Resistance Against Additional Technology
Probability: Moderate/High
Impact Level: High
Product Life Cycle: Entire Cycle
Mitigating Strategy: Easy-to-Use Interface and Integration of our interface with current technology.
Another important risk to take in to consideration for our product is the resistance to new technology. Many people resist changes because of the additional technical know how that is involved. They think that it will be difficult to adapt said technology. Along similar lines, they resist new things because they don’t believe that new products will be able to integrate current technology.
In order to combat this line of thinking, our mitigating strategy is to make our product have an easy-to-use interface and provide integration with current technology. Our product is designed with the current medical standards today. For example, it will integrate HL7 and other current standards held today.
Evolution of Technology
Probability: Moderate
Impact Level: High
Product Life Cycle: Entire Cycle
Mitigating Strategy: Evolve and adapting our product from customer feedback
Technology often evolves at a rapid rate per year. The cost of items decrease and even better technology comes out to replace current technology. It is important to adapt to the current environment in order to remain competitive and remain a factor to the market. Thus, the evolution of technology is a key risk to our product.
Since we understand technology often evolves at a high rate, we will send customers surveys to provide feedback to our product. Feedback will provide us with items that our product needs to address or what items our product needs to change. Our button-memory, for example, might evolve if newer and better technology becomes available. As a result, we will make enhancements to it so that it will remain viable and will remain state-of-the-art in our market. Thus, we will make changes to our current product via feedback from our customers.
Security
Probability: Moderate
Impact Level: Moderate
Product Life Cycle: Entire Cycle
Mitigating Strategy: Data Encryption and Validation Server
Security is a considerable risk for our product. Without security, our online database will leak information to any cracker who wishes to learn information on their victim/victims. Also, our actual memory software and mechanisms must be secure to prevent unauthorized access to medical information or changes to it.
In order to bypass any problems with security, we plan to incorporate data encryption on files going to the medical memory. Along with incorporating data encryption, we will provide long-term services in the form of a Validation Server that will make sure that the software being used is by appropriate organizations. As for the physical security, the patients or owners of our devices will be responsible for the Memory Medical physical security.
Loss of Vendors and Suppliers
Probability: Low
Impact Level: Low
Product Life Cycle: Entire Cycle
Mitigating Strategy: Multiple companies will manufacture and supply our product.
Manufacturing is the way in order to make our service work. We must have units to sell to the consumer. Without the creation of units to meet consumer demand, it will lead to the loss of business. In order to complete our timetable, we must subcontract manufacturing to other companies. As a result, the loss of vendors and suppliers can lead to loss of business.
To mitigate the risk of loss of vendors and suppliers, we will let our product be manufactured by numerous companies. This will prevent one company to be solely responsible to manufacture our products. Also, our product is not so unique that only one company will manufacture our product. Our product is adaptable and is able to be manufactured by other companies.
Damage
Probability: Moderate
Impact Level: Low
Product Life Cycle: Entire Cycle
Mitigating Strategy: Units will be made to withstand the elements
Damage to our product is a risk. If our memory unit gets damage easily, it will show to consumers that our product is not worthy of buying. Also, if it damage to easily, our competition will be able to capitalize by promoting their products better and less damageable than ours. As a result, we will lose revenue and profits.
Because our memory unit shall be carried on patients chosen method, i.e. jewelry, it is important to create our unit with sturdiness in mind. We will make the jewelry sturdy to withstand everyday usage and damage. Also, our button-sized memory is able to withstand almost all forms of problems that often plague memory units, i.e. polarization and heat. Thus, we will insure that any damage that does happen will either be minute or even prevented.