Brexit is an opportunity to revisit strategy for supply chains
Whilst most companies might shudder at the mention of Brexit and the challenges it might bring to their operations, it might also be time to revisit strategy. It is a common approach for companies to have longer term strategies and plan for years in advance especially where initial investment in resources is higher. However, todays businesses also need to be nimble in their approach to strategies akin to a seasoned chess player flipping between attacking and defensive play. Todays supply chains also need to be able to group their skills and resources to adapt to changes in economic performance, changes in customer preferences, fluctuation of currency and availability of skills.
The experience of last recession to the western economies has meant that some companies have shrunk in size to a level where complexity was manageable. There were other companies who were smaller in size and stature who were able to play to their strengths and grow their business and market shares. Brexit allows companies to use their innovation in strategy and process to surmount the hurdles which might appear due to this new realisation. Whilst the end result might not be completely predictable it might create an avenue for the companies who are responsive to benefit from their ability to react quickly to the changes in the business environment.
The supply chains of today will realise that the changing scenarios fueled by the announcement of Brexit necessitate relocation of some aspects of existing supply chains. This might further have some changes as the discussions move towards an agreement as to how the proposed relations between the parties involved. The lessons from the last recession had necessitated new laws where regulation did not cover responsibility in certain areas, it also brought in changes as to how companies reported their performance. Whilst I do not foresee a clear winner from this scenario, I can definitely bat for those nimble companies to put forward things in place to be successful in this changing business climate.
Alfred is an experienced academic adept at handling courses at postgraduate level. He provides consultancy to businesses in the UK and enjoys working with organisations to identify supply chain issues and offer solutions to improve their performance. He guides doctorate, masters and undergraduate students to ensure their research, projects and dissertations are innovative and aligned to the current needs of businesses.