We know that you’re probably reading the title of this blog and scratching your head, but hear us out. Believe it or not, your business has a lot more in common with Formula One™ racing than you might think. We know that our customer’s businesses are moving at the speed of light (or rather digital transformation) and are constantly adapting to necessary changes to gain a competitive edge. We want to show you the principles and technologies that the F1™ team uses to meet these challenges and how your business can as well.
Align the Team: People, Technology, & Culture
Like Mercedes-AMG Petronas Motorsport, your business has the ability to foster innovation with a modern technology stack. Implementing cloud, analytics, and application integration are the first steps to setting your business up for success. But technology isn’t the only factor at play when creating a culture of innovation; you also need to focus your innovation efforts on your people. At Mercedes-AMG Petronas Motorsport, all parts of the team—people, technology, and culture—are aligned, enabling its people and adapting to the proper technology for innovation and success. This is something the F1™ does well and there is no reason why your business can’t implement it, too.
Stay Ahead of the Competition; Unlock Data for Maximum Innovation
Once a culture of innovation is set up, you can then begin to tackle the elephant in the room: the sheer volume of data. Let’s face it, you’ve been in the process of collecting this data for years from a variety of different data sources. However, the key is to integrate this data with advanced technologies such as machine learning, predictive analytics, and artificial intelligence to create new customer experiences and optimize operations. Like Mercedes-AMG Petronas Motorsport, unlocking and understanding the potential of data is what can help you stay ahead of the competition and allows you to continuously innovate.
Full Company Throttle for Innovation
That said, it’s not just up to management to create an innovation strategy; anyone at any level can be responsible for creating innovation. According to the 2018 TIBCO CXO Innovation Survey, executive and IT management play a key role at 37 percent, leaving 63 percent of innovation projects occurring outside of these roles. When your business has established a culture of innovation, anyone is encouraged to participate. What’s more, a “fail fast and often culture” propels this even further. In the case of Mercedes-AMG Petronas, this can be seen with the number of setup combinations and simulations that it runs to ensure that it finds the perfect setup going into a race weekend. This involves a number of trials and errors but ultimately leads to a winning result.
As you can see, there are a number of similarities that your business shares with Formula One™ racing. From establishing a culture of innovation to implementing innovative technology, both run on the same set of principles. And these are the principles that lead to maintaining a competitive edge and getting and staying ahead.
Learn more about how the TIBCO Connected Intelligence Platform can help lay the foundation for digital innovation and see how Mercedes-AMG Petronas is using it to gain a data-driven competitive advantage.
And to learn more about how one of our customers, Grupo Xcaret, is using the TIBCO Connected Intelligence Platform for a 360-degree view of its customers, read the full case study.