Alternative Data for Performance Management
Got the Right People in the Right Roles?
1.88 seconds. 20-odd people. 4 tires. That is a new record and a great example of collective performance under pressure. It happened last week at the German Grand Prix, but offers inspiration to all leaders operating in high-pressure environments where performance is a must.
Formula 1™ is particularly obsessed with performance and in particular the pursuit of the millisecond advantage. As the latest pitstop record of 1.88 seconds shows, milliseconds matters most when the car is standing still and its competitors are racing by at up to 300 km/hr. But how could this be relevant to leaders in organizations?
Inspiration for leaders
We have written two books drawing lessons from the racetrack to the boardroom, also re-framing many of the greatest challenges faced by leader's in the context of the sport. One of the most obvious is the requirement, not just for great leaders, but for great teams too.
On the Pit team everybody has their own role, yet they must work seamlessly together as a team. With millions of people watching and the clock ticking… it is performance under extreme pressure.
Inspiration for Big Data
F1™ is a leader in the use of Big Data to drive performance. That is in contrast to most aspects of leadership within organizations' today, with Big data being most notably absent from decisions about performance, talent, strategy and change.
Inspired by the racetrack, we have developed an analytics platform so that leaders can leverage BIG data style performance data, just as race teams do.
Pitstop Analytics™ makes the power of BIG data available to leaders and managers in areas such as performance, talent, strategy and change.
Using a pitstop-inspired model of performance, leader teams engage with their data via pitstops-style workshops that drive change.
Congratulations to Max and all in the Red Bull Infinity Team. Thanks for the inspiration!
Growth Pitstop™ is not affiliated with or has not been endorsed or sponsored by Formula One™ in any manner, nor licensed any intellectual property for use in its books or related products. F1™, FORMULA ONE™ and FORMULA 1™ are trademarks of Formula One™ Licensing BV, a Formula One™ group company. They are used in good faith in accordance with ‘Nominative Fair Use’ to describe the qualities and characteristics of these highly unique and special events / sports / pursuits.
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