With the continued rise of online ordering, consumers want products delivered to their final destination, in less time. With this demand business around the world is thriving. However, this demand is not always easily met. Companies are continually improving their supply chain operations to optimum levels to meet the demand of the consumers. This creates faster delivery time and cost saving measures for the company.
In 2016, the outlook for the transportation industry looks very optimistic.
• CARM: the Assessment and Revenue Management Project (CARM)’s first phase, Accounts Receivables Ledger, starts on January 25, 2016, and will replace existing revenue and cash management systems to provide new electronic payment options.
• CETA: The Comprehensive Economic and Trade Agreement (CETA) between Canada and the EU, which is expected to come into force in 2016, aims to remove customs duties, and limitations in access to public contracts, open-up services’ markets and offer predictable conditions for investors. CETA could deliver an anticipated $12 billion annual boost to Canada’s economy and increase trade in goods and services between the countries by 23%.
• ITA: The Information Technology Agreement (ITA), which aims to eliminate tariffs on approximately 200 IT products, would include over 80 countries including Canada, the U.S. and China. Proponents are hopeful for approval in 2016.
• TPP: The Trans-Pacific Partnership was signed in October 2015 and awaits ratification in 2016. Once implemented, the TPP will provide more IP protection to multi-nationals and lower tariffs on many products.