Interswitch to Revolutionise Energy Sector, Reduce Wastages with Tech Solution

Emma Okonji

Interswitch, an integrated payment company and technology solution provider is set to revolutionise the oil and gas sector with technology solution that will block wastages and improve efficiency and profitability in the sector.

Interswitch made this known at a summit it organised in Lagos recently, with the theme: “Fuelling the Future-Harnessing Digital Transformation in the Energy Sector.”

In her opening speech, the Managing Director at Interswitch, Chinyere Don-Okhuofu, said the objective of the summit was to bring industry stakeholders to discuss new trends in the technology sector that would help the energy sector reduce wastages and grow profitably.

“Interswitch Energy stands as a testament to its unwavering commitment to bring about disruptive changes in the energy sector through innovation and we invite everyone to join us in embracing the future of the energy sector. Let’s come together in a collective endeavour to shape the industry, an industry that thrives on the principles of innovation and sustainable growth,” Don-Okhuofu said.     

In his keynote address, Managing Director, Falcon Communications, Prof Joe Ezigbo, said the oil and gas sector, which once relied on traditional methods of operation, now has the opportunity to leverage digital technology to optimise its operations and Interswitch has come up with technology solutions that put an end to wastages in the oil and gas sector.

“Operational efficiency is the lifeblood of oil and gas industry. Digitalisation empowers companies to harness the power of data and automation to streamline processes, optimise production and minimise waste. Sensor networks and Internet of Things (IoT) devices gather real-time data, which is then analysed, using big data analytics to identify trends, predict equipment failures, and optimise tasks, while machine learning automates decision making, freeing up human capital for higher-level analysis,” Ezigbo said.        

He recommended that government and energy companies should allocate resources for digitalisation initiatives, which according to him, will involve funding research and development of domestic digital solutions alongside partnerships with established technology firms.