Emphasizing Productivity of Mining Industry in Australia -Sample

Question: Discuss about the Emphasizing Productivity of Mining the Largest Industry in Australia. Answer: Mining Industry Australias rich and futile ground for mining different minerals gave rise to number of companies. Copper has its significance deeply rooted in the civilization as the first used metal by Mankind. Australia covers 6% resource of the world copper economy is also the fifth largest copper producer. Mining in Australia generates almost $138 billion per annum thus contributing 6-7% of the GDP. Start Up Overview SAS is a computer vision aerial intelligence platform for Quarry blasting, Mining Civil Engineering operations to improve productivity, reduce cost and safety by providing highly accurate survey data analytics (Gavish et al. 2015). Existing Technology Atop the existing technology Tech Metal is driving mining boom in Australia. Tech metals are used to make different batteries of different kinds to store renewable source of energy and new light engines to replace the conventional combustion engines (O'Faircheallaigh 2013). Issues with the Industry Investment decline: Decline in the share price of the mining industry saw decline in investment. New competitors: Due to huge market new competitor are engulfing the mining industry every day. Innovation biggest drawback: Lack of innovation in the mining industry resulting in primitive way of operation. Augmented and Virtual Reality Computer generated and artificial simulation of environment or situation is termed as Virtual Reality. It gives the user life like experience by simulating hearing and vision, whereas augmented reality put layer of computer generated enhancement on top of the existing reality to make it easily accessible on the go and have meaningful insight. Both augmented and virtual realities are inverse concept and reflection of one another where virtual reality is the recreation of real life setting but augmented reality puts virtual material on top of real world (Fleming and Measham 2015). Problem and Benefits Augmented and virtual realities both have potential to improve productivity, reducing maintenance cost and accident, though mining industry struggling to cope with low commodity price, unskilled workers, ageing workers, protection of worker in risk at remote location. Both AV and VR have the potential to rectify these issues at ease. AR overlays digitalized information atop physical world and VR brings the virtual world in place of the real one. Through AR workers get entitled information about the complex machineries thus real time information can track fault and can be rectified on time to avoid accident. VR on the other hand can give geographical information to help the workers, interact with engineers who can have an overview through workers prospective can assist them with ease (Ong and Nee 2013). Recommendation The Australian market is by far largest venture of startup in mining industry, the market is expanding each year. Innovation and technology is the exponential component of a rising business. Conclusion To conclude mining industry in Australia is at large and blooming in ongoing era integration of new technology and resources have increased productivity as well as demand for the minerals. Innovation and new technology can help improving productivity and mass scaling of the resources, virtual as well as augmented reality will help to increase the safety measure and will improve the overall risk and drawbacks in the cutting edge era of mining. References Fleming, D.A. and Measham, T.G., 2015. Local economic impacts of an unconventional energy boom: the coal seam gas industry in Australia.Australian Journal of Agricultural and Resource Economics,59(1), pp.78-94. Gavish, N., Gutirrez, T., Webel, S., Rodrguez, J., Peveri, M., Bockholt, U. and Tecchia, F., 2015. Evaluating virtual reality and augmented reality training for industrial maintenance and assembly tasks.Interactive Learning Environments,23(6), pp.778-798. O'Faircheallaigh, C., 2013. Community development agreements in the mining industry: an emerging global phenomenon.Community Development,44(2), pp.222-238. Ong, S.K. and Nee, A.Y.C., 2013.Virtual and augmented reality applications in manufacturing. Springer Science Business Media.