LONDON, Oct. 16, 2019 /PRNewswire/ -- As the Brexit
deadline approaches, a new survey commissioned by Coupa Software
(NASDAQ: COUP), a leader in Business Spend Management (BSM),
revealed that, while the majority (96 per cent) of UK senior
finance decision makers in large companies have been preparing for
Brexit for the past year, the work to become post-Brexit ready is
still an uphill battle. Respondents cited supplier relationships
and spend visibility as top focus areas.
Of the 253 senior finance decision makers surveyed, 54 per
cent cited supplier relationships as the part of their
business most likely to be impacted by Brexit, above disruption
with profits, customer relationships, and payroll. Furthermore, 51
percent of respondents said that on the day of Brexit, they expect
to renegotiate contracts with their suppliers to return
to business as usual.
The survey also found that going into Brexit, nearly
two-thirds of finance decision makers (63 per cent) said
they lack complete visibility into their business spend, and 62
per cent said that they are not very confident in their company's
spend decisions. Their views on stockpiling are evidence of this –
nearly 66 per cent say they feel stockpiling is an effective
precaution for businesses in uncertain economies.
"In today's environment, it's imperative that businesses have
the visibility and control they need to respond quickly amid
economic uncertainty, and that's no more apparent than what UK
businesses face with Brexit," said Rob
Bernshteyn, chairman and CEO of Coupa. "Having modern
technologies will help companies navigate these changes by
empowering them to establish the right supplier relationships and
spend smarter every day."
Preparing for Brexit
As the situation with Brexit
becomes clearer, businesses will immediately need to take steps to
determine if their supplier contracts remain valid, how any cost
increases will impact their profitability, and if necessary, how
they will find new, local suppliers to avoid any business
disruptions.
To prepare for Brexit, companies should consider following these
five steps:
- Get Full Visibility into Business Spend: Leverage
people, processes, and technology to consolidate all of your
business spend into a single view that enables you to evaluate how
your suppliers will be impacted.
- Ensure Business Spend Processes are Agile: Do the due
diligence now and invest in highly configurable business spend
processes and technologies, including supplier risk management, so
you can rapidly adapt to new regulatory and trading
environments.
- Implement Contract Certainty: Get ahead of the contracts
that will require amendments, re-tendering, or additional clauses
with a well-maintained, enterprise-grade contract lifecycle
management solution.
- Understand Supplier Risk: Get a real-time
view into supply chain risks such as a supplier's ability to handle
border crossing or how tariffs might affect their ability to
fulfill contract obligations.
- Establish Enforceable Spend Policies: To prepare for
this and ensure you can achieve your planned budget, establish
clear and enforceable policies, including controls and approval
chains to ensure that preferred suppliers are used.
To learn more about how Coupa can help your company achieve
greater visibility and control into your business spend to improve
compliance, risk management, and more, click here.
Survey Methodology
This survey analytics report
conducted by Opinium is based on a survey of 253 senior finance
decision makers at UK-based companies with 500-plus employees. The
survey was conducted during September and October 2019.
About Coupa Software
Coupa Software is a leading
provider of BSM solutions. We offer a comprehensive, cloud-based
BSM platform that has connected hundreds of organizations with more
than five million suppliers globally. Our platform provides greater
visibility into and control over how companies spend money. Using
our platform, businesses are able to achieve real, measurable value
and savings that drive their profitability. Learn more at
www.coupa.com. Read more on the Coupa Blog or follow @Coupa on
Twitter.
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SOURCE Coupa Software