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Achieving High Performance in the Postal Industry Accenture Research and Insights 2009 Contents Achieving High Performance in the Postal Industry Accenture Research and Insights 2009 Contents Introduction 1 Executive summary 2 Organizations analyzed 3 The changing postal landscape 4 Market focus and position 6 Distinctive capabilities 8 Research methodology 9 Performance anatomy 10 The perfect storm 12 Focus on the future 12 Checklist for high performance 13 x Introduction Market fluctuations have always influenced the postal industry, and the effects of the current global economic volatility are certainly no exception. In fact, the challenges faced today by organizations in the postal industry constitute a “perfect storm” that strikes across every major source of revenue. Through global research and analysis, Accenture has identified the characteristics of high performance that allow organizations in the postal and express sectors to achieve better results than their peers. Unsurprisingly, the characteristics and the strategies applied by these high-performance businesses have been factors in driving profitable growth in the past and are ideal to position postal agencies for competitive edge and high performance in the future. Following on from the Accenture conducted using Accenture’s stringent The research includes the original study undertaken in 2006,1 Accenture methodology (see page 9), is further 16 postal organizations and logistics performed a further strategic enhanced by Accenture’s own high- companies evaluated in the report assessment of the postal industry at level industry capability in helping Achieving High Performance in the the end of 2008 to determine the clients achieve high performance. Postal Industry and seven new progress, challenges and future organizations (see page 3 for a list direction facing its players. By The scope of the research is global of the organizations involved). refreshing and expanding our and, in line with the 2006 study, assessment of both the number of includes both traditional postal The research and analysis outlined postal agencies and their geographies, organizations and global express in this report evaluates what it takes Accenture aims to provide a players. The rationale behind this to achieve high performance in the perspective on the overall selection is that the traditional postal industry. performance of the postal industry boundaries between the two are over the four-year period between blurring. A significant number of 2003 and 2007. Due to the absence universal service providers offer of reporting for 2008 at the time the express and logistics services that research was conducted, this period compete against players such as was not included in the findings. FedEx and UPS. Conversely, global express players (also known as Our research approach focuses on integrators) are now offering mail- understanding industry trends and the related services. It is Accenture’s view financials of each postal player. In that all players, universal service doing so, we assess the relative and providers and integrators, are absolute performance of postal servicing the same demand: to agencies and determine the transport information and goods strategies, operating models or from point A to point B. attributes that allow players to 1Achieving High Performance in the Postal Industry, outperform their peers. This research, An Accenture Research Project, Accenture, 2006. 1 Executive summary In 2009, Accenture refreshed research undertaken some three years previously to assess the industry trends and the financials of global postal and express players or integrators. In addition to the 16 companies originally researched, Accenture added an evaluation of a further seven countries. Our research in 2006 indicated that • Diversifying revenue sources through high performers were those geographic expansion, new products organizations that had strategic and services. clarity, a solid focus on cost • Leveraging the human capital of management and a strong talent the organization and partnering equation. What was unusual about with labor. these results is that strategic choice • A strong focus on innovation. had little effect on performance—it did • Focusing on the customer and not matter what strategy was chosen, leveraging key customer attributes rather a clear, consistent strategy was such as reliability. the critical factor. In addition, we • Use of technology to deliver found little capability distinction services, manage the business and among the operators. We saw this interact with customers. finding as characteristic of a relatively • Investing in “the network,” whether uncompetitive market and predicted this is a physical, telecommunications that future performance would be far or retail network. more dependent on strategic choice and capabilities. Perhaps surprisingly, value creation has not come from traditional Our latest research indicates that cost-cutting measures or a focus on the factors driving high performance operational excellence unless the have changed significantly and that attainment of these factors has been strategic choice and capabilities are driven by a strategy to capture much more critical to performance. customer demands such as the need In summary, high performance in the for greater reliability or visibility. postal industry is being driven by: 2 Organizations analyzed * New to 2009 study. North America Europe Rest of World Canada Post Corporation * Ceska Posta (Czech Republic) Australia Post FedEx * Correos (Spain) * Correios Brasileiros (Brazil) United States Postal Service (USPS) * De Post-La Poste (Belgium) Japan Post UPS Deutsche Post World Net (Germany) New Zealand Post Itella (Finland) Singapore Post Le Groupe La Poste (France) * South Africa Post Office * Magyar Posta (Hungary) Post Danmark * Poste Italiane (Italy) Posten Norge (Norway) Posten Sverige (Sweden) Royal Mail (United Kingdom) TNT (Netherlands) As our research has shown across Figure 1. Building blocks of high performance. multiple industries, achieving a balance between the three building blocks identified by Accenture as essential for high-performance business—market focus and position; distinctive capabilities and performance anatomy—is a critical factor. Indeed, while strength in one dimension is good, strength across all dimensions is the strongest indicator of high performance (Figure 1). This report looks in detail at the research findings and identifies how some organizations within the postal industry are achieving high performance. 3 The changing postal landscape Perhaps unsurprisingly, the postal landscape has changed considerably since 2006 when Accenture conducted the first study of high performance in the postal industry. Even prior to the current period of global economic decline, the leading players have jostled for position in response to changing market forces and industry demands (Figure 2). Figure 2. The changing postal landscape. Changes in the landscape Postal implications Increased liberalization • Fewer restrictions and greater competition providing challenges to postal entities not used to new operating model New entrants in some countries/regions • Increased competition leading to skimming, loss of client relationship, change in product mix and lower revenues Noticeable shift in mail volumes and mail mix • Mail volume stagnation and decline in many markets • Shifts in mail mix leading to lower value-added products • Mail mix more susceptible to economic and seasonal swings Companies raising the bar mean higher customer expectations • Customers expecting better overall customer experience means new cross-functional and cross-channel challenges Costs rising faster than revenue • Expected and unexpected rise in costs leading to questions on viability of current postal pricing and revenue model Increased penetration of alternative media (broadband, mobile) • Threat to direct mail uncertain • Additional opportunities to provide value-added services Further evolution of technology • Greater fragmentation of communication channels, particularly with newer generations • Competition from online communication and marketing Generational shift in users (Gen X, Gen Y, millennials) • Uncertainty as to attractiveness of postal products and services • Opportunities for innovation to reach new generation. 4 Figure 3. Changes in operating margin. 1 13 Mail 9 2 10 Parcel/Express 9 3 11 Logistics 11 4 3 Retail/Financial Services/Other 15 2003 average gross margin in percentage by activity/business unit 2007 average gross margin in percentage by activity/business unit Note: Available data was used to calculate average for the years 2003 and 2007. Excludes pure integrators such as FedEx and UPS. 1. Mail includes Australia Post, Canada Post, DPWN, Le Groupe La Poste, Poste Italiane, TNT, Posten Norge (Norway), New Zealand Post, Singapore Post, Posten Sverige (Sweden) and Royal Mail; 2. Parcel/Express includes Australia Post, Canada Post, DPWN, Le Groupe La Poste, TNT and Singapore Post; 3. Logistics includes Australia Post, DPWN, Posten Norge (Norway) and Singapore Post; 4. Retail/Financial Services/Others includes Australia Post, Le Groupe La Poste, New Zealand Post and Singapore Post. Source: Accenture analysis from company annual reports as listed on page 3. In assessing the impact of recent postal organizations have managed an ongoing volatility in commodity changes on mail volumes, revenue and to grow revenue at respectable rates. prices, and postal organizations will income, our research found: By far the simplest and preferred need to accommodate such changes method for enhancing
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