Innovation and why you should understand the need for speed

“If you don’t innovate, you won’t survive”

While the world of Formula 1 is one of the most forward-thinking and innovative industries out there, this doesn’t mean they can be complacent and sit back. If you stand still, you will get left behind, and this applies to any organisation you operate within.

In Formula 1, we are looking at seconds being the difference between first and last. Thankfully, not many industries are working with these kinds of margins, but that doesn’t mean we should ignore the speed at which Formula 1 teams innovate. The key message here is, “Any advantage, is still an advantage”, and inspiration should be taken to consider how to leverage technology and create these same efficiencies for your organisation. It sounds simple and obvious, but it’s not always that easy to remember when it comes to driving change in an organisation.

The following insight comes directly from those within commercial industries who attended ‘Innovation and the Need for Speed’. Hitachi Solutions had the pleasure of hosting the event in partnership with Microsoft at the Whiteways Technical Centre, also known as the BWT Alpine F1 Team Headquarters. The event brought together industry leaders and innovators to discuss the importance of speed and innovation.

Before diving into the key takeaways from the day, I want to quickly reflect on some of the responses from our attendees on ‘what true innovation meant to them’ My favourite response is from a BWT Alpine F1 Team member, who shared an insightful perspective on the importance of continuous learning and adaptation. “I work for a company where innovation is vital; if you don’t innovate, you can’t compete. But it is good personally; it’s like going to school every day. You have to learn constantly, and it keeps you alive.” This key mindset of constant learning and adaptation is crucial for staying relevant and applies across any industry, not only Formula 1. 

Teamwork and Collaboration

A running theme throughout the day was the focus of partnerships. The significance of teamwork and partnerships in driving innovation can’t be overlooked. Teamwork and “never taking the status quo and accepting” is vital for fostering a culture of continuous improvement. Working together as a team and forming strategic partnerships are key to enabling companies and individuals to develop and innovate. Ultimately, partnerships drive innovation and enable companies and people to develop, and development directly correlates to gaining a competitive advantage. 

Data-Driven Decisions

Many emphasised the importance of understanding and utilising data effectively. Highlighting the need for common data sets across the organisation to maximise benefits and ensure accurate and comprehensive data driven decisions. This approach enhances decision-making and ensures that the value being driven is aligned with business objectives. However, sifting through the noise is often difficult with the masses of data currently available. To find out how you can create a single view of your data, read here.

Continuous Learning and Adaptation

Driving a culture that initiates change is key. By empowering employees to drive small changes, organisations can ultimately drive innovation. One attendee said that if he could change even 5% of the attitude to innovation in their company, then that would be seen as success. They want each employee to be challenged, continuously learning and adapting to fuel their success.

Much like Formula 1, the one person driving the car on the track is fuelled and supported by thousands of people behind the scenes, those are the ones driving change and adapting based on new findings. Without this culture, the driver would be operating at the same pace, with those around them only further developing and creating a more significant competitive gap. The key here is to look at the bigger picture and build a culture of innovation, always looking for smaller changes, which in turn will contribute to the wider objective. Formula 1 drivers don’t improve by changing one thing; it’s trial and error, small adaptations, and progressively taking seconds off their time until they reach their end objective on the finish line.

The Role of Technology and AI

Focusing on Artificial Intelligence (AI) use cases, the BWT Alpine F1 Team highlighted many examples of how they are utilising AI in their operations. From filtering and classifying the vast amounts of information shared on the headsets to identifying parts of the car. The use of AI into various processes is constantly evolving and providing a competitive edge that can significantly enhance efficiency and innovation.

When implementing AI, you must first define the problem statement and identify approaches to address the challenge that meets the business strategy and growth targets. Innovation is created by establishing a balance of desirability, feasibility and viability. The desirability is fuelled by understanding the appetite for change with all individuals to begin the improvement process. Feasibility from an enabling technology and process point of view and the viability of whether it meets budgetary expectations. When looking at the role of technology and AI, these three angles should be in mind from beginning to end.

The ‘Innovation and the Need for Speed’ event was a fantastic opportunity to learn from industry leaders and gain valuable insights into the importance of speed, innovation, and collaboration. The discussions emphasised the need for continuous learning, data-driven decisions, and the transformative power of technology and AI. By embracing desirability, feasibility and viability, organisations can stay ahead in the competitive market and drive meaningful innovation.

If you are interested in more of our exciting events and looking to collaborate and be inspired by how technology can enhance your operations, don’t miss out on our upcoming networking opportunity ‘Achieving Gold’ on the 21st of November at London’s OxO Tower with guest speaker Sir Steven Redgrave, a 5X Olympic champion.