Impacts economy. A report by McKinsey Global Institute

Impacts of new Technology on Equilibrium in product market Last two centuries have been the centuries of advancement not only economic but also technological. Whenever a new technology hits a market it affects both demand and supply. The most sought-after effect of technological advancement is to increase production decrease labor cost and in turn increase efficiency as a whole. Depending on the type of good being examined by the supply and demand curves, the technology could completely eliminate demand. For example, cassettes have become obsolete with the invention of DVDs and Blu-ray disks. And with each new technology, many jobs are lost and other new jobs are created because of that technology. When Industrial Revolution first started in 18th century in England it started a wave of technological advancement which is riding high since then. Markets were flooded with cheaper goods which were also high in quality. And now in the 21st-century firms are working on automation and Artificial intelligence which going to change how the things work. With the adoption of robotics, Internet of things technology, artificial intelligence and data analytics along with macroeconomic trends and changing consumer behavior are transforming the way resources are consumed. Internet of things is going to connect whole of the world altogether. Also, we are shifting from non-renewable resources to renewable resources for power generation. As with help of technology advancements power generation has become cheaper through renewable sources of energy. And on demand side, consumption is becoming less intense and more efficient as people use less energy as energy-efficient technologies have become more integrated with homes and businesses. And also technological advancements are helping to bring down the cost of renewable energies and giving them the greater role in global economy. A report by McKinsey Global Institute Beyond the super cycle focuses on these trends and finds that these have potential to unlock around $900 billion to $1.6 trillion in savings throughout global economy by 2035. Of these savings, one third will be from productivity savings captured by resource producer and two-thirds will be from the reduced demand as a result of greater energy productivity. Geographical Information System (GIS) TechnologyGIS technology has also evolved with time and now is used more often in daily work by businesses government and individuals. A geographical information system is a computer system for capturing, checking, displaying and storing data related to positions on Earth’s surface. But compiling relatively unrelated data Geographical information systems can help in understanding spatial patterns and relationships. The crucial and most important part of Geographical information systems technology is location. Location can be expressed in different ways such as address, ZIP code or may be latitude and longitudes of spatial data infrastructure. Geographical information systems can help in comparing and compiling different information. It may include information about different kind of vegetation, landscapes, different types of soil and it can also include data about people, such as their income, education. Today with help of Geographical information systems technology organizations can compare the different things and how they are related to each other. Working of Geographical System information systemGeographical information systems applications include both software and hardware systems. These applications may include digital data, photographic data, data in spreadsheets and cartographic data. Photographic data is a most important part of Geographical information systems. It involves aerial photographs and analyzing and interpreting the features that appear. Cartographic data are in map form, and it includes the location of roads, rivers, hills, and valleys. Digital data contains the information that is collected by satellites which shows land use for towns, forests, and farms. Remote sensing is another tool that can be integrated into Geographical information systems. It includes imagery and other data collected from drones and satellites. Geographical information systems can also include data in a spreadsheet and tabular forms such as demographics. Demographics can range from income, education level, age, and ethnicity to recent purchases. Geographical information systems technology allows all these different types of information to be overlaid on top of one another in a single map layer over layer. Geographical information system uses location as the key variable to relate all these unrelated data. Putting all these information into Geographical information systems is called data capture. Data uploaded to the geographical information system must be in digital form. Geographical information systems save data in two major file formats that are raster and vector. Once all the desired data is entered into a Geographical information system. It can be used to produce a variety of maps depending on which type of data is included.Uses of Geographical information system Technology in Urban Planning and other sectorsThe benefits of using the Geographical information system technology in urban planning are many because it takes into consideration many different factors to help build an efficient and organized city thus most local governments use Geographical information system technology for urban planning. Geographical information system helps in solving the broad range of spatially based problems. Geographical information system allows emergency planners to easily calculate response time and also track the movement of response resources in case of a natural disaster. It might also be used to find wetlands that need strategies regarding pollution. While urban planning most important thing required is to see if the area is susceptible or prone to any natural hazards. Through reading maps from Geographical information system user can find an appropriate site for the residential, commercial or industrial complex as all of these three have different requirements. Mostly Geographic information systems are used for transportation planning, land use planning, permit tracking, events such as crime, fire, accidents, emergency management and community and economic development. Use of Geographical information system technology by Government in Urban PlanningUrban planning requires many layers of details on a single map and one of the most important features of Geographical information system technology is multilayered mapping. Its every layer contains different types of data. A municipal planning committee can use Geographical information technology to see a variety of