Having looked at several other ERP systems and the Formula One racing teams they’re connected with, we turn now to Aston Martin and IFS, a team-up which has survived several rebrandings.
Originally known as SportPesa Racing Point, the F1 team became Racing Point Force India in 2019, shortly after IFS had begun to partner with them (and shortly after the team started to use IFS for financial reporting and ERP solutions backing the production team).
For last season, Racing Point Force India became Aston Martin Cognizant, but the rebrand didn’t mean trusted technology partners would be cut loose. If anything, IFS is more involved than ever.
Cost caps were reduced over the pandemic and will be dropping again by 2023, meaning race teams can dedicate tens of millions of dollars less toward performance enhancement of the car. That means everything must be done to improve value for money.
It also makes accurate and up-to-the-minute financial reporting even more important than ever before. The Federation Internationale d’Automobiles (FIA) has the right to audit any competing team at any time.
As part of its financial reporting, Aston Martin has used IFS to run a ‘pound for lap time’ ratio analysis – in other words, what’s the cost of a configuration with an average lap time of X? How much more expensive is it to shave another two hypothetical seconds off?
The decision of whether that extra expense is worthwhile given the variables and potential delays involved in a race rather than a lap time trial must then be taken by experts, but the information they can base their decision on is so much more accurate than ever before. That’s huge – especially in the context of the lower spending cap.
Your business will not be dealing with the same restrictions and challenges as an F1 team, but that doesn’t mean you can’t benefit from IFS. Get in touch with our team today and we’ll help you put together the perfect team.