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Strategic Analysis of Transport for London: Global Business Approach Case Study By Native Assignment Help.
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The research is made by considering Transport for London (TfL), which is currently working in London, England. The public transportation network is managed by an area government organisation. It began its operations in 2000 and gained control of London Regional Transport and London Transport Buses' operations (Low et al. 2020). The British Underground is a program that London public transportation, especially buses, London Overground, Dockland’s district Light Railways, and various other public transportation networks, are all part of the authority of TfL (Stone and Aravopoulou, 2018). TfL gets managed by an executive team of governors who are responsible to the Vice Mayor of London. Above 27,000 people participate in the company's operations, which has a yearly spending limit estimated to be £11 billion. TfL's primary objective is to give London residents and travellers an affordable, efficient, and reliable public transit infrastructure (Stone and Aravopoulou, 2018).
TfL has encountered numerous types of difficulties throughout the past few years that negatively impacted its financial performance. The organisation's is facing problems with funding, which have been considered to be the biggest obstacles. The hit of the COVID-19 epidemic has drastically reduced the number of passengers travelling, which has adversely affected TfL's profit margins, and may cause a £2 billion spending limit deficit in 2020. TfL has been forced to carry out cost-saving strategies, like reductions in its operations and personnel staff reductions, to address this challenge (Vickerman, 2021). Apart from facing monetary challenges, TfL is currently under criticism for how it manages massive initiatives. As an example, there have been notable delays as well as excessive costs with the Crossrail project, which aims to build a new railway line throughout London.
TFL has implemented several performance-enhancing initiatives to take care of these issues. Focussing on technological advancements and innovation to improve its end-user experience as well as promote proficiency is one of the highlighted measures. In this regard, TfL has developed applications for smartphones offering real-time information regarding the public transportation system, followed by methods of payment via contactless.
The Mayor's Transport Strategies, created by TfL, is an approach to the future improving the city's transportationinfrastructure. The proposal seeks to provide a transportation network that serves as more secure, trustworthy, and able to satisfy the requirements of all London residents (Hughes, 2018).
The strategy calls for actions including increasing the number of bike lanes, strengthening the network of electrically powered vehicle charging stations, as well as developing more pedestrian-friendly areas.
Figure 1: Transport for London (TFL)
Understanding and analysing the concepts of strategic leadership and how they are implemented in public organisations like Transport for London (TfL), constitutes the primary objective of the study on global business strategy with a special emphasis on TfL. The programme of the investigationis focused on applying a wide range of strategic management tools and techniques based on fundamental approaches andframeworks, as well as exhibitingcomprehensive awareness and understanding of developing strategies in contemporary managerial contexts. The research investigation also makes an effort to analyse TfL's natural environment and critically examine the alternative strategies along with an in-depth justification of recommendations.
Taking advantage of Transport for London (TfL) as a case study, to investigate the core principles of strategic leadership. The procedure of determining how to allocate resources to pursue an identifiable all things considered, followed by putting the choices it made into action, is referred to as strategic management (MacKay et al. 2020). The following three primary groups may be utilised to classify strategic management principles:
To provide an enhanced travel experience, TfL may find it necessary to its booking and billing systems, make investments in expanding its infrastructure, and educate its staff. Strategy developers seekand take into consideration the independent advantages and disadvantages that arise in many nations and cultures when establishing a worldwide business strategy. The following must requireextensive knowledge of the local economy, legal systems, and the needs of consumers. This means that TfL would be required to do an in-depth examination of the local public transportation business climate, recognise the social and cultural customs of the locals, and modify its offerings and procedures accordingly if the organisation decided to expand the services it provides to other cities throughout the globe.
Hence, organisations may arrive at decisions and organise according to strategic management proposals. Organisations can accomplish their organisational objectives and add advantages to their stakeholders by carrying out an in-depth analysis, developing a concise mission and vision, as well as effectively implementing the strategy that has been selected (Perez et al. 2020).
