Strategic Analysis of FedEx - Case Study Example

STRATEGIC ANALYSIS OF FEDEX 0. INTRODUCTION FedEx holding Company provides a broad range of services to its s in respect of transportation, business services and e-commerce related facilities. Started its operations in 1913 from Niagara Falls, N.Y as FedEx Trade Networks Transport & Brokerage by C.J. Tower & Sons, the company has come a long way with constant innovation, expansion in markets, product and service portfolio and team of more than 300,000 expert professionals. Incorporated in New York Stock Exchange (FDX) since 1978 (FedEx, 2014a), FedEx has following areas of operation (FedEx, 2014b): The service of FedEx is present in four regions Asia, Latin America, North America and Europe, Middle East, Indian Subcontinent and Africa (FedEx, 2014b). 2.0. MEASURING FEDEX CORPORATION SUCCESS Globally different definitions of success are being used for different purposes. Similarly, within the context of the discipline of business, success is interpreted in different terms. Widely the success of the company is measured by its ability to meet its objectives with remaining profitable as well as sustainable. Innovative solution to customers and business competitively and effectively is taken as a yardstick of success at FedEx (FedEx, 2013a). With this yardstick at work, FedEx with its expert team constant attempt to gain access to the access issues of customers and business with a possibilities (FedEx, 2013a). Competitiveness in the business solutions is evident is it consistently improving financial results performance with consistently growing revenues as follows: (Adapted from: FedEx, 2013a) The competitors of FedEx UPS are generating higher revenue; however, the performance at other financial aspects is better for FedEx. For instance, the five year stock price performance of FedEx is higher than UPS. In fact, the company has remained ahead of the S&P 500 and Dow Jones Industrial Index as evident from the graph below: (FT, 2014) FedEx within 10 years of its incorporation managed to achieve the mark of $1 billion in revenues without any inorganic growth in its portfolio (FedEx, 2013b). This ambitious successful growth of the company has also set targets of achieving one percent of global GDP with one trillion e-commerce sales by the year 2016 (FedEx, 2013a). The revenue growth since past 54 quarters has been positive which marks its positive growth and FedEx has managed to gain it through cost advantage over competitors, efficiency through scalability and the and network effect (Schoonmaker, 2013). The competitor UPS has generated $9.21 (UPS, 2011) whereas FedEx’s is $12.99 (FedEx, 2011) for the year 2011. Company remained under pressure due to economic down turn; however, the stocks of FedEx revived in past two years with the increase of 76%. This growth is highest among the competitors as evident from the share price growth as follow (Stock Traders Daily, 2013): Company Stock Price Growth from 2011-2013 FedEx 76% United Parcel Service 50%, Expeditors International of Washington 6% C.H. Robinson Worldwide -11% Despite distress, this growth is attributed to the accelerated growth of the company with respect to online sales. Additionally, FedEx reaped financial performance with improved margins from express despite pressures from the air-freight market that were complimented with unfavorable fuel prices (Stock Traders Daily, 2013). Hence, the strength of the company to sustain high competitive pressures In addition to the financial performance, FedEx is to changing market dynamics and ramping its ground transportation system in order to ensure delivery of the parcels packages speedily (Dowd, 2014), segment reported growth of 10% in 2Q14. All these efforts have fetched a 8th ranking in the list of world’s most admired companies for the year 2013 (CNN, 2014). 3.0. REASONS UNDERPINNING SUCCESS The long and sound standing of the FedEx is to be attributed to the wide number of factors. Collectively, some of the leading and critical success factors for FedEx are underpinned below: 1) 2) 3.1. LEADING SHARES IN LOCAL MARKET AND INTERNATIONAL MARKET The success of FedEx in terms of being competitive has originated from the scalability that FedEx has arrived at with its Local and global presence. FedEx is present in five regions and have competitive positions in each region. According to the statistics, FedEx is leading on the global scale with its number one ranking in three regions in comparison with competitors as depicted below: (FedEx, 2014c) In the international market, company has been winning awards for its matchless and innovative services. For example, FedEx has recently won an award in the middle-eastern market (Mid-East, 2014). In addition to this FedEx Fright has developed innovative as well as competitive products such as facilitating LTL