Technology media and telecommunications (TMT) firms have been told they need to “break barriers” to survive as technology redefines the way they operate.

Broker Willis Towers Watson has published its latest report, “Risks on the Horizon” for the Technology, Media and Telecommunications sector which looks in-depth at the risk landscape impacting TMT organisations and highlights issues they will need to tackle to thrive in a post-pandemic future.

The report’s key findings revealed how essential technology and digital/digitalisation requirements have become to the “corporate central nervous system” and how new and emerging technologies are rapidly altering the risk reality for companies across most industries. Many of these trends were already key issues before the pandemic and organisations who were not preparing for the risks on the horizon need to start now.

The report warned the rapid acceleration of technological change is driving companies to continuously innovate in order to transform their business and differentiate themselves from their competitors.

“Geopolitical uncertainty, ESG/Climate Crisis and Awareness and Inclusion & Diversity realisations are impacting capital, strategic, and operating decisions like never before,” said WTW. “Supply chain shocks are likely to be more frequent and there is a growing realisation that ‘breaking barriers’ in these areas is now becoming essential, perhaps even existential, and critical to an effective risk strategy.”

The report added new operating requirements have transformed the workplace with the consequences of remote working and digital transformation affecting companies, employees and investors.

“The past 18 months have seen a massive and accelerated investment in technologies and new ways of working; We work differently as a result and the ‘New Normal’ is likely here to stay and will continue to alter the risk reality corporates must address,” it added. “A global talent and skills race is taking place with an increased focus on IT skills critical to future growth.”

Sara Benolken, TMT Global Industry Practice Leader, Willis Towers Watson, said “This report is essential reading for the technology, media and telecoms sector. The future risk horizon highlights the need for organisations to re-examine operations to determine what worked and what did not during the height of the Covid-19 crisis.

“Although the idea of resilience has been kicked around corporate offices for years, the virus has added a greater sense of urgency. We therefore expect to see new efforts by TMT companies, that are also leaders in their field, to continue to build further and genuine resilience into business strategies and operations in 2021 and beyond.”

Adam Garrard, Global Head of CRB, Willis Towers Watson added, “Clients in the technology, media and telecoms sector have been impacted by the changing business environment as a result of Covid-19.  While some companies have struggled with the rapid acceleration of technological change, many have embraced innovation and successfully maintained and grown their business despite the challenges faced.”

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