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The Role of Technology in Reshaping Supply and Demand for Natural Resources

Technology has so far played a significant role in the revolution of natural resources through the harnessing, processing, distribution and consumption of natural resources. The GRS consultants argue that a few years ago, resources like minerals, oil and energy increased in price as the demand went high, but they have now drastically gone down as every organization wants to produce and sell them. However, there is a technological aspect that influenced these supply and demand changes.

The innovation in technology has brought about numerous changes and new concepts in the field of natural resources. We have now seen more production as a result of automation and the use of a robotic approach. On the other hand, demand has increased as people can now get information easily from the internet.

More Appliances and Less Energy Consumption

Technological innovation has introduced numerous devices and appliances that were never there decades ago. Our kitchens are loaded with machines that can perform almost every task. They range from refrigerators and food processors to coffee makers. One would expect that the energy bills would go up ten times.

Surprisingly, all the devices and appliances both at home and on commercial premises have an emphasis on energy efficiency. For instance, all the devices and appliances now come with a star rating on energy savings. Also, you may consider a smart thermostat at home and at hotels as another great example. In the end, energy consumption is not increased as much as one would expect.

Better Lives with Big Data Management

Big data management is taking a major role in shaping the supply and demand of natural resources. When it comes to energy, which is the main natural resource people need, any utility company can now access data from multiple sources to make an informed decision. Consumers on the other hand can switch from one utility company to another without the worry of what will happen to their information.

The government also relies on these multiple sources of data to make predictions, plan and distribute resources to the public. Have you ever wondered how governments allocate finances for various parts of projects? It is through the use of big data management.

Setting Favorable Policies

Policy makers are not spared these changes either. Today, any institution, whether in government or the private sector, cannot set policies that affect supply and demand of resources without embracing technology. Both macro and micro evolution rely on how the policies are set, which will in turn affect the supply and demand of these resources.

The policies need to cover the procedures of renewable resource production such that both the processes and the end product will not harm people. Solar power and nuclear energy are highly regulated to avoid any dangers. Therefore, all the technological devices should comply with these regulations and stabilize the supply.

On the other hand, the demand will only be high if the policies set for use are favorable to humans. With technological innovations, this sounds like a simple challenge that has already been taken care of.

From the above highlights, it is clear that technology has a major role in determining supply and demand of resources. The experts predict that this will increase in years to come.

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