AI Case Study
Formula 1 aims at achieving smarter project management and streamlining the R&D process with the use of machine learning
Formula 1 has partnered with QuantumBlack to tackle the 90% failure rate of R&D projects to improve F1 car performance. By using QuantumBlack AI analytics, F1 aims at identifying the most promising R&D projects early on to optimise budget scheduling and increase overall efficiency. The solution pulls data from integrated sources and uses machine learning to predict factors that are possible to reduce performance.
Consumer Goods And Services
Automobiles And Parts
"QuantumBlack, a firm specializing in advanced analytics, has successfully employed AI to streamline the R&D process and identify the most promising R&D projects early on.
In part, it does this by pulling data from a wide variety of integrated sources and then using AI and machine learning to forecast factors that might detract from performance. Team dynamics are a key performance lever. Projects with a high level of interconnectedness should have high-intensity communications. By analyzing communications and discovering patterns, QuantumBlack can warn managers early on if a project seems to be off-track."
R And D
Core Research And Development
"It can be hard to measure R&D progress or understand when to kill a project in order to free up resources for more promising items in the R&D portfolio. As a result, zombie projects with unclear status and milestones tend to linger, burning money, inflating total R&D costs, increasing time-to-market for worthwhile projects, and causing frustration all around. AI-based methodologies can improve R&D project prioritization and increase performance within individual projects, thus liberating budgets and raising overall efficiency.
Failure rates of R&D projects to improve F1 car performance approach 90 percent."
"Potential impact: QuantumBlack’s AI-based approach typically generates R&D productivity gains of 10 to 15 percent and accelerates time to market by 10 to 40 percent."
"AI and machine learning to forecast factors that might detract from performance".
"data from a wide variety of integrated sources"