SpendEdge, a leading provider of procurement market intelligence solutions, has announced the completion of their free downloadable resource on holistic plans to address procurement risks in the wake of Brexit.The free resource provides key insights into the procurement risks faced by companies having significant operations or sales in the UK. In the article, our experts highlight the approach companies should follow to mitigate procurement risks associated with Brexit.
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Key procurement risks arising due to Brexit. (Graphic: Business Wire)
Changes occurring in the global trading rules due to negotiations between the UK government and the European Union are impacting the procurement process of companies. Trade agreements are becoming increasingly complex and procurement risks are rising at an alarming rate. Adding to the woes is that fact that the financial plans of companies are proving to be inefficient, and the period of uncertainty is likely to be prolonged.
Formulating strategies that can mitigate procurement risks arising due to Brexit is crucial for companies to gain competitive advantage. Request a free demo to know how our experts can help you develop an effective procurement strategy.
Key procurement risks arising due to Brexit
Exchange rates
The declining value of GBP against USD is impacting companies, directly or indirectly. They are facing challenges in preparing themselves amidst the rising uncertainty as the types of deals UK government might secure are still obscured. This is resulting in high import costs and making supply chains more expensive impacting the movement of goods.
To know how companies can address this situation, download the complete article here.
Contract negotiations
Companies are finding alternative ways of securing contract agreements that can provide them the flexibility to address currency fluctuations. They are figuring out clauses that can allow them to renegotiate prices while responding to Brexit.
Identifying clauses that can address friction arising between the UK and the EU trading partners is a herculean task. Request a free proposal to gain more insights into our service portfolio of procurement market intelligence solutions.
Compliance risk
The changing economic dynamics is impacting different areas of trade. This is necessitating companies to explore new trade routes that can reduce the cost and time required for procurement. In addition, they need strategies that can comply with multiple regulatory systems while procuring goods and services.
To gain detailed insights into the strategies that can be adopted by companies in identifying and mitigating Brexit risks, download the full article here.
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