FedEx, which moves more than $2 trillion worth of goods annually, has rolled out a new Picture Proof of Delivery API and pushed a common real-time data platform out to 65% of its US delivery partners, it said – announcing annual fiscal 2024 revenues of $22.1 billion this week.
A separate data project called “Surround” FedEx launched in 2020 with Microsoft gives “customers real-time visibility into their shipments by combining information about the package with external data, such as weather, to… mitigate the risk of disruption.” More than $1 billion of healthcare-related revenue now comes from customers who use this – for example customers shipping temperature-sensitive medical items.
The platform also adds data points from “enhanced scanning and proprietary IoT technology of FedEx” and analyses them using a range of machine learning tools, it added earlier. FedEx flagged some of the technology on an earnings call that saw executives reemphasise plans to find $4 billion in savings through 2025 and also continue to trim CapEx.
FedEx has a new man in charge of technology from July 1, 2024.
Sriram Krishnasamy, currently EVP and Chief Transformation Officer, will be Chief Digital and Information Officer (CDIO). He takes over from outgoing CIO Rob Carter, who is retiring after 31 years at the company.
A big priority will be on helping FedEx continue to find efficiencies, this week’s earnings call suggested, with CFO John Dietrich telling analysts that “G&A, IT, and procurement will be key drivers for the savings.”
