Britain’s decision two weeks ago to leave the European Union has left procurement and supply chain professionals around the globe wondering how the move will impact their organizations in both the short and long term. There still is a lot of “wait and see” taking place, but in the meantime, it’s clear that organizations need to understand the possible implications Brexit could have on them. In case you missed it, we’ve rounded up our recent coverage of Brexit and what it could mean for procurement and supply chains.
Quickly following the Brexit vote, Spend Matters Assistant Editor Nick Heinzmann identified the top six possibly implications the vote could have on procurement and supply chain organizations. From widespread uncertainty and market volatility to possibly re-evaluating supplier relationships, check out how your organization may need to prepare for a Brexit.
Spend Matters Founder and Head of Strategy Jason Bush and MetalMiner Executive Editor & Co-Founder Lisa Reisman teamed up to analyze in more detail the obvious and less obvious impacts Brexit could have on procurement and supply chain. Obvious considerations include changes to commodity prices and monitoring trade agreements and U.K.-based suppliers, while less obvious considerations include looking at value-added and local source components at U.K. suppliers and how a Brexit could cause a ripple effect among suppliers elsewhere in Europe.
Spend Matters sister site MetalMiner recently released a preliminary analysis on how metal prices could change following the Brexit vote. SM Assistant Editor Nick Heinzmann discusses highlights of the report, including how the Brexit may immediately threaten the British steel market. Metal buyers also want to check out this article to read what MetalMiner Lead Forecasting Analyst Raul de Frutos believes are the short-term and longer-term impacts on metal prices.
As mentioned above, there remains a lot of uncertainty of how exactly Brexit will impact supply chains and procurement organizations globally and when exactly companies will feel those effects. However, to gain some perspective, Editor-at-Large Kaitlyn McAvoy talked to some experts to gain some insight on how procurement organizations can start planning for the worst.
The Institute for Supply Management recently released results of survey it conducted with procurement executives and their thoughts on how their organization would be affected by a Brexit. While the survey revealed the majority of procurement professionals do not expect their company to experience significant negative financial impacts from Brexit, many still remain cautious and will be watching how Britain's exit from the E.U. plays out. Check out the full post to read about other survey findings, including how Brexit will change capital spending plans and workforce management.