FedEx: Revolutionising Global Express Delivery
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Code : COM0046
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Region : US
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Managing Logistics Logically In 1965, as an economics undergraduate, Smith had presented a termpaper on express delivery. It went on to become one of the most infamous termpapers at Yale University and earned him a C grade. Smith noted that he had got the idea at the Tweed New Haven airport where he used to work as a charter pilot during the weekends during his undergraduate course at the Yale University. He observed that 'time sensitive goods' like electronic components used in repairing computers, were flown in passenger aircrafts encountering difficulties. He recognised the need for a new automated logistics system that could serve the needs of the changing society. "As society automated, as people began to put computers in banks to cancel checks – rather than clerks – or people began to put sophisticated electronics in airplanes – society and the manufacturers of that automated society were going to need a completely different logistics system". In 1971, Smith founded FedEx with an investment of $84 million – $4 million inherited from his father and $80 million from venture capitalists. The business was to kick off with eight aircrafts, and a promise of overnight delivery of critical goods between any two points in a network of 11 cities that was decided on by Smith... |
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