1. Technology + industry knowledge = quick, meaningful progress
If we can learn anything from Envision Racing and Formula E, it's that you need to understand the landscape and use technology as a strategic pillar if you want to accelerate progress.
Since its inception just five years ago, the ABB FIA Formula E Championship has been a cradle of innovation. Advances in battery technology have meant that the Gen 2 cars have double the range, charge faster, and can propel themselves from 0 to 100 kph in 2.8 seconds.
For its part, Envision Racing finished the season in third place and, with three victories, it is the only team to have had both drivers win races. The team's engineers use predictive insights to make faster data-driven judgement calls that improve performance. How? By embracing and developing artificial intelligence (AI) in the form of the Lap Estimate Optimizer – developed in partnership with Genpact – which calculates how many laps there will be in a race to help both team and driver make more instinctive, accurate decisions, and manage energy.
This is a great example of how you can combine industry knowledge with digital technologies to turn data into valuable insights.
These rapid developments also prove that meaningful progress doesn't need to take decades if you have a deep understanding of the space and implement the right technologies. For those of us business leaders who are contemplating how to tackle a goal as monumental as sustainability, it's inspiring to see the impact technology can make when it's used as both the enabler and the result of strategic innovation.