Racing Car

What can businesses learn from Formula One?

The 2017 Formula One World Championship is in full swing. Nico Rosberg raced to victory last year, pipping team-mate Lewis Hamilton to the post in an action packed finale. As the drivers pursue this year’s title, what can businesses learn from this fast paced, technology-driven sport?

Fuelled by technology

The F1 brand is one of a kind, with a vast international fan base and audiences in the hundreds of millions. Despite running for over 65 years, F1 is still at the very pinnacle of motorsport – an elite competition at the cutting edge of innovation. F1 is focused on staying ahead by employing the best engineering expertise, software and skills to push their cars and drivers to the limits. In its own words, F1 heavily invests in the ‘latest technology’ in order to gain a competitive edge.

Similarly, having the right automated and cloud-based tools can provide businesses with the infrastructure needed to improve the speed and quality of their own performance. With the rate of adoption of software and automated tools increasing, it will be essential that businesses determine how they will use new technology when planning for the future in order to remain relevant and competitive in the marketplace.

Reducing time and resource spent on traditionally labour intensive processes, such as manual data entry, should be no less vital for your business. Advances in accounting technology means that you can have a powerful set of tools at your disposal to improve productivity, cut costs as well as provide meaningful and timely insights into your business performance.

Keeping calm under pressure

Reaching speeds of over 200mph, F1 drivers need confidence in their own skills and the quality of their car to take them to the finish line.  

Business owners may feel like they are often in fifth gear too. Navigating customer requests, keeping abreast of changing legislation and economic pressures, the demands of running a business and long hours of paperwork. Like F1, the nature of the job will always be action packed, but business owners should seek new ways to eliminate unnecessary and outdated practices – such as those associated with traditional bookkeeping and manual data entry. Those that will thrive will be the ones using technology to improve accuracy and eliminate the frustrations of processing paper documents by hand, keeping employees cool, calm and collected at all times.

Performance analysis

After the closing lap, F1 teams don’t just head home. Drivers, coaches and management scrutinise racetrack performance and measure it against KPIs.

It shouldn’t be different for any business. It’s just as important to analyse your performance to get a true picture of factors such as profit, margins, cashflow and from that, evaluate where improvements can be made in the business.

Whilst there may be some obvious differences between F1 and business, those which are able to emulate the F1’s use of smart technologies will see the greatest improvement to their bottom line. Businesses which embrace the latest tools and explore new ways of working, are those which will stand at the top of the podium.

If you want to find out more about how the latest technology can help you improve your business performance and get you on the podium, then call us now on 01476 862 172.