Formula 1 has long been looked upon as an industry where the teams thrive or fail based on their ability to continuously identify and deliver the smallest of improvements in performance.
But there is an external force that acts as a leveller across the paddocks; every season the F1 governing body applies new rules and regulations that must be adhered to, from safety and design features, to tyres and dimensions. So, no matter how big your budget is, you can only do so much to get one up on the other teams.
This is all put in place to keep the sport competitive and ensure races don’t become boring, with one or two teams dominating every season. This in turn gives fans the excitement they’re seeking and advertisers the eyeballs they’re willing to pay for.
So what does this have to do with the situation firms like yours find themselves in?
When the F1 governing body lays down the new season’s rules, with budgets capped, the teams already have an operating model that goes into action to use the best talent they can afford to analyse every piece of data they have at a micro level and to then work as a well oiled machine to bring to reality the best car possible to meet the challenge of the season ahead.
And once they have their hugely powerful, highly tuned cars ready to race, the laser focus of the business and every team member stays in place, from pit crew to operations and drivers, all playing their role to keep squeezing every extra piece of performance out of the vehicles.
We know that Covid-19 has hit the economy hard and the ‘teams’ in it with an unexpected blow, but in reality this is an opportunity to look at your operating model and double down on what you need to do in order to get back to being able to compete in the market, as well as instilling a way of working across your business that ingrains an ethos of continual improvement within your team members.
And that’s why we’ve put this guide together. You need to act fast and this will give you a direction to start, as well as giving you an insight into how we think and how we at Transforming IT can help you get back on track.