By ET Bureau - March 13, 2021 4 Mins Read
Co-innovation model leverages digital and data-led insights to help Formula E team drive competitive advantage, achieve sustainability goals, and maximize audience engagement Partnership applies lessons from the racetrack to Fortune 500 boardrooms
Genpact (NYSE: G), a global professional services firm focused on delivering digital transformation, has extended its strategic partnership with Envision Virgin Racing. The organizations will build on their successful co-innovation model to continue to drive breakthrough results that help the purpose-driven all-electric racing team advance its ambitious transformation agenda – both on and off the track – through 2022.
In an environment where hundredths of a second can determine the winner, data is essential to creating the real-time insights needed to make lightning-fast decisions. Nowhere is that more evident than on the track of the bespoke FIA Formula E World Championship, the world’s most disruptive motorsport series where drivers race cutting-edge electric vehicles to razor-thin victories.
Since 2018, Envision Virgin Racing and Genpact have combined engineering expertise with data, innovation, real-time insights, and process excellence to enrich the racing team’s strategy and performance. In addition to continuously evolving the team’s performance on the track, the organizations are collaborating to accomplish ambitious goals off the track, leveraging data and innovation to combat climate change and build and energize a passionate, socially conscious fan base.
“Envision Virgin Racing prides itself on being the only Formula E team that is a sustainability movement first, and a sports team second. We could not achieve our ambitious agenda of achieving real, sustainable, transformative impact without partners like Genpact,” said James Mercer, commercial director at Envision Virgin Racing. “We look forward to continuing our purpose-driven work together to drive innovation that creates on track competitive advantage while simultaneously advancing the global climate action agenda.”
Genpact’s Augmented Race Intelligence and Lap Estimate Optimizer are two advanced analytics solutions that have given Envision Virgin Racing’s engineers and drivers quick access to actionable, real-time race insights. Drawn from vast volumes of data from drivers’ simulator runs, practice sessions on the track, and competitive races, this innovative use of technology unlocks fast, accurate decision-making, which is critical for superior performance in races that last just 45 minutes plus one lap.
Envision Virgin Racing prides itself on being the “greenest team on the greenest grid.” Genpact leverages its data and analytics expertise, combined with process excellence, to help the team achieve its ambitious climate action goals. For example, by streamlining data collection, Genpact supports Envision Virgin Racing’s carbon-neutral certification, which is core to their commitment to winning the Race Against Climate Change.
As a sport with a passionate, active, and rapidly expanding fan base, the ability to turn fandom into action is a critical component in the team’s bold and ambitious strategy.
Genpact’s experience team, Rightpoint, helps Envision Virgin Racing unlock previously unavailable audience insights, allowing it to get closer to its fanbase than ever before. Driving deep research and analysis across demographics, affinities, cultural backgrounds, and social behaviors across every stage of the fan journey, the team can drive a more agile and responsive fan approach – rapidly testing assumptions, responding to changing audience needs, and identifying untapped growth opportunities. This allows the team to continuously enhance the fan experience, both during and outside of races, and better harness its active followers’ passion and advocacy for sustainability.
As Envision Virgin Racing moves into a new season, which kicked off February 26 in Diriyah, Saudi Arabia, the team continues to take an experience-led approach to engage and expand its loyal, sustainability-conscious fanbase. Using Genpact’s deep insight into fan demographics and new audience segments, Envision Virgin Racing will continue to identify new groups with shared values that are eager to support the team on the racetrack and take positive actions towards climate change.
“Genpact is thrilled to continue working with Envision Virgin Racing to provide digital innovation and human-centered design that creates competitive advantage on the track while creating real-world impact beyond the track,” said Stacy Simpson, chief marketing officer at Genpact. “When the stakes are as high as they are in today’s current environment, the ability to drive innovation at speed, turn data into insights, and insights into action in real-time is mission-critical to success. This is as true on the racetrack as it is in any boardroom.”
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