As most people will be aware, the EU Referendum results were announced this morning (24th June 2016) and Britain did indeed vote for a Brexit, however marginally close it was. Business owners around the world currently find themselves in a state of uncertainty as the UK heads in a new direction, one that is nearly impossible to predict and has left a lot businesses, SME’s in particular, nervous about what the future holds.
The decision to vote leave has cast a level of uncertainty over the future of the UK which has had a worldwide impact, causing drastic changes in the stock market and the value of the pound has dropped to it’s lowest point in over 30 years. All of which however was expected, a change on this scale was always going to have a short term impact on the economy but what does this mean for NetSuite and our users?
The cloud has no boundaries
Cloud computing is not restricted by physical boundaries, regardless of what happens from this point the cloud and cloud computing as an industry will still continue to thrive. NetSuite in particular has been designed to embrace change. Services such as the cloud based ERP were built with adaptation in mind, allowing for the system to grow and quickly change to suit any major changes needed.
NetSuite has adapted many of times over the years to suit change, most of NetSuite’s users may not have even noticed as these updates roll out quickly and across all system simultaneously. A common theme NetSuite has managed over the years is a change in business regulations or changes in taxation’s which can occur in any country.
Adapting to change
Earlier today, NetSuite spoke about the EU referendum stating “As the world’s fastest growing Financial Management System and the number one cloud ERP vendor, NetSuite will continue to invest to ensure that its customers can thrive whatever the future holds.”
Given the significant impact today’s results will have, change is becoming inevitable but nothing major will happen for at least 2 years or possibly 5 years should the EU wait until a formal withdrawal procedure is sanctioned. This could invoke changes within a large array of departments, particularly payroll, distribution and commerce which NetSuite will adapt to as soon as an official change occurs.
As with all major economic changes, predicting what may or may not happen is extremely difficult, especially when trying to predict something 2-5 years in the future when there is no significant comparisons which can be made.
If you would like to discuss how our cloud based business solution can benefit your business, please get in touch. Please share your thoughts on this article in the comments below.