Competing and winning with data
Insights help make the most of limited resources. For Envision Racing, a founding member of the ABB FIA Formula E Championship, its cars wouldn't leave the garage without data. And the drivers stand the best chance of winning if they've depleted every last drop of battery energy as they cross the finish line.
"We calculate how much energy we're going to use meter by meter over a 100,000-meter race," said Sylvain Filippi, the team's managing director and CTO. "When you have a lot of good, well-structured data, and the technology and expertise to extract insights, you can achieve incredible things."
Winning with data requires preparation. When circumstances push companies to perform advanced analytics and make critical decisions under pressure, having one platform, one technology, and one data lake in place is key. In healthcare, for example, when stocks of drugs are low, fast access to relevant insights helps workers give patients the best substitute medicines. But this is only possible with strong data foundations.
Focusing on relevant data is also key, but it can mean tough conversations about giving up on tried-and-true models. Penske, a leading transportation solutions company, noticed that as COVID-19 hit, many of its field managers were continuing to order truck-part replacements based on prior years' data, even though trucks were now logging far fewer miles.
"Our analytics team recognized that we couldn't work from those past trends and had to forecast differently," said Penske Transportation Solutions CFO Tom Janowicz. "The people in the field have experience and trust their gut, but our analytics team helped them understand the new trends."