industry with the combination of Priority and Economy services for a range of customers. According to the survey, FedEx also has a leading position in terms of service in LTL industry as evident from the given below survey results: (FedEx, 2014d) Finally, the company has also gained an edge in its ground services with net excess speed from leading competitors UPS as shown below: (FedEx, 2014e) 3.2. INNOVATIVE CAPABILITIES Innovation is defined as the culture of FedEx. Company is driven by the fact that information about the package is to be given equal importance as the company gives to the package itself as it guides the company towards innovation (FedEx, 2014f). As a result of the constant innovation, FedEx has been successful in winning awards. For example, FedEx has won the award at SCATA (Supply Chain and Transport Awards) 2014 for being Cargo Operator of the Year in UAE for facilitating customers with un parallel innovation in routes as well as the implementation of the technological advancement (Mid-East, 2014). 3.3. TECHNOLOGICAL ADAPTION: Technological adaption has been an integral part of the business process at FedEx. In the era of technology, FedEx has remained ahead of competitors in introducing technologies for the effective, efficient as well as safe delivery of the packages and process to customers. This technological adaptability has made FedEx the choice of business customers at first hand. For example, supply chain was enhanced with electronic data interchange (EDI) and expansion of SenseAware are some of the evident example of constant and proactive technological adaption. 3.4. EFFICIENCY INTEGRATION MEASURES The business model of FedEx is effective and flexible that allows the business to constantly integrate efficiency measures in its operations. The year of 2013 was attributed with the five pillars enhancing profitability which are efficiency integration in functions and process, modernizing the range of its air fleet, realignment of the network of domestic operations, international expansion for stretching fixed cost, and most importantly expansion in the international services (FedEx,2013a). As a result of efficiency integration measures, FedEx reaped around 60% of the operating profits from ground operations in the year 2013 (Schoonmaker, 2013). 3.5. CUSTOMER ORIENTATION The success of the FedEx is also attributed to its ability serve the customers with solutions that best fit their courier requirement. This is in addition to the solutions that, FedEx services provide to its business customers. FedEx has won the market with its capability of meeting the needs of the customers at a rapid pace and competitive prices Chesbrough (2010). Also, customers’ orientation is high for the internal players of the organization as the company gives high attention to ‘People-Service-Profit’ (P-S-P) philosophy, and the “promotion from within” systems are also given high attention. 3.6. COMPANY CULTURE FedEx is highly driven by cultural values. In addition to the culture of innovation (FedEx, 2014f), the company has considerable focus on the employees’ diversity, safe working conditions and have recognition program for employees (FedEx, 2014b). Most important factors that contribute to the success of the organization is consideration given to issues and concern of employees. For example, FedEx had high turnover problem. FedEx realizing the importance of committed employees as well as its financial implications developed 360 degree program and identified the issues of communication between hierarchies. Consequently, FedEx developed the program to overcome the challenge of communication faced by employees and ensured effective employee engagement in processes and successful launch of Express Nacional in Mexico. 4.0. RATIONALE FOR THE FEDEX CORPORATION SUCCESS All the factors that have been determined as the success factors of the FedEx are effective and efficient exploitation of its strategic capabilities. These capabilities contribute in organization winning the competitive advantage over competitors. Hence, VRIN tool is being employed for the assessment of the value chain, to ascertain that success is being generated using strategic capabilities. 