While cash remains king at the point-of-sale, a variety of other digital payment methods are preferred by consumers, with 25 percent of all smartphone owners now using mobile wallets.

A few years ago, the OECD embarked on a multiyear effort to create an international tax framework that closes perceived gaps in international tax rules. This includes combating base erosion and profit shifting (BEPS) to ensure companies pay their "fair share" of taxes. Many of the BEPS Project's action items are expected to be finalized later this year.

Many companies have become adept at using supply-chain management to increase their competitiveness, yet the function remains under-utilized in one vital area: working capital management.