Open AccessTechnology Growth in Shipping Industry: An Overview
Author(s) -
Praveen Kumar Donepudi
Publication year - 2014
Publication title -
american journal of trade and policy
Language(s) - English
Resource type - Journals
eISSN - 2313-4755
pISSN - 2313-4747
DOI - 10.18034/ajtp.v1i3.503
Subject(s) - productivity , business , industrial organization , automation , world economy , risk analysis (engineering) , economics , engineering , economic growth , mechanical engineering , political science , law
Being the backbone of the world economy, the shipping industry impacts the lives of many people directly and indirectly. It needs continuous innovation and the adoption of new thought processes to handle the ever-growing demands of materials and goods around the world. It faces several challenges such as compliance with the environmental regulations and laws, changes in the global business models, the complexity of operations and management, risks and hazards to the people and the assets, and the cost of adopting new changes. This study highlights the benefits of greater collaboration with partners, more automation of manual processes, and higher productivity and capacity to handle future loads.