Post-Brexit Plans?
How businesses are adapting to change
Recent research showed that many businesses were holding off their investment and development plans pre-Brexit, however new research in to the retail sector carried out by global software consultancy ThoughtWorks has found that 81 percent of retail businesses have plans to grow and adapt in a post-Brexit landscape. But – and there is a ‘but’ – many are expanding overseas while one in ten have plans to move their HQ’s to an EU country.
Head of Retail at ThoughtWorks Kevin Flynn found that just over one fifth (21 percent) plan to move in to new international markets, with just under a fifth planning to diversity, reduce cost base and staff.
A quarter plan to take more business online to reach new audiences, and employ staff who speak more foreign languages. Digitising and marketing IT back office to make them more efficient is planned by 12 percent of retail businesses.
Other aspects of retailing on the increase include investment in Artificial Intelligence, seeking new business in EU and non-EU countries (20 percent).
More than a quarter (26 percent) will focus more on the UK domestic market, while almost a fifth (19 percent) plan to do nothing.
Luke Vinogradov, Digital Transformation Principal at ThoughtWorks said that despite the uncertainty, those retailers that “turn it to their advantage will be the agile enterprises that anticipate change and adapt quickly. Our research suggests technology will be key. Those businesses that fully use technology to achieve competitive advantage are already making plans to expant, to innovate and to grow.
“New ways of working can align the whole business around value; data can help you build engagement and advantage; and a delivery mind set will help you cut through the complexity and get things done. All of these digital capabilities can help businesses get in shape and seize the opportunities that a post-Brexit era may present.”
