UK economic growth slows sharply; what’s next for businesses?

A resurgence in Covid cases, the impact of Brexit and the continued labour shortage have slowed economic growth in the UK and drawn a question mark over the long-term effect this will have on our crippling supply chain. This, coupled with customer demand moving much faster than available supply, has resulted in inflationary costs and impacted economic recovery – creating the perfect storm.

With pressure mounting to meet consumer needs and gear up for the impeding holiday shopping boom, it’s safe to say businesses are feeling more than just the pinch. According to Oracle, 74% of UK consumers say that future delays could cause them to cut ties with their favourite brands permanently, a worrying consensus for recovering businesses.

To mitigate supply chain issues continuing to hit business’ bottom line, they must be proactive in their approach. To a large extent, disruption has been caused by a lack of supply chain visibility – it’s time for technologies, such as AI, to take the driving seat to optimise operations.

 

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