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The Impact of Brexit on UK Professional Services – Business Intelligence Info

PostedbyJimRodgers,Sr。

Director,PSASpecialistsTeam,NetSuite

BrexithasunleasheduncertaintyandchallengesacrossthehistoricallyrobustprofessionalservicessectorintheUK,rangingfromarecord31-yearlowfortheBritishpoundtoimpactsonlabormobility,cross-borderbusiness,taxationandultimatelyrevenueandprofitability。

Onething,however,iscertainastheindustryconfrontsacloudedpost-Brexitfuture—moreclarityandprecisionthaneverbeforeareneededforprofessionalservicesorganizationsthatareeitherbasedinordobusinessintheUK。

Asitis,manyPSfirmstoleratesomedegreeofguessworkandprocessdelayinprojectdelivery,clientservice,resourceutilizationandfinancialmanagement。

That’sariskystrategygiventheuncertaintiessurroundingBrexitforprofessionalservices,andindeedtheUKandEUeconomiesatlarge。

Sofar,theUKeconomyhasweatheredfalloutfromtheJune23Brexitvotebetterthansomeexpected。

TheInternationalMonetaryFundinearlyOctoberrevisedpreviouslypessimisticpredictionstosaytheUKwillbethefastest-growingG7industrialcountryin2016,thoughitforecastslow1。

1percentgrowthin2017。

Ifgrowthdoesslowandcompaniescurtailspending,in-countryprofessionalservicesconsultingworkcoulddiminish。

Realorperceivedbarrierstocross-borderworkcoulddeterprospectiveEUclientsfromengagingaUKconsultancy。

SomefirmshaverecentlyseenaspikeinworkascompaniesinmultipleindustriesaffectedbyBrexitlooktoconsultanciesforguidance,butlong-termeffectsareunknown。

FXandMobilityConcerns

Foreignexchangeisamajorconcern。

WiththeBritishpoundslumpinginearlyOctobertoitslowestmarksince1995,UK-basedprofessionalservicesorganizationsdoingbusinessabroadfaceafinancialhitiffeesarepaidinacurrencyotherthanthepound。

Similarly,firmsbasedoutsideoftheUKbutservingUKclientsfacelowernetrevenueifcompensatedintheBritishpound。

WagesandexpensesforprofessionalservicespersonnelworkingoutsidetheUKareanotherissue。

IfaconsultantworksforaLondon-basedfirmin,say,France,theorganizationcouldfaceunfavorableexchangeratesiftheindividualispaidinEuros—alongwiththeaccountingheadacheofkeepingcurrencyconversionsstraight。

Cross-borderresourceflexibilityisalsoaquestionmark。

While“freedomofmovement”remainsinplace,changescouldoccurastermsoftheUK’sexitfromtheEUarenegotiatedoverthenexttwoyears。

Conceivably,thosechangescouldaffectnationalsofEUcountriesworkingintheUK,andUKcitizensworkinginEUnations。

Itwillbeyearsbeforetheeconomic,regulatoryandpoliticaldustsettlesfromBritain’shistoricvote。

Ratherthanawait-and-seeapproach,professionalservicesorganizationscantakeactionnowwithstandpotentialnegativefalloutbyimprovingvisibility,operationalefficiencyandclientservice。

Akeytransformationalstrategyistoreplacedisconnectedfinancial,projectmanagementandCRMapplicationswithend-to-endprofessionalservicesautomationsoftware(PSA)。

Ideallybasedinthecloud,PSAimprovesrevenueforecastingwithreal-timeinsightsintokeyprojectmetrics,automatescurrencyconversionsandstreamlinesresourceallocationsandprojectdelivery。

IntegratedPSAcapabilitieseliminatethecostlyinefficiencyandpoorvisibilityofsiloedapplications。

Withmorethan1,500customers,NetSuiteOpenAiristheworld’s#1cloudPSAsolution。

TolearnhowNetSuiteOpenAircanhelpyoustrengthencontrolinthepost-Brexitworld,contactusforacomplimentaryservicesvalueassessment。

PostedonMon,October17,2016byNetSuitefiledunder

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