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Originally FedEx Corporation is recognized as FDX Corporation. It is a well-known logistics services company. The company was founded in the United States in 1971. FedEx furnishes customers and businesses all over the world with an all-inclusive portfolio of transportation, e-commerce and business services (About FedEx, 2010). The company offer incorporated business applications through functioning companies competing conjointly and managed collaboratively, under the well-thought-of FedEx brand.
FedEx had attained significant position among the world's most accepted and committed employers. It operates with more than 275,000 employees and contractors. It motivates all its employees and contractors to remain perfectly, positively concentrated on safety, the highest ethical and practised measures and the demands of their customers and communities. The company operates all over the world with its following segments:
FedEx Express: This segment of the company offers numerous shipping services for the deliverance of packages and freight.
FedEx Ground: This segment of the company offers business and residential ground package delivery services.
FedEx Freight: This segment extends less-than-truckload freight services, as well as shipment carrier services.
FedEx Services: This segment of the company offers sales, marketing, information technology support, customer service support, document solutions and business services and many other advanced services (FedEx Corporation, 2010).
The significant functions of management that managers at all the levels of FedEx perform in order to achieve its organizational objectives, are as follows:
Planning: This function of management is the conscious determination of future course of action. This involves why an action, what action, how to take action and when to take action. Thus, planning includes determination of specific objectives, determining projects and programs, setting policies and strategies, setting rules and procedures and preparing budgets.
Organizing: Another significant function of FedEx management is organizing. Organizing is the process of dividing work into convenient tasks or duties, grouping such duties in the form of positions, grouping of various positions into departments and sections, assigning duties to individual positions, and delegating authority to each position so that the work is carried out as planned (Montana & Charnov, 2000).
Leading: The nest crucial function of management is leading. In this function of management a proper direction is determined by the company managers that help the employees in the proper understanding of their role to attain the goals and targets effectively. Leading is the process of influencing the behaviour of others to work willingly and enthusiastically for achieving predetermined goals.
Controlling: The last significant function of management is controlling. This function involves identification of actual results, comparison of actual results with expected results as set by planning process, identification of deviation between the two, if any, and taking of corrective action so that actual results match with expected results (Harris & Hartman, 2001). It brings to light all bottlenecks in work performance and fulfils the needs of the situation.
Globalisations and its Impact on FedEx four Functions of Management
Globalization is a procedure of interaction and compounding among the people, companies and governments of diverse nations. It is a procedure determined by international trade and investment and assisted by international technology. This procedure has its consequences on the environment, on culture, on political systems, on economic development and prosperity and as well as on the human physical well-being in associations all around the world (FedEx and Key Industry Drivers, n.d.). This external factor is making a prominent impact on the operations and functions of management of FedEx.
Increasing globalization of its business had make a prominent impact on its planning function of FedEx management as now it had become more complex and requires more crucial analysis of international markets. In addition to this the function of organizing and leading business operations and all resources' is also become difficult as now the company involves a diverse workforce and diverse customer base with different needs and demands. The last function of management controlling is also evolved as a difficult task due to the involvement of different type of international risks.
Technology and its Impact on FedEx's Four Functions of Management
Technology is the employment and cognition of tools, proficiencies and crafts. It had made life of human beings more easier as it involves advanced know-how's in the form of tools and techniques. At FedEx emerging technology is playing an increasing role in offering critical information at any point in time about the location of a customer's product and the time of delivery (FedEx and Key Industry Drivers, n.d.). With the increasing effect of technology the four functions of FedEx's management is significantly affected.
With the use of advanced technology, the company's planning and organizing function had been affected greatly as now its planning is done by making use of advanced technology and IT tools. For organizing all its operations and resources the company make use of up-to-date tools and techniques like for giving training to its employees now it make use of electronic sources (Huff, Maher & Munro, 2004). Increasing use of technology and electronic means of communication also make a significant impact on company's leading and controlling function of management. With advanced tools and techniques both of these functions of FedEx's management had become more easy and effective.
E-Business and its Impact on FedEx's four Functions of Management
E-business is a term that can be used to delineate businesses run on the Internet, or employing Internet technologies to ameliorate the productivity or profitability of a business. In a more universal sense, the term could be used to explain any form of electronic business (Sharif, Ching, Bakri & Zakaria, 2005). In present more and more companies are adopting this practice of doing business and similar is the situation with FedEx that is also making use of electronic sources and internet for communicating with its client and doing business.
This e-business practice of the company had made tremendous impact on its four functions of management as now company does not have to indulge in complex planning as now it performs all its functions with the help of web, which makes everything simple and speedy (FedEx and Key Industry Drivers, n.d.). The organizing and leading function of management are also affected with this practice of e-business as now company can track performance of its employees and operations through web rather indulging in more formal procedures. The use of web had made everything very easy and quick and now the controlling of business operations had also become very easy.
With the detailed discussion of company operations and functions of management, it could be said, that the management of all these functions is essential as otherwise it could not direct the company towards its pre-determined goals. With the discussion of globalization, technology and e-business it could be conferred that these entire factors make a prominent impact on company's four functions of management because as time had changed this functions of company management is also changed. The impact of globalization, technology and e-business had advanced these functions in a significant manner, which in turn facilitates FedEx in managing its business.