Formula 1 (F1) and Merck Sharp & Dohme are using data analytics to better understand user behaviour and predict the future
Data analytics has become a must-have for organisations across industries, and is being integrated into both operational and business sides of companies, experts said at the Chief Data & Analytics Officer Singapore conference last week.
While data analytics has been critical in optimising the performance of cars on a Formula 1 race track, the technology is now being used to help the business side of F1 shift from being a motor sports brand to an entertainment brand.
“In 2017 and before, F1 was using data, as drunk men using lamp posts, to support existing ideas vs for fresh insights,” said Max Métral, insight manager at Formula 1, in a keynote presentation.
Previously, only two reports related to the F1 business were produced on partner exposure and TV audience race data, which were reviewed solely by the CEO.
Now, analytics has an important role to play at F1, providing insights to enable better decision-making on F1 grand prix starting times, to understand user behaviour through footfall analytics at its races, and to drive website personalisation through a behavioural clustering model.
Read the full article on Computer Weekly.
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