PALO ALTO, Calif.--(BUSINESS WIRE)--TIBCO Software Inc., a global leader in enterprise data, empowers its customers to connect, unify, and confidently predict business outcomes, solving the world’s most complex data-driven challenges. Today, TIBCO announced its TIBCO Cost Visualizer Tool and a continued relationship with the Mercedes-AMG Petronas Formula One Team, delivering real-time, visual analytics and data science capabilities. The TIBCO Cost Visualizer Tool enables the newly crowned seven-time FIA Formula One™ World Constructors’ Champions’ team of designers, engineers, and budget planners to better understand and more precisely predict the costs of manufacturing the Mercedes-AMG F1 W11 EQ Performance vehicle.
"First, all of us at TIBCO would like to congratulate the Mercedes-AMG Petronas Formula One Team for winning its seventh consecutive FIA Formula One™ World Constructors' Championship. The team’s innovative use of AI and visual analytics is a major force in its success, and we’re excited our TIBCO Connected Intelligence platform helps play a part in enabling the team to stay ahead in this highly competitive sport,” said Dan Streetman, chief executive officer, TIBCO. "Our ongoing partnership benefits both the team and all of TIBCO’s global customers, as we push the limits of modeling, simulation, and digital twin technologies, driving value for our users.”
Outside of the daily analytics that assist with vehicle and team performance, the TIBCO Cost Visualizer Tool gives team members better visualization and predictability into the manufacturing costs of its vehicles through a bill of materials and budgeting module. Each design engineer can now compare CAD work to all known financial data, which can be viewed, scrutinized, and evaluated from part manufacturing to vehicle assembly. When pooled into the budgeting tool, the team can predict the cost of individual parts at the design stage and a whole car project. This new process for tracking and measuring car development costs will help the team meet the new cost cap financial regulations announced by the FIA in October 2019, which will be a requirement starting January 2021.
“Our sport relies on a team of experienced, talented individuals and technologists who understand that data is paramount. We want to know exactly what is happening behind the steering wheel, under the bodywork, and on the track at all times, and our partnership with TIBCO has enabled us to do precisely that," said Toto Wolff, team principal and chief executive officer, Mercedes-AMG Petronas Formula One Team. “Using the TIBCO Cost Visualizer tool gives us an additional edge, offering the team insights into the full costs of building, running, and manufacturing our race cars, whilst ensuring the data entered at source is accurate, giving us a critical advantage."
Formula One continues to be a data-intensive sport, where the Mercedes-AMG Petronas Formula One Team consistently collects multiple terabytes of data per race weekend. Analyzing this data enables the team to derive the insights needed for fine-tuning the engines of the W11 EQ Performance vehicles, make driver decisions with sharp precision, and ensure compliance with FIA cost cap regulations.
Learn more about how TIBCO enables the Mercedes-AMG Petronas Formula One Team to drive improved performance on and off the track.
TIBCO Software Inc. unlocks the potential of real-time data for making faster, smarter decisions. Our Connected Intelligence platform seamlessly connects any application or data source; intelligently unifies data for greater access, trust, and control; and confidently predicts outcomes in real time and at scale. Learn how solutions to our customers’ most critical business challenges are made possible by TIBCO at www.tibco.com.
About Mercedes-AMG Petronas Formula One Team
The Mercedes-AMG Petronas Formula One Team is the works Formula One Team of Mercedes-Benz, competing in the FIA Formula One™ World Championship – the pinnacle of world motorsport and the largest annual sporting series in the world.
Based at two world-class technology campuses in the UK, the team designs, develops, manufactures and races the race cars and Hybrid Power Units driven by six-time World Champion Lewis Hamilton and race-winning team-mate Valtteri Bottas.
Formula One is a uniquely demanding technical and human challenge, requiring the right alchemy of cutting-edge technologies, high-performance management and elite teamwork to deliver results at 22 Grands Prix around the globe in a race season running from March to December.
The Mercedes-AMG Petronas Formula One Team set new benchmarks for F1™ success on its way to winning the Constructors’ World Championships in 2014, 2015, 2016, 2017, 2018, 2019 and 2020*. During those seven Championship-winning seasons, the team scored 100 wins, 200 podiums, 107 pole positions, 70 fastest laps and 53 one-two finishes from 134 race starts**.
*Subject to official confirmation by the FIA of the results of the 2020 FIA Formula One™ World Championship*
**Statistics accurate up to the 2020 Emilia Romagna Grand Prix
TIBCO and the TIBCO logo are trademarks or registered trademarks of TIBCO Software Inc. and/or its subsidiaries in the United States and/or other countries. All other product and company names and marks mentioned in this document are the property of their respective owners and are mentioned for identification.