A study released today by the British Chambers of Commerce revealed only half of UK firms had taken the steps recommended by the government to prepare for the impending Brexit deadline. A lack of business preparedness would not only be economically damaging for the company itself but cause major supply chain disruption on a national scale.
Matthew Woodcock, Director at LLamasoft, made the following comment:
“The British Chambers of Commerce study released today shows that when it comes to Brexit, uncertainty continues to run rampant. This is not a time for businesses to bury their heads in the sand. They need be investing in technologies that apply Advanced Analytics, AI and machine learning to identify and fix potential weaknesses before they are exposed. Having a digital twin solution is a necessity today, not a nice to have.
The volatile nature of negotiations and confusion around trade deals mean businesses are unable to make any major decisions and subsequent changes to supply chains. Thus, companies must focus on having responsive options immediately available. They should also draw upon their learnings from Covid-19 around the need for agility, contingency planning, inventory management, and alternate sources of supply.
Companies don’t have to shoot in the dark. Digital twin technology allows businesses to test the effectiveness of contingency plans ahead of deployment. Ultimately gaining a better understanding of the implications of each action, testing the sensitivity scenarios and pinpointing stress points. This provides a dry run for how to overcome potential Brexit related disruptions such as demand movements or port delays.”