To safeguard the long-term viability of their organisations in a global economic environment, strategic thinkers must additionally take into consideration the special difficulties and opportunities of doing business with different countries and must have an in-depth understanding of their inclusive social cultures (Thornhill and Hyman, 2023).
It is crucial to consider the following factors to build analytical expertise and comprehension of formulating strategies in modern management contexts:
Hence, Leaders may create powerful strategies that accommodate the needs and demands within their organisation and can respond to the changing circumstances in the market by demonstrating an essential understanding and awareness regarding these aspects. Furthermore, they must make confident that their strategies take into consideration the needs and requirements of their stakeholders along with being environmentally friendly, although they utilise modern technology that is less expensive in terms of cost and encourages innovation and development of an organisation in a foreseeable manner (Thompson et al., 2021).
Listed below are several frameworks and instruments for strategic leadership believed to be capable of being utilised for implementing a worldwide company strategy to Transport for London (TfL):
TfL could execute arrangements around the world corporation strategy that remain in compliance with its fundamental goals, as well as long-term growth and progress, which are being monitored and demonstrated towards accomplishing such objectives by applying the balanced scorecard (Buzási and Csete, 2016.).
TfL could make assured that its worldwide operations strategy has the adaptability and versatility following the ever-changing market circumstances by defining different possibilities in which the global transport sector will expand and implementing innovative techniques that are equally solid as well as adaptable sufficient to handle any of these possible situations (Inayathusein, and Cooper, 2018).
Hence, TfL can establish a successful international company strategy that is carefully designed to acquire the requirements of both its organisation and the international transportation needs and demands of the industry by implementing such strategic management instruments and theories as well as models (Bagheri, 2016).
Management may also make sure that its worldwide operations strategy is adaptable, durable, and versatile enough to take into consideration changing circumstances in the market and the adoption of new technological advancements in its international business operations.
The following are a handful of fundamental assessments that can be utilised in organisational strategy contexts, particularly in the framework of Transport for London's (TfL) worldwide businessoperations strategies:
Measurement of benchmark performancesmay have been employed in the framework of TfL's worldwide business plan to assess how well the company is performing relative to other globally operating transportation businesses in categories such asclient satisfaction or operational effectiveness (Dias, and Ribeiro, 2019). TfL might take measurable actions to improve its productivity and acquire an advantage in the market by recognising key areas in which it lags behind its rivals.
TfL may determine which policies should be taken on in addition to where to invest its organisational resources by carrying out a cost-benefit evaluation.
Hence, TfL can assess the accomplishments of its worldwide business strategies to further implement any changes that are needed to ensure that its business operations remain in alignment accordance with its overall objectives of the organisation with the use of these critically examined evaluation approaches (Noursalehi, Koutsopoulos, and Zhao, 2018).
Abovementioned, these methods may additionally help TfL in deciding how to improve efficiency to gain a competitive advantage in the world of transportation.
In the framework of the global business strategy for Transport for London (TfL), the following strategic ideas are capable of being utilised to analyse the environmental impact of organisations:
Political, economic, sociocultural, technological, environmental, and legal factors are exactly what this abbreviation represents.
PESTEL Analysis could theoretically be implemented in the context of TfL's worldwide business plan to examine how these variables would affect the company's operations in various geographical regions (Larcom, Rauch, and Willems, 2017).
Porter's Five Forces: Porter's Five Forces is a framework to determine an industry's degree of competitiveness and desirability. The structure takes into consideration five forces: the negotiating power of purchasers and vendors, the potential threat of alternatives, the possibility posed by prospective rivals, and the magnitude of competition among existing competitors (Larcom, Rauch, and Willems, 2017).
Porter's Five Forces are capable of being applied to TfL's worldwide business strategy to evaluate the competitive environment in several international geographical areas in which the firm faces competition.
SWOT analysis could be carried out on TfL's worldwide business strategy to determine the business's internal advantages and disadvantages as well as external market opportunities and threats in various geographical areas (Freeborough et.al. 2019).
