A majority of UK businesses believe that the impact of Brexit will be far more difficult to prepare for than Y2K/the Millennium Bug, according to a survey by software testing and monitoring firm Eggplant.
The study found that 81% of businesses are likely to review or update existing business processes and software as a result of Brexit, with 65% anticipating that Brexit will impact software systems or processes.
This level of disruption is also expected to cause significant issues for business continuity and interruption for companies not sufficiently prepared, which could create some demand for insurance and claims in those areas.
When it came to an organisation’s systems, 57% of surveyed companies thought the impact of Brexit would be more challenging than the Y2K problem that was projected to cause havoc in computers at the beginning of the year 2000.
Among C-suite respondents, 68% believe that planning for Brexit is more challenging than Y2K, while 79% said that Brexit is certain or very likely to impact on software systems and processes.
The survey, conducted among 250 UK business leaders from C-level (36%), operations, IT and software management roles, also revealed that the significant upheaval and change will mostly affect technology and IT processes (30%) followed by supply chain (17%).
Over two thirds of respondents (69%) also said that they are considering hiring new staff, while 73% believe Brexit is likely to support the adoption of automation for new administrative tasks.
“We are witnessing one of the greatest periods of uncertainty in our lifetime and this is amplified at an organizational level when it comes to software and processes and the interconnected supply chain. Intelligent automation will be fundamental to enabling operations, tech and software teams to test post-Brexit business models and coping with the potential challenges ahead,” John Bates, Chief Executive Officer of Eggplant.
“From mission-critical operations to ensuring quality consumer experiences, Britain will be tested rigorously for continuity beyond Brexit,” he added.
