In a study conducted by Ivalua, a leading global spend management cloud provider, 80% of UK businesses say Brexit has disrupted their supply chains in the last year, while 83% believe the biggest disruption is yet to come.
According to an Ivalua-commissioned study, conducted by Coleman Parkes, Brexit is having a greater impact on supply chains than the war in Ukraine (76%), rising energy costs (71%), or COVID-19 (59%).
Supply chain disruptions resulted in 28% of UK businesses losing revenue in the last 12 months, with these businesses estimating revenue losses of 18% on average. As a result of disruptions in the supply chain, products arrived late, resulting in SLA fines (68%), and reputational damage (64%). Moreover, 80% of UK companies say Black Swan events such as Brexit, COVID-19, and the War in Ukraine have caused supply continuity to be on “life support”.
In a separate study, “Procurement Under Pressure: Will it Break?” sponsored by Ivalua, reveals that a majority of respondents identify inflation (88%) as well as supply chain disruptions and shortages (82%). Several procurement teams, who were surveyed, admitted that they “cut corners” with their sourcing criteria to secure supply, since 81 percent of them feel pressured by executives to respond to challenges “more quickly and effectively”.
Key Takeaways
- Find out how collaborating with suppliers will help you to blunt the impact of inflation
- How to pay it forward with better managed working capital
- How to combat the effects of inflation at the category level
- How organisations like yours have prepared themselves to weather the storm
The Panel
- Vishal Patel – VP Product Marketing, Ivalua
- Lance Younger – Founder and CEO, ProcureTech
- Phil Ideson – Founder and Managing Director, Art of Procurement
- Kathryn Thompson – Partner, Deloitte UK
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