Willis Towers Watson (WTW) – a global advisory, broking, and solutions company – has released a new report identifying the impacts of the COVID-19 pandemic on the technology, media, and telecommunications (TMT) sector.
The report, “Risks on the Horizon,” delved into the risk landscape impacting TMT organisations, highlighting the issues these organisations need to address in order to thrive post-pandemic. It revealed how essential technology and digital requirements have become to the corporate central nervous system, and how new and emerging technologies are altering the risk reality for companies across most industries.
The report found that rapid acceleration of technological change is driving companies to continuously innovate to transform their business and differentiate themselves from competitors. It also found that geopolitical uncertainty, ESG/climate crisis and awareness, and inclusion & diversity realisations are impacting capital, strategic, and operating decisions like never before. Supply chain shocks are also likely to be more frequent.
Adam Garrard, the global head of CRB at WTW, commented: “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.
“We are delighted to have collaborated with the Mack Institute's Collaborative Innovation Program (CIP) at the Wharton School, University of Pennsylvania to create the Willis Towers Watson Technology, Media, and Telecommunications Futures Report. This is an important insight for all businesses in this sector as they deal with such a challenging risk landscape.”
In the past 18 months, the industry had seen a massive and accelerated tech investment and new ways of working. WTW expects the “new normal” way of working to remain, and to continue to alter the risk reality that corporates must address.
The report also found that “breaking barriers” is becoming essential, perhaps even existential, and critical to an effective risk strategy. Moreover, new operating requirements have transformed the workplace with the consequences of remote working and digital transformation affecting companies, employees, and investors.
“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 didn't during the height of the COVID-19 crisis,” said Sara Benolken, TMT global industry practice leader at WTW.
“Although the idea of resilience has been kicked around corporate offices for years, the virus has added a greater sense of urgency.”
WTW expects new efforts by TMT companies to continue building further and genuine resilience into business strategies and operations in 2021 and beyond.