Is good Business Intelligence like a winning F1 team?

7 minutes Mark Halstead

Strange question I know, but humour me.

To simplify things a winning F1 team comprises of the designers, the engineers, pit team and the driver.

A long way from business intelligence I know, however the team as a whole have a clear vision of what they want to achieve much like you do about your business. The designers will know what they want from the look and feel of the car to the aero dynamics. In a similar way you will have a strategy of which there will no doubt be a sales and marketing plan along with a process for credit control.

Then it comes to the engineers, how to make those designs and technical factors work in order to produce the quickest, lightest most efficient car at a sensible price (a relative term I know in the world of F1). To do this analysis is done of what they currently do and what they want to achieve, new technology is developed, teams working on different aspects to gain the smallest of margins, testing and monitoring with countless tweaks. The data that's produced is immediate, accurate. It’s analysed, and then tested again, the amount produced for each component is frightening and all to gain that competitive advantage.

As a leader of your company this is where accurate Business intelligence comes into its own. Accurate, up to date information that can be sliced in many different ways to help you assess your risk of extending credit both now and in the future to customers and suppliers. Information to drive your sales and marketing plan, information that's specific to your targets, companies, industries, geographical areas, turnover, number of employees and more.

Then comes the driver, the pit team and the tactics to win. The plan and tactics are what the driver and the team use to win the race, making adjustments as things change but relying on the time and effort that the designers and engineers have put in to make the car a winner.

F1 teams have huge budgets and resources, similarly big corporate businesses have plenty to spend, this doesn't mean that those advantages gained by F1 and corporates can't be accessed by you, they can. You have the people, the vision, the plan, use the insight from business intelligence to gain competitive advantage much like winning F1 teams do, it will help you do better business.

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richard west Mark Halstead Partner

Mark's experience is big data analytics, financial services and building businesses provides Red Flag Alert with strategic direction.