4.1. JUSTIFICATION USING THE VALUE CHAINS ANALYSIS AND VRIN Michael Porter has referred that an organization’s entire set of activity can be broken down into primary and secondary activities (Ireland, Hoskisson, & Hitt, 2011). Organizations generate value at each step and effective as well as efficient exploitation of strategic capabilities results in the achievement of competitive advantage over competitors. (Lee & Yang, 2000) The primary activities of FedEx are based on the logistic services (land and air) and Information technology solutions to its discrete and business customers. For these primary activities, the input for the company range of fleet of aircrafts and vehicles. As of the annual report 2013, the total number of aircrafts for FedEx has reached 649 and the vehicle fleet 47500 (FedEx, 2014g). In addition to this, company also relies heavily on the employees which are termed as team members and are 300,000 in number (FedEx, 2014h). Furthermore, FedEx Services provides a combination of primary and secondary services to the FedEx sales and marketing in addition to the administrative, maintenance, and information technology functions etc (FedEx, 2014g). Hence, constant improvement through innovation has led FedEx to innovate up-date solution for the customers and businesses. Using strategic tool of VRIN analysis, the sustainability of innovation is gauged for its value, rarity, inimitability and non- substitutability. 4.1.1- Value: Innovation is determined as the culture of the FedEx. Khan (2011) states that though innovation has been a core of the logistic industry and the factor is considered as the critical factor. Industry’s failure to innovate the value adding service has brought many players under fire. Innovation in the logistic industry can also be effective if it reaches the customer cycles in the initial phase of the innovation introduction. Also, value is demonstrated with the presence of knowledge capital that in turn generates the optimal solution (Lee & Yang, 2000; Khan, 2011). The innovation at the FedEx concretely comprehends the realization of the knowledge driven innovation. For example, inter-connection hubs in air transport, to meet the challenge of deregulation in air transport (Crozet, 2010). FedEx realizes that innovation is the binding force between three critical factors of its business which are customer solutions, information technology related knowledge, and sustainability (FedEx, 2013a). Additionally, the value is also created through innovative ideas aimed at integrating efficiency measures and penetrating new markets. For example, FedEx leveraged its expertise of delivering small packages for the new contract with L.L. Bean for the initiation of overnight distribution. Further, the competitive value is generated with the integration of technological proficiency (Strategic Sourceror, 2010). Hence, constant focus on the value for customers drives the success and edge for the FedEx. Also, these brand name, customer loyalty and financial and other physical assets are valuable to the business. 4.1.2. Rarity: Constant innovation mainly in the delivery business is the core of the value chain of the FedEx which is also rare. Across the term, FedEx has done the rare innovations in the delivery business. The development of the overnight delivery system after comprehensively accounting the system of best practices of different system is a rare innovation (Ireland, Hoskisson, & Hitt, 2011). In the list of the leading fleets of airlines, FedEx is the only cargo operation company that has taken number three rank (Arabian Business, 2010). Its focus on the customer service competitively is also rare for the fact that the company is constantly innovating idea such as SenseAware offering information about six elements in the vessel, air and ground carriers (FedEx, 2013a). Hence, attention to such details is the rare expertise possessed by any carrier. Furthermore, the company is not innovating and improving performance on the customer end, instead employees are facilitated and encouraged for the purpose. For example, based on ‘People-Service-Profit’ (P-S-P), FedEx is awarded as, among leading ten companies to work for (Albawaba, 2014). 4.1.3. Inimitability: The innovative elements integrated across the value chain of FedEx are non-imitable. This is also recently recognized as FedEx received Supply Chain and Transport Awards (SCATA) award for the year 2014 for its innovative yet cost effective solution with respect to product delivery, innovative technologies and infrastructure to facilitate customers (Mid-East, 2014). In addition to innovation, in the procedures, FedEx’s culture of innovation is also inimitable. The innovative culture was at first place ingrained in the employees with the work environment then was developed as a formal defining characteristic of FedEx (Birla, 2005). This is the biggest strength of the competitive advantage and cannot be easily substituted. 4.1.4. Non- Substitutability: FedEx with its interrelated services is able to generate the synergies across its different subsidiary companies and products facilitated. This synergy is achieved by strategizing its complete supply chain with innovative measures. This is from learning in local global scale (FedEx, 2012a). This synergy has also allowed the company to make strategic shifts to systematically align with the market trends (Sechler, 2012). Hence, in the case where every other resource such as financial capacity, effective human resources and other rare and inimitable resources can be substituted, the synergies and learning and experience curve, which are then used for efficiencies and innovatively meeting customer demands, cannot be substituted. 