The technology sector is now the most important in the market, even going so far as to eclipse the financial and industrial sectors. The current association of technological companies with invention and innovation make it a particularly interesting industry since its ranges across everyday life activities, not only at business level but also on a personal basis.
For that reason most key investors have high expectations in the Research and Development (RI+D) divisions of technological companies, as well as constant innovative lines of new products and services opportunities.
These products and services are determined by the economy and market demand; there is no sector in the modern economy in which technology does not have a presence, or that does not make use of the technological sector to improve quality, productivity or profitability.
However, there is a fundamental characteristic to consider when defining technology and technological companies, which is the rapid obsolescence of technological processes. It is an irrefutable fact that we have lived through a vertiginous progress, from those computers that occupied an entire room to the microchips of today. With this constant inertia, and the need to renew in the light of competition with products that are updated practically by the minute, no technological company in this sector can relax and this is a management challenge that has to be faced.
Some of the most important risks when analyzing the continually changing situation in the technological sector are as follows:
- The degree and speed of change taking place in this field.
- The complexity and integration of systems, processes and applications on a massive level which, due to its engineering, can give rise to instability.
- The pressure on complying with regulations in each country and producing good audit results.
- Threats to the business model, particularly involving cyber-security and privacy-related matters.
- The constant training of staff in constantly changing environments.
In response to the above, MAPFRE Global Risks offers a team with expertise in the latest state-of-the- art technology who are capable of anticipating, preventing and remedying the risks associated with this sector and who propose new and interesting solutions so that our clients can get the best efficiencies from their productive resources.