When a casual observer watches a Formula 1 race, they probably don’t think much about anything beyond the experienced and practiced driver handling a very fast car, the best they can. If they do move any further in their analysis, it would be to understand the importance of speed and precision during a seconds-long pit stop.
But to those who love, follow, and participate in the world’s pre-eminent motorsport, the sophistication, preparation, and precision involved in the process from top to bottom is known to be intricate, take a lot of time, and ultimately make the difference in the result as much or more than how the driver performs.
An Unlikely Comparison
So why discuss Formula 1 racing on a compliance website? Believe it or not, the comparisons and similarities between the sport and the compliance aspect of business are relatively extensive. The most glaring of these similarities is probably the massive changes in rules that F1 has gone through over the past decade, notably in 2014. New rules were implemented that year governing the use of qualifying tyres, the height of nosecones, the amount of fuel that can be used during a race, weight limits of car and driver, the engine type used, and even how exhaust pipes exit the vehicle, among others.
Any businesses can easily relate to having to adjust their practices to accommodate new compliance regulations, and another similarity is the amount of complaining that can be heard from the participants about many of those changes. However, in either situation, the winner will be the one who adapts the best and the quickest to those changes. The key to success is maximising your operational ability whilst adhering to strict rules.
Technology is Key
The similarities don’t end there. Both F1 racing and business compliance are built on and demand next-level technology for success. Again, the casual watcher just sees a fast car, but that machine is precision built on the latest and greatest automotive technology available. Each part has been through untold testing and modification to get it just right. The entire vehicle has been designed, engineered, and built on the success or failure of each part and their interaction with other components.
This is precisely how a successful business is built, with each process and procedure individually refined and then joined together to ensure the overall streamlining of the company as a whole. Compliance is vital in both cases in making sure that the smaller pieces don’t fail and lead to larger failures, and technology fuels both the best compliance processes and the best automotive testing and parts.
A Race for Data
Also, an F1 car outputs massive amounts of data through technology for analysis and number crunching. The drivers know with each lap their time to a tenth of a second, and that is only the tip of the data iceberg. The people back in the pit and throughout the team spend huge amounts of time both during and after each race analysing data to optimise the next lap or the next race better. In the business world, using the right compliance software serves the same purpose, collecting, analysing, and distributing data to improve the performance of the company. That software needs to be flexible, provide real-time insights, work end-to-end with everyone from your supply chain to your core processes, and provide collected data that will help improve any process or procedure.
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