When innovations in mining engineering don't lead to cost reductions, it's time to re-evaluate your goals and expectations. Consider whether the innovations are aligned with your operational objectives or if they're merely advancements for the sake of technology. Scrutinize the implementation process to ensure that the new systems or methods are being utilized effectively. It's possible that the innovation is sound, but the execution or integration into existing processes is where the shortcomings lie.

2 Assess Technology

If the anticipated cost savings are not materializing, take a closer look at the technology itself. Is it appropriate for your specific mining context? Sometimes, technologies that are successful in one setting may not translate well to another due to differences in ore body, environmental conditions, or workforce capabilities. It's critical to assess whether the technology is over-engineered for your needs or if there are simpler, more cost-effective solutions available.

3 Optimize Processes

Optimizing existing processes can be just as impactful as introducing new technologies. Revisit your mining operation's workflow and identify areas where efficiency can be improved without significant investment in innovation. This might involve refining your resource allocation, improving maintenance schedules, or enhancing training programs for your workforce. Often, incremental changes in process management can lead to substantial cost savings.

4 Engage Workforce

Your workforce is an invaluable asset when it comes to reducing costs. Engage with your employees to gather feedback on the ground and understand the practical challenges they face with new innovations. Their insights could reveal usage issues or suggest modifications that could enhance the effectiveness of the technology. Involving your workforce in the problem-solving process can also foster a culture of continuous improvement and cost awareness.

5 Review Financials

It's essential to conduct a thorough financial review to understand why the innovation isn't delivering cost reductions. Scrutinize the initial cost-benefit analysis and consider any hidden expenses that may have been overlooked, such as training, maintenance, or operational disruptions during the transition period. A detailed financial analysis might uncover that the innovation provides long-term value that isn't immediately apparent in short-term cost metrics.

6 Seek Expertise

Sometimes, you need to look outside your organization for answers. Consulting with external mining engineering experts can provide fresh perspectives on why an innovation isn't reducing costs as expected. These professionals can offer unbiased advice, benchmark your operations against industry standards, and suggest alternative strategies or technologies that might be more effective for your situation.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?