A survey of executives from 40 mining companies in US and Canada showed an upward trend in spending on digital technology that could boost productivity and transform the traditional methods of mining mineral resources.
Released on Wednesday, the Accenture survey results showed that 25 per cent of the executives interviewed said their digital investment has at least doubled over the last three years.
From that demographic, 93 per cent said they were satisfied with their decisions and the associated business outcomes.
Nine out of 10 executives surveyed said that a business strategy that incorporates digital technology will revolutionize the way they do business to a degree similar to the advent of the Internet in the 1990s, and will provide a significant source of value to the business.
Companies that do not embrace digital will lose their competitive position and may face extinction, according to 88 per cent of respondents.
The study also found that 33 per cent of companies will significantly increase their digital investment by 2017, while 63 per cent plan to boost digital expenditure modestly, with five per cent planning to stay at the same level of investment.
None of the companies surveyed plan on cutting back digital investment.
About 58 per cent of executives said they are investing in digital to gain a competitive advantage, the rest acknowledged they are just trying to keep pace with their competitors.