Updated: May 28
I have been an avid Formula 1 fan since I was a boy. Of course, the sport looked different back then. There were a lot more accidents for one and the race was mostly determined by the split- second decisions of the driver.
Since the 1970s the engineering used in Formula 1 has become more technical. Today, there is more going on, on the track then simply driving a car as fast as possible. There are teams of engineers using analytical systems to monitor their car’s performance, from tyre pressure to fuel usage. I find this use of data fascinating and it reminds me of what I want to help others achieve in their business.
Do you know what is going on in your business? Do you have coherent data you monitor quickly and easily? If the answer is “no” then you are not utilising the tools you already have.
Imagine if you could have the most advanced technology, analysing your performance as a business’s owner, without having to spend millions. It is not as hard as you might think. The chances are you already have all the technology you need at your fingertips. But are you using it or are you driving blind?
Most computers and laptops come with Microsoft Office which has Excel. Excel is not just a calculator. It is for compiling huge amounts of data into one spread sheet. When run correctly it can even gather the data you require with minimum input. Once you have set it up, all you need to do is input the data as it comes, enabling excel to gather the information you require whilst you focus on other aspects of your business. Excel can be used to create pie charts and bar graphs to help you present your findings in a meaningful way.
Formula 1 companies use systems such as Amazon Web Series to connect all their data to one place, so that they can come up with the best strategy and plan. This also enables necessary data to be accessed by the whole team, so everyone is working from the same information.
Microsoft Power Bi works off the same principle. The software automatically gathers, analyses, and presents all the information you require so all you have to do is read it. This information can then be used to help you plan and see exactly what you need to focus on.
The system can also visualise and share any information with others in your office should you wish. Since Power Bi downloads the data straight to your devise, you can access all the information on the go, and bring it with you wherever it is required.
Want to learn more? At Latitude 53 we can give you the training you require to help you utilise Excel and Power Bi software so you can have the information you require at your figure tips to monitor your businesses as effectively as possible.
Be Smarter, Know More, Spend Less, Achieve More.