How is F1 helping shape the future of business?
Having to withstand 3.5 G’s of cornering force, driving north of 200MPH in races that span 200 miles over the course of a couple of hours; it’s fair to say that Formula One drivers partake in one of the most physically gruelling sports around.
And with the difference between 1st and 2nd being as negligible as just a few thousandths of a second, F1 teams have for years harnessed the true potential of data to shave fractions from their times.
Such an approach is now being implemented to businesses by McLaren Applied Technologies (MAT); the seldom heard of third arm to the automotive company McLaren that since its launch in 2005 has become the fastest growing, and most profitable of all three.
So successful in fact, that McLaren is now being viewed as a technology group that also happens to have a successful F1 team.
Rather an interesting turn for a business with racing pedigree down to its very core.
MAT’s secret lies in having positioned itself to help businesses overcome the data utilization gap, one of the more perennial questions of the digital age.
Because with so many avenues to collect data, and so few ways of gleaning insight from it, MAT’s founders felt something better had to be possible.
And having spent a number of years on the pit lane in Formula One, MAT’s employee number 3, Caroline Hargrove is no stranger to using data to aid performance.
“When you’re on the pit lane and the differences are thousands of seconds, data becomes key to give F1 teams the edge over competitors.”
“You’re so used to using data, that when we first got into this we were shocked that everyone else wasn’t using data at the heart of everything they do.”
In this week’s episode of the Hot Topics podcast, I sat down with Dr Caroline Hargrove at the GIC Great Global Investment Conference to discuss ways in which businesses can overcome the data utilization gap.