There’re several points we can learn from Formula 1; Pit Stop, Tyre Strategy, Practice-Qualification-Race, and Safety. Below is the brief summary:

  1. Pit Stop
    • It’s amazing to see the evolution of Pit Stop timing. It took more than 60 seconds in 50’s era, and in 2016 it’s just about 2 seconds even below.
    • The strategy is not just about how fast, but also how often.
    • Imagine this strategy is implemented on a production line, or even a Sales Call:
      • Production : Reduce change-over frequency, and also speed up the change-over timing.
      • Sales : Reduce travel time between customer visit / call, and improve productivity during visit / call
    • Pit Stop is the true implementation of “Lean Thinking”. Significantly reduce Waste to improve Value.
  2. Tyre Strategy
    • Understand the environment, understand yourself.
    • Choosing the right Action should not just rely on external factor only, but also internal capabilities.
      • In F1, there’re Dry and Wet condition as the external factor.
      • However one need to understand the engine character and also driver capability, because there’s a trade-off between Tyre grip and durability. Better grip will sacrifice durability, less grip will improve durability.
      • Therefore it really depends on how the driver and engine capability in mastering race handling.
    • Management learning : When reacting to market dynamics, company must also consider internal capabilities. This to ensure the effectivenes of the action plan, otherwise it will be just a waste of money and time.
  3. Practice – Qualification – Race
    • The need for Practice
    • Before fighting in real battle, you need to be prepared. You need to get familiar with the track, environment, and also fitness between the car and track.
    • Qualification is to measure your position prior the battle. This steps will give clearer condition on how hard the obstacle you will face.
  4. Safety
    • Safety is always number one without compromise.
    • The official might stop the racing (red flag) or issue yellow flag when there’s safety issue during the race.
    • Similar in business, providing safety and healthy environment is a must. This to ensure business continuity as well as employee safety that will lead to better productivity.