The UK Focus on Brexit: Brexit and business – what’s the impact on the technology sector?

We’re nearing the point of being exactly 30 days from Brexit, and its impact is being discussed across every possible industry: manufacturing, retail, hospitality…and technology is no exception. Complexities will be unavoidable for a number of companies, and those businesses will be looking to find solutions to combat those problems.

Whether it’s the extra paperwork associated with new duties and customs or people management challenges to consider; CEOs and directors will be looking at ways to make their business more productive to compete. This is where the success of other companies comes into play. Quite simply, the technology businesses that will benefit from Brexit are the ones that offer solutions essential to business, improving efficiency and productivity.

Recently the Office of National Statistics (ONS) reported that UK productivity from July to September 2018 only rose 0.2%, continuing the 10-year productivity slump in the UK; it prompted questions of how British businesses can best tackle the problem. Clearly, there’s a need for businesses to be more efficient, and Brexit could worsen some business problems, particularly if staff cuts mean less people to carry the load.

On the other hand, this does mean the businesses that offer essential, daily-use, functional products will continue to have success, and in many ways, they may be in the unique position of benefiting from Brexit. Products that are at the core of the operation of any business will still be in demand; be it payroll, accounting, or HR software – there are simply some things that a business can’t live without.

Efficiency, efficiency, efficiency

As a result of the UK productivity stagnation, companies that provide core services and products will be the ones that do well. Anything that streamlines processes to save time and, or money will be critical at a time where the threat of losing a business and additional paperwork coincide.

That said, it shouldn’t take a significant event like the EU exit – impacting people across all industries in some form or another – for businesses to realise technology investment and processes are wise to ensure continuity in times of change.

By Chris Bayne, CEO, Access Group