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Internet of Things and Data Analytics Handbook by Hwaiyu Geng

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32MODERNIZING THE MINING INDUSTRY WITH THE INTERNET OF THINGS

RAFAEL LASKIER

Vale, Rio de Janeiro, Brazil

32.1 INTRODUCTION

Disruptive technologies will have an enormous impact on the global economy over the next years and decades. Many believe that this new wave will have a stronger impact than the industrial revolution. It is going to affect the way people live and companies operate and entire business models.

The economic impact of the main disruptive technologies will be in the range of trillions of dollars. According to McKinsey Global Institute, just Internet of Things (IoT) alone will have an economic impact between three and six trillion dollars by 2025, much more than most of largest global GDPs in 2014 (Figure 32.1).

Horizontal stacked bar graph of the range of sized potential economic impact of the 12 most significant disruptive technologies by 2025 per year and 2014 GDP of different countries.

FIGURE 32.1 Economic impact of the 12 most significant disruptive technologies by 2025, in US$ trillions per year and countries’ current GDP in 2014, in US$ trillions.

Permission to use by McKinsey.

The IoT technologies are enablers for innovation, growth, and differentiation. Smart, connected products will change how value is created for customers, how companies compete, and the boundaries of competition itself.

IoT technologies will disrupt entire value chains and force companies to rethink nearly everything they do, from how they develop products to how they manufacture and operate.

According to Professor Michael Porter, 2015 (HBR Edition), the ...

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