4.2. INTEGRATED STRATEGY ACROSS THE BOARD The success of FedEx can also be attributed its business and corporate strategy. The business strategy to expand in other markets with the product and service development while at the same time corporate strategy to serve the business needs of the customers. FedEx is expanding across the four dimensions of Ansoff Matrix with product development, market development and market penetration. For product development, company has expanded its service portfolio to deliver critical objects such as; transporting the Tyrannosaurus Rex skeleton from Montana to the Washington, D.C., and sophistically designed truck with the technological integrations to determine the optimal route and ensure safety and security etc was used for the purpose (FedEx, 2014i). Also, special arrangements are made for health Care logistics (FedEx, n.d.). Product developed in the local market is then spread to other market such as SenseAware was initially introduced in the local market spread to 19 markets (FedEx, 2013a). Penetration is achieved by achieving higher standards such as same day delivery within three hours is being introduced in local market (FedEx, 2013a). Also for penetration, FedEx has announced to expand its footings in the Asian markets with the establishment of hub at Asia Pacific (APAC) in Japan’s Kansai International Airport (Trefis, 2012). Horizontal expansion, or focus on business strategy of generating cost efficiency in the local markets, as well as international markets, can also be determined as a reason behind its success. The fourth strategy of Ansoff is being employed, and FedEx’s success can also be attributed to the related diversification. For example, FedEx Office, which is a corporate printing solution, facilitates business to develop the cost effective and efficient printing and content management solutions (FedEx, 2014j), growing an online business by integrating FedEx plug-in on the website so that respective customers can trace the product to be delivered directly (FedEx, 2014k). Hence, concern for customers and innovation to facilitate the client’s business is also evident in four dimensions of Ansoff model based growth of FedEx. FedEx is focusing on stretching the benefit from its capital expenditure with improved productivity, increased technological systems for improving performance and cost efficiencies. For the purpose, FedEx’s strategy has immense reliance on the three elements which are people, service, and innovation (Ferrell & Hartline, 2012). Hence, with these factors at work, the business level strategy has enabled FedEx to gain higher success in emerging markets of Asia as compared to competitors like UPS and DHL, in addition to the leading position in the local market (Ferrell & Hartline, 2012). 5.0. CONTRIBUTION OF LEADERSHIP The success or failure of an organization is considerably dependent on the ability of the leader to take the employees along. The success of the FedEx can be attributed to Founder Fred Smith. Mainly, it is accredited to Fred Smith who managed to grow the company with the belief that in order to grow, business must invest in the economy (EY, 2013). Though the credit of success is shared across the team, for example, Rob Carter managed to give the company a strategic shift from package delivery to a sophisticated logistics service provider (High, 2014); however, overall credit is attributed to Fred Smith for strategic leadership. The leader, within the journey of forty years, made FedEx a global business with business services and logistics company with the value of $45-billion (FedEx, 2013c). Most importantly, Fortune in the year 2012 has regarded Fredrick among “12 greatest entrepreneurs of the time’. 5.1. FIEDLER CONTINGENCY MODEL According to the Fiedler Contingency Leadership Model, an effective leader is one who is able to develop a beneficial fit between changes in leadership styles required as the situation changes. With this definition at work, Fred Smith can be regarded as the highly effective leader (Bass & Riggio, 2012). As evidence, company embraced information technology as soon as the information technology started playing its role. Smith valued information technology and stated that information about the core business product is to be given important as it is given to the package itself. Similarly, during the economic downturn, Fred believed that businesses are dependent on the economic growth; therefore, in the economic downturn it is important for the business to foster its investment the economy. Also understanding the importance of innovation in the industry, Fed Smith has also been successful in building a culture of innovation among employees. Hence, Fed Smith has been a successful leader in driving the company towards $45-billion values (FedEx, 2013c). 