Geoscience data can be a secret power for Mining, so how well is your business applying it compared to everyone else? In Seequent’s 2023 Geoscience Data Management Survey, 700 experts from Mining, Environmental, Civil and Energy organisations reveal their data challenges, failings, successes and ambitions. Welcome to confession time…
Every Mining project will at some point rely on good geoscience data to ensure its success. From the first point of early exploration, through to an environmentally sound end-of-life closure, the way that data is managed will be critical to good, agile decision making and extracting the maximum value.
Seequent regularly surveys hundreds of geoscientists and geo-professionals, across a range of industries, to establish the current ‘state of the nation’ on data management. For example, we ask:
- Where are the new and emerging roadblocks and the solutions around them?
- What are different sectors best at (and what can be learnt from them)?
- And how will current and future circumstances shape the direction geoscience data management needs to go in?
2023’s survey has some revealing results for the Mining industry (as well as the Civil, Environmental, Energy and Government sectors we poll).
Mining Highlights
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Of all the industries surveyed, Mining places the greatest emphasis on data management. 81% of respondents see it as of critical or high importance.
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Its organisations are the most likely to have an established data management framework in place. Environmental and Government are close behind, with Geothermal, Oil & Gas and Civil less than half as likely.
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However, it is also the sector that feels the least confident that it has the data it needs to do its job. 33% of respondents believed they didn’t have enough information to make strong data driven decisions. (Geothermal was the most confident with only 9% of respondents expressing doubts.)
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Finally, Mining is the industry that feels the least on top of new technology with 25% of respondents saying they were usually among the first to use or trial new technology. (Compare this to Oil & Gas and Government; joint leaders at 56%.)
Across all sectors, AI and Machine Learning are moving faster than many might have predicted, even a year ago. The pursuit of a single source of truth is rapidly shifting from ‘useful’ to a must have. Tracking the chain of custody for data, and managing historical data – especially with a view to pulling more value from it – have both become increasingly pressing day-to-day concerns.
And perhaps most interestingly for the Mining industry, how are its efforts to build strong data management frameworks and put them to profitable use faring compared to the directions taken by, say, Geothermal, Oil & Gas, Environmental and other parallel industries? And is anyone actually getting it right?
Good news and not so good news….
Well, geo-professionals appear to be spending less of their time wrangling their data and more time using it, which is good. There’s been a marked improvement in time efficiency since 2020. But there are concerns too. A quarter of all the respondents we spoke to said they still didn’t have access to the data they needed to make robust and well-informed decisions. And when those decisions can be at the heart of multi-million-dollar enterprises, that’s something every industry needs a good grip on.
To read the full stats, figures and report follow this link and discover the views of more than 700 respondents, at all levels of responsibility, from across the world.
General highlights
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The need for a single source of truth has increased by over 50% since 2017. In 2023, 29% reported this as the most important outcome expected from resolving data management issues, against 25% in 2020 and 13% in 2017.
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57% of all respondents felt that unmanaged historical data was a challenge for their organisation.
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24% of geo-professionals still spend more than 30% of their time on data management BUT this is a significant improvement against 2020’s survey when it was more than a third.