Brexit – The UK’s exit from the EU

The post-Brexit relationship terms between GB and the EU are still uncertain. The international trade of capital, goods, and services across borders, will be severely impacted. Regardless of size and industry, companies will need to redefine their business processes. How will these developments affect your business?

The future of the relationship between the UK and the EU are being redefined. However, despite years of negotiations, the outcome is still uncertain. Although all options are still on the table, several models, such as the Norwegian-, the Swiss-, the WTO model and even a No-Deal Brexit, are being considered. The question on everybody’s mind is: What will happen on the 29th of March 2019? Will there be a transitional phase, or will we end up without an agreement and a hard Brexit?

All possible scenarios have one thing in common: The EU will need to redefine the Status Quo. The international trade of capital, goods, and services will face massive challenges. Customs clearance processes will need to be adapted. The re-emerging customs bureaucracy between the EU and the UK will severely affect supply chains, and lead times must be determined and recalculated. Tax policies will also need to be adjusted. These are just a few examples of processes that need to be revised.

 The eventual outcome of Brexit will affect everyone: automotive-, logistics-, pharmaceutical industries, ranging from large enterprises to SMEs. Regardless of the outcome, the consequences will apply to all of the aforementioned. The previously established systems and system landscapes will need to be adapted. Although SAP is one of the most widely used ERP Systems, the companies OSS note “2546068 – GB_UK Withdrawal from the European Union (Brexit)” offers merely a superficial description of the problem without any concrete solutions.

Therefore, the important question for you is: What consequences does all of this have for your business and how can you master Brexit?

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Balint Tolnay

T. +49 89 122219642
balint.tolnay@ventum.de

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