Value Chain Analysis has the potential to be utilised in TfL's worldwide business strategy to review its internal activities and procedures as well as the economic benefit the firm provides for its clients in various geographical regions (Mutter, 2020).
The cultural analysis could potentially be performed to determine the variations in culture and disparities that may affect TfL's business operations and consumer behaviour in various geographical areas as part of its worldwide business plan (Williams, 2018).
Hence, TfL can obtain a greater awareness of the outside influences that may have a detrimental effect on the performances of business operations in various geographical regions by employing these strategic principles to analyse the environment of organisations.
The formulation of global company plans that are in line with the particular market circumstances and difficulties associated with every region of the world may subsequently be guided by this recognition (Akyelken, Bannister, aand Givoni, 2018).
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Conclusion
Transport for London has encountered several kinds of difficulties over the last three years, which comprise unexpected expenses and allegations regarding how it carried out major developments concerning public transportation services. Meanwhile, the government agency has come up with numerous types of solutions to enhance its efficiency and effectiveness, by concentrating on technological advancement and innovation, along with additionally having a long-term goal for a more environmentally friendly and sustainable public transport infrastructure in London.
A thorough awareness of the outside environment, which encompasses specific circumstances of the market, factors related to culture, and rules and regulations in various geographical regions, is necessary to create effective global business plans. TfL may produce focused global company plans that remain in line with the circumstances and challenges regarding local markets by integrating a wide range of strategic planning techniques and frameworks to analyse the aforementioned variables. TfL has to promote an attitude of innovative thinking and cooperation and have the capacity to adapt and modify its plans as it responds to new developments and difficulties if it is to succeed in the quickly changing industry of transportation. In its final stages, TfL's success, in the long run, will depend on promoting customer orientation in the creation of international business strategies.
TfL may further strengthen its reputation as an economy-leading transportation service provider by expanding its revenue sources, advancing its technology to competencies of its overall performance, and increasing its effectiveness in operation. Using these strategies could help TfL adapt to evolving circumstances in the marketplace and preserve its competitiveness going forward.
Recommendations
Take advantage ofa wide range of strategies and methodologies for strategic leadership to analyse environmental factors in the numerous geographical regions where TfL is working. This could help in identifying some of the important issues and possibilities in every domain and serve as recommendations for the creation of focused, worldwide applicable business strategies.
The following are the key recommendation of the study:
Sponsorship may consist of collaborating with business partners to provide funding for projects related to infrastructure or advertising the transportation services on TfL's assets as a whole, such as subways and buses.
A different possibility is whether to charge TfL for analytics and data collection services to make revenue out of its statistics.
It could involve employing chatbots and virtual personal assistants that provide travellers with real-time journey updates and support or incorporating algorithms based on AI to anticipate delays and optimise traffic movement.
References
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Buzási, A. and Csete, M., 2016. Modified Scorecard Method for Evaluating Climate Aspects of Urban Transport Systems.PeriodicaPolytechnica Social and Management Sciences,24(1), pp.65-73.
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Dias, G.J.C. and Ribeiro, P., 2019. Cycle highway: concept and benchmarking.
Fowler, J., 2021.Strategy and Managed Decline: London Transport 1948-87. Emerald Group Publishing.
Freeborough, K., Bricker, S., Home, R. and Brammall, N., 2019. National underground assets and subsurface data: a review of use case applications. Iceberg Industry Group workshop.
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Hughes, E.S., 2018.Comparing Contextual Patterns of Workplace Struggle in the UK and Republic of Ireland Public Transport Sectors: London Underground and Dublin Bus. Bangor University (United Kingdom).
Inayathusein, A. and Cooper, S., 2018. London's accessibility indicators: strengths, weaknesses, challenges.
Larcom, S., Rauch, F. and Willems, T., 2017. The benefits of forced experimentation: striking evidence from the London underground network.The Quarterly Journal of Economics,132(4), pp.2019-2055.
Low, W.Y., Cao, M., De Vos, J. and Hickman, R., 2020. The journey experience of visually impaired people on public transport in London.Transport Policy,97, pp.137-148.
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