data, including surface water, agricultural land, high flood frequency and highly erodible land. This multilayered capability can make difference in developing an area. Local government can also use Geographical information system technology to keep an eye on the areas which are already developed, or are being developed and had been previously developed but are being revamped. If Geographical information system has covered the area already then it can provide data about permits issued in the past, including permit types, what type of development they were used for and when were permits issued. Geographical information system technology reduces government work by a large amount and makes it more efficient and fast in working.How Geographical information system affects investment in Real stateIn real estate investment market Geographical information system as a tool for management of spatial data can help experts in their everyday work. In decision making and finalizing projects Geographical information system can shorten the time and enhance the quality of decisions. The real estate investment itself is a process where investors take part in the proportion of their investments. So it makes essential to reduce risk and enhance the quality of investment. The geographical information system has a very important role in decision support phase and also in the feasibility of the project. Geographical information system technology can deliver the results what investors need. Geographical information system helps real estate industry analyze the report, map and model the merits of one site or location over another. The geographical information system can combine & integrate different types of information to help to make better decisions and also give high-quality visualization tools that improve the understanding and enhance strategic planning. Retail Real estatesThe group of retail estates, the shops, shopping centers is also extremely sensitive to the location. In case of shopping centers, it is very important that it can be easily reached by transportation. Geographical information system let real estate companies combine market and territorial knowledge with proven business analysis and site selection methodologies thus providing deeper insight into the local real estate environment and market forces. Geographical information system makes it easier to find the best prime location. The prime location is a part of an urban where business might expect to achieve the highest profit.Industrial real estatesThis sector is sensitive to the transportation conditions, the closeness of the main transportation routes. It is important that customers can reach easily. Therefore, industrial parks, logistical centers are often settled next to ring roads surrounding the large cities.Agricultural real estatesThe land market due to the spatial limitations is primarily adjusted to the local supply and demand conditions. The land markets are also specific in the term that the arable land stationary and is tied to a given place, its spatial position is usually the function of the change of the environment. In most cases, the land is purchased with a particular purpose for example during the construction of the transportation road or establishment of an industrial plant because in these cases the geographical positions of the lands are changed. Geographical information system technology as a tool can help in serving a business to decide if it should open in a certain location. Based on the customer provided data, the Geographical information system can help a business see where their potential customers will come from. And thus attracts more investments because of the above-stated reasons that it provides the business or individual the best location and ideas for their business to work. For example, if shopping mall opens and it is 5 miles closer to the previous shopping mall, the business owner can conclude that it will be more likely to try his or her store if the quality and prices of products are comparable. In this way, it will shift the market equilibrium and consumer preference of shopping stores.Geographical information systems JobsOrganizations and people use Geographical information system technology in different fields. Scientists use the Geographical information system to resource drinking water to the population. Biologists use the Geographical information system to track the migration of animals. Officials can use the Geographical information system to plan their response in case of natural disasters. Geographical information system maps help them to locate them which areas are in danger and where they can provide emergency shelters, and what routes they or people should use to reach safely. Geographical information systems technology can also be used by firms and organizations to see the market preference of individuals. Many retail businesses use Geographical information systems to help them determine the preferred location for their stores and then using Geographical information systems technology to market their products in preferred locations. There is no limit to the kind of information that can be analyzed using Geographical information system technology. The area in which Geographical information systems works is vast and almost everything can be related to each other by using Geographical information systems technology.Example of using Geographical information system Technology in everyday lifeOne of the common examples of using Geographical information systems technology is Waze application. It is a navigation application which works on the pathfinding algorithm to show a user a fast and shortest way to the destination, which in turns lead a user to the undiscovered ways to reach his destination as fast as possible. While Google maps tend to suggest freeways and main thoroughfares. Waze with its pathfinding algorithms tends to find the fastest ways and never shy away from choosing streets. Waze also responds fast to a crash or other delay mid-journey. This is all because it uses Geographic information system technology effectively for its pathfinding algorithms. Future of GIS technologyPast few decades have brought many changes to the GIS technology. It has developed rapidly in that time and 3D mapping has helped it in many regards. But in a next decade3 or so there will be many developments that can’t be imagined. And the most likely feature that to be added to the current GIS technology is 4D mapping, which will further help in urban planning and other applications. GIS is the most powerful tool as can be seen through its applications in different fields and most importantly in urban planning. This makes use of GIS technology almost necessary in today’s fast-moving and highly technological landscape.