What do Formula 1 and the super-geeky M5 forecasting competition have in common?

The trickle-down effect of elite competition

Driving down the motorway one night, I had to brake suddenly to avoid debris in the road. Without the everyday things we’ve come to expect in a car - ABS, active suspensions and traction control - this could have ended very differently. And for that, I have Formula 1 to thank, the likes of Nigel Mansell and his 1992 championship-winning team, Williams. The technology that F1 teams develop, which at first might seem self-indulgent and irrelevant, finds its way into our cars making them safer, more comfortable and greener.

It is the same with M5, the latest Makridakis forecasting competition. Whilst at first glance, it’s the preserve of super-geeks, they are very valuable for advancing forecasting, creating new methods and combination schemes that trickle down into everyday forecasting in the commercial world. We’ve taken part this year and already we are able to make iterative improvements that mean we can better forecast customer behaviours and intention to buy.

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