5.2. THE 4ES OF LEADERSHIP Successful leaders have different traits. Ability to envision, enable, empower and energize are determined under the model of 4Es of Leadership. Success of Frederick Smith has reflected all these as follows: 5.2.1- Envision: Fred envisioned the success can only reaped with collective efforts; therefore, each division is assigned with an executive responsible for the performance of the division. Fred also envisioned the success of the company as a result of contribution from different skill set, information technology and ability to innovatively respond to the market demand (EY, 2013). 5.2.2. Enable: It is important for the organization to enable employees to perform in order to achieve success. Fred CEOs has enabled the CEOs of each division to manage the operations (EY, 2013). Furthermore, Rob Carter was assigned the role of Chief Information Officer in the company in order to exploit the opportunities offered by the information technology (High, 2014). 5.2.3. Empower: CEOs of the respective divisions to ensure the performance of the each divisions (EY, 2013). “People-Service-Profit” (P-S-P) is the philosophy that drives each employee to ensure that customers are provided with the promised level of services (FedEx, 2012b). Hence, the leadership believes in empowering people to perform for profitability. 5.2.4. Energize: Innovation the culture is not only determined for developing solutions for the customers; but also for energizing employees to perform at an improved level. In addition to the different benefits offered to the employees, employees are also provided with training such as REACH (Reps Engaged and Connected @ Home) which is a technology based (TechConnect) program for customer service etc to update the service level. Hence, this has also accredited the company among 100 best places to work (Computer World, 2013) Hence, the success of FedEx has leverage considerable input from foresighted and effective leadership. 6.0. WAYS TO CONTINUE FEDEX CORPORATION SUCCESS Logistics industry is increasing challenges with every passing day. The most important challenge is arising from the constantly increasing fuel prices and changing business landscape in the local and international market (Setar, 2013). In addition to this, regional players such as LaserShip Inc., Walgreen Company, OnTrac, Amazon, and Eastern Connection Operating Inc. are creeping in the logistics industry are also creeping in the delivery market in order to take share of the leading players (Stevens, 2013). All these collectively pose a challenge to the success of FedEx. The success in the industry is highly subject to innovative ideas that are able to meet the demands of the customers and business. Furthermore, industry is highly dependent on the expert talent. Most importantly, executive talent that is able to strategize opportunities from the logistics industry crises and growing importance of the technological development to serve the customers. In the logistics industry, safety and timely service is taking the benchmark for success (Morales, 2013). FedEx has been ahead in realizing all these driving factors of the industry ahead, and success is also reaped with incremental attention to the aspects of innovation, safety, and effective and efficient utilization of information technology in the industry. However, FedEx in order to sustain the competitive edge and its success in the local and international market must give considerable attention to the evolving local players. Local network of safe, most important timely and cost effective delivery needs to be given considerable attention. The regional shippers’ development of alliance based network needs to be accounted for. FedEx must develop network alliance with these regional shippers by offering dependable technological expertise. Additionally, the innovative idea needs to be enhanced to cater the growing trend of online shopping mainly in the local market (Setar, 2013). Furthermore, FedEx shall also ensure that technological experts like Rob Carter managed to give the company a strategic shift from package delivery to a sophisticated logistics service provider (High, 2014). Hence, the company should work on the development and sustainability of different innovations. It is critical for the company to work on continuous improvement and ongoing innovations in order to create and maintain the competitive edge over other competitors, specifically in the regional market. List of References Albawaba. (2014). FedEx Express ranked among Top 10 companies in the UAE to work for by Great Place to Work Institute. 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