Data & Analytics: From racetrack to the boardroom

In today’s post pandemic digital economy, data and analytics have introduced paradigm shifts in nearly every industry. The motorsports industry, where a hundredth of a second can be the difference between winning and losing, is one of them. IT services management major Genpact’s long-standing partnership with Envision Racing, a founding member of Formula E and one of the most recognised and successful teams in this disruptive championship, bears testimony to how AI and analytics can be leveraged for better performance in the sport.

“For four years now, we have been helping the Envision Racing team to improve its performance by combining digital technologies with motorsports strategies and engineering,” says Sanjay Srivastava, chief digital strategist, Genpact. Before every race, Envision Racing drivers spend hours in the simulator and on practice runs on the track, generating enormous volumes of data that hold valuable information. Manually analysing this data is challenging and takes time.

“We created Augmented Race Intelligence (ARI), a platform that delivers fast access to insights from practice runs and simulator sessions, so that drivers and engineers can prepare better for a race,” says Srivastava. ” In addition, Genpact helps the team hone its pre-race strategy and in-race decisions through its Radio Analytics Engine (RAE), which analyses and organises radio communication between Formula E drivers and their engineers during a race and turns it into clear and actionable insights that inform real-time decisions on the track.

Genpact is now taking these technologies to the boardroom. “Our work with Envision Racing has revealed some great lessons in digital transformation for Fortune 500 companies,” says Srivastava. One, AI doesn’t replace people. While it augments a team’s processes and expertise, it can’t exist without the team. Two, with augmented expertise, it’s not just about increasing the volume of insights but also their accuracy and timing so that you can act on them when needed. Three, there’s need to embed data and analytics in the firm’s foundation and embrace digital upskilling across the business.

Genpact helps large, global companies digitise, automate, and analyse massive amounts of organisational data, generating predictive insights that improve performance. “Let’s look at the insurance sector,” says Srivastava. “Many insurers still handle quotes and submissions with traditional processes, resulting in low quote-to-bind ratios, lost business, and unhappy customers. Many of the delays occur due to multiple intake channels and streams of unstructured data that take underwriters days to review. By implementing data ingestion services, we eliminate delays and quality issues arising out of manual processing. Submissions can also be automatically scored based on risk appetite and potential profitability. By predicting where to focus the underwriting effort, we help insurance companies increase gross written premiums and offer brokers and customers a more satisfying experience ,” he says.

Originally appeared on: TheSpuzz