Cisco urges the Latin American oil sector to urgently digitize

Cisco urges the Latin American oil sector to urgently digitize



The telecommunications giant Cisco today urged the Latin American oil industry to join "urgently" to the wave of digitalization that other sectors are living, as a mechanism to alleviate the situation by oil prices.

During the "Cisco Oil & Gas Conference", which the technology held this Thursday in Bogota, experts of the company exposed leaders of oil companies and governments the needs of an industry that "goes through an evolution" and that must reinvent itself.

"At this stage what is obviously necessary is to address fundamental issues of importance to the economy of all countries in the region," Francisco Violante, Cisco expert on the subject and one of the speakers at the conference, told Efe.

The so-called "black gold" has gone through a severe crisis in recent years as a result of a global oversupply, which now has crude oil barely above 50 dollars.

This has generated, according to the company in San Jose (California, USA), other "needs", especially in complex issues such as safety, to avoid damage to the environment, provide care to its field employees and avoid accidents.

Also in keeping its operations reliable and safe, increase revenues, avoid losses, find new reserves and seek to affect the environment as little as possible, as well as support the communities where they develop their activity.

"For that, to be able to solve all those problems, the technology is going to acquire a transcendental relevance", said the Mexican executive.

In this line, he said that the key is also that all actors "can work in a symbiotic way, in a safe way and with visibility in real time, to improve the decision making that have to do with the business", something that provides Technology and the Internet of Things.

As an advantage, the executive clarified that this urgent call for digitalization does not properly follow an investment return scheme in which the same amount that is invested is recovered, but is even more striking.

"What is done under a digital transformation scheme is to make an investment, of 1,000 dollars for example, that will generate a change or a disruption in my process and even in my market, which, likewise, will compensate me not 1,000 dollars, but 50,000. " he added, encouraging the inclusion of technology in the industry.

The company quoted an Ernst and Young survey of global executives to attendees, which shows that 61% of oil and gas companies are experiencing a positive financial change as a result of the digital transformation.

"Technology ceases to be just an iron and now becomes an enabler of business and social capabilities that will allow us to solve the problems we have today but also the problems we have in the future," he added.

This event was attended at the Colombian headquarters of the technology by trade union leaders, oil exploration and business experts, investors and managers of national and foreign companies, according to the company.

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