Following the news that UK manufacturers are setting cash aside in case of a hard Brexit, Mark Hughes, regional vice president UK and Ireland at Epicor, provides his views on how UK manufacturing firms can use this cash to invest in the correct technology to prepare for the changes that this particularly uncertain and turbulent time may bring.
The lack of concrete information regarding our withdrawal from the EU means that manufacturers need to be ready to respond rapidly and appropriately to changing market conditions. They will need to be prepared to adapt to new deals and regulations that could alter their trade processes–and possibly affect their growth trajectories.
Now, more than ever, manufacturers need to have a technology platform that is robust, responsive and flexible–with the ability to respond to changes within the supply chain. They need reliable business software that will be able to supply ‘on demand’ information for business performance data analysis, so that companies may plan, and revise plans, accordingly to sector turbulence and not only maintain market share, but thrive and grow in the global economy. For manufacturers who haven’t already got up-to-date IT systems in place, these Brexit funds could be used as an investment for a rock-solid IT infrastructure, which will be essential in the coming months and years.
During periods of great uncertainty, when external factors are so unpredictable, internal elements should be rock steady. Business IT systems need to be utterly dependable, and create value—which is where manufacturers’ Brexit investment could particularly pay off. Modern enterprise resource planning (ERP) systems, for example, can respond to changes within the supply chain, adapt easily to new infrastructures, and deliver insights to inform decision-making and strategy.