The Effect of Continuous Improvement
From 67 seconds in the 1950’s to 3 seconds in March 2013 by Ferrari in Melbourne. Watching the 1950’s pit stop is hard work, even the commentator ran out of things to say! But what can we businesses learn from this. The short answer is, LOTS.
What this video shows is the effect of continuous improvement. Okay there was one significant factor, the removal of refuelling, but other than that, much the same. Probably of more significance was the reaction of one of Ferrari’s competitors, Red Bull Racing, to this pit stop.. They observed Ferrari and set themselves a target of 2 seconds. Over the course of the 2013 F1 season Red Bull, continuously refined, practiced, reviewed their pit stop process which resulted in them setting a world record of 1.923 seconds in November 2013. That’s an improvement on Ferrari’s 3 seconds of one third, and in F1 quite literally could be the difference between winning and losing as evidenced by Red Bull’s pit stop at the recent Monaco Grand Prix.
Back to business then, what would the impact be on your business if you could shave even 10% off existing processes over the next 12 months? How much more profitable would your business be, what opportunities would it open for you?