Others are working on strengthening relationships with existing European suppliers
A recent survey by The Chartered Institute of Procurement and Supply (CIPS Brexit Survey) found that 41% of procurement and supply professionals at UK organizations believe that it is impossible to prepare for Brexit since future trade agreements are currently too uncertain. Yet, 16% say that their businesses are supply chains are fully prepared for Brexit.
One of the ways many organizations are already preparing for Brexit is by performing a risk analysis. Some professionals are also exploring onshoring, identifying alternative suppliers within the UK, and investigating reshoring (looking for suppliers outside the European Union). Others are working on strengthening relationships with existing European suppliers.
Here is a short list of some ways that procurement professionals can get a head start in preparing for Brexit: