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Significant barriers hampering digital trade and cross-border data flows

According to the City of London Corporation, post-Brexit trade deals have left significant barriers in place that are hampering digital trade to and from the UK*. The group suggested a lack of regulator-to-regulator cooperation and ineffective means of sharing data between markets were among the key barriers to digital trade in the UK. Furthermore, pressure is growing on ministers to tackle digital trade barriers following the City UK’s warning that countries were at risk of being fragmented into national “splinternets” unless governments agree on a shared approach to data regulation***.

A shared approach to data regulation is welcomed by data integrity specialist, Precisely, and Jay Reilly, senior vice president EMEA comments on what UK businesses can do to mitigate the post-Brexit data management challenges:

“The extra red tape in the aftermath of Brexit has reportedly turned the clock back decades, presenting numerous challenges for international trade as a result. A combination of incorrect and missing documents, as well as complex import and export requirements, has forced companies to rapidly change processes to mitigate these challenges. But with an abundance of data to manage and process, adapting has been far from simple.  

“For many companies, data is held in multiple systems and exists in a variety of formats, creating inaccessible silos that make it almost impossible to manage – particularly for businesses that are reliant on manual processes. Information that may be exchanged using email routing, spreadsheets and other standalone solutions frequently end up producing duplicate and untracked files, which results in poor data quality and reduced levels of compliance. Furthermore, the amount of available structured and unstructured supply chain data continues to grow at an exponential rate – making it difficult for businesses to manage data in a fast-paced, global supply chain, whilst still ensuring they remain competitive.

“UK businesses must reassess their data management strategies to mitigate the impact of any future supply chain disruption in order to ensure new trading relationships can be sustained and remain competitive. Taking steps to improve data management processes, such as by establishing automated data management systems, can help to alleviate the challenges of disconnected supply chain data by providing a more connected view across the business, as well as helping to ensure a foundation of data integrity. This allows businesses to make faster, and more confident, decisions based on a framework of data that has maximum accuracy, consistency and context – something that is essential for navigating any hurdles that may be faced as a result of Brexit or other supply chain disruptions.”