Question

Why might technology forecasting be important to commodity industries such as petroleum refining, bottled water, and tax service

Answer 1

Technology forecasting mainly focuses on the prediction of the future traits of important and useful technologies in terms of machines, techniques, and processes. These predictions about the future forms of technology are important in the commodities industry such as petroleum refining, bottled water, and tax service because the operating cost or cost of production can be reduced significantly with the use of the latest technology. At the same time, these industries depend on heavy production of the commodity, and thus if the technology is going to be replaced soon, then it can result in huge losses to the company as the new technology and its application will need both the funds and time.

This technology prediction can also help the companies to be future-ready in terms of technology to facilitate the better quality products to the customers at the lower price.