The data utilization gap has been the billed as one of the largest problems with the big data revolution, and despite the percentage of budgets being allocated by businesses in this area ballooning, a hurdle still remains.
The problem lies between the capabilities offered by the array of data collection techniques, and an organization’s ability to turn this data into something genuinely useful.
As it turns out, McLaren Applied Technologies (MAT) do this rather well. And it wants to help other businesses do the same.
Talking to Hot Topics at the UKTI GREAT Global Investment Conference, Caroline Hargrove, Technical Director of MAT explains how.
Set up in 2004 by McLaren founder Ron Dennis, the subsidiary applies the working methods of F1 to businesses to solve seemingly impossible tasks.
The data utilization gap has been the billed as one of the largest problems with the big data revolution
MAT’s first collaboration was completed with ease as bike maker, Specialized, wanted a lighter, championship-winning product.
The target set was a frame 15% lighter than Specialized had already created, and the frame delivered was 20% lighter, giving some insight into the power that can be harnessed when data is utilized correctly, explains Hargrove.
“We now work in oil and gas, and previously we knew nothing about drilling. What we did know, was how to use models and get data in real time”
MAT took a step back and thought “why not continuously plan as you get new data as you go along.”
“It’s not rocket science, but it’s something that the company just wasn’t doing. It’s something we used to do on the pit lane, in that everyone has got to be looking at the same data so that decisions are made correctly and at the highest point of knowledge.”
But for Hargrove, this point isn’t necessarily where you would expect, at least not in the hierarchical sense, “but instead, it is at the different points in the company where that particular knowledge resides, you want everyone to benefit from this.”
To hear more about how F1 technology is helping businesses overcome the data utilization gap, see the video above.
Hot Topics sat down with MAT’s Chief Technical Director, Dr Caroline Hargrove at the Global Investment Conference, organized by UKTI. The event showcased the best of British business and innovation and included presentations from British Primeminister, David Cameron, his Chancellor, George Osborne and the Mayor of London, Boris Johnson.