Brexit has presented CIOs with a perfect opportunity to acquire or invest in "niche and start-up technology innovators", according to KMPG.
Speaking of a document published by KMPG entitled 'The CIO’s Brexit playbook – opportunity awaits', Adam Woodhouse, director in KPMG’s CIO advisory practice, has argued that "many funds are sitting on the fence until things settle down, allowing bold CIOs to get the jump on the competition and pick-up the best of the bunch."
While he is positive about the possibilities that the current uneasy economy has presented, Woodhouse also argues that there are also risks: "The fallout from Brexit will test CIOs and their operations – no question. It will put a strain crumbling systems, expose confused governance and raise questions about ‘the way we have always done things'.
"Staff from the EU may feel uneasy about their future. Firms which heavily depend on foreign expertise may be worried about losing those staff or attracting talent from EU countries.
“Organisations could also delay or cancel large funding approvals and the pound’s fall may require them to recalculate planned projects, especially where they are buying software, services, hardware or using foreign-based teams.”
Brexit will, in Woodhouse's words, "pose a significant operational challenge", but one that can be taken advantage of. Not only does it present the opportunity for "those who can lift their heads from contingency planning and take a more strategic view" to invest in start-ups but it will enable the simplification of over-complicated proccesses.
Woodhouse said: "What better time to drive out complexity, simplify IT architecture and improve services? Although most in the business community did not want the referendum to go the way it did, Brexit could be the thing that delivers their proudest legacy."
Brexit was a situation that many in the UK tech channel did not want, but if Woodhouse is to believed, CIOs are being presented with an unprecedented and unique moment that they should exploit.