Businesses looking to stockpile as Brexit uncertainty looms

As the Brexit deadline approaches, a new survey commissioned by Coupa Software has revealed that, while the majority (96 per cent) of UK senior finance decision makers in large companies have been preparing for Brexit for the past year, the work to become post-Brexit ready is still an uphill battle. Respondents cited supplier relationships and spend visibility as top focus areas.

Of the 253 senior finance decision makers surveyed, 54 per cent cited supplier relationships as the part of their business most likely to be impacted by Brexit, above disruption with profits, customer relationships, and payroll. Furthermore, 51 percent of respondents said that on the day of Brexit, they expect to renegotiate contracts with their suppliers to return to business as usual. 

The survey also found that going into Brexit, nearly two-thirds of finance decision makers (63 per cent) said they lack complete visibility into their business spend, and 62 per cent said that they are not very confident in their company’s spend decisions. Their views on stockpiling are evidence of this – nearly 66 per cent say they feel stockpiling is an effective precaution for businesses in uncertain economies.

“In today’s environment, it’s imperative that businesses have the visibility and control they need to respond quickly amid economic uncertainty, and that’s no more apparent than what UK businesses face with Brexit,”

said Rob Bernshteyn, chairman and CEO of Coupa.

“Having modern technologies will help companies navigate these changes by empowering them to establish the right supplier relationships and spend smarter every day.”