Introduction
Founded by Benjamin Holt in the early 1900s, the Caterpillar company, originally Holt Manufacturing Company, is best known for its first crawler caterpillar. The Caterpillar machines were exclusively employed for building projects in the early phases of the organization. The firm engages in manufacturing and selling equipment and engines to consumers throughout the globe. Abbreviated as CAT, the company is a Fortune 500 company based in the United States. The firm is the world’s leading maker of construction equipment. Tractors made by Caterpillar were utilized to transport supplies and weapons during World War 1. The Caterpillar Tractor Company was formed via a merger between Benjamin Holt and his rival, with its development in the next fifteen years being enormous. High-profile construction projects like Belgium’s King Albert Canal, California’s Golden Gate Bridge, and Nevada’s Hoover Dam have used its materials. The Caterpillar Tractor Company was renamed Caterpillar Inc. in 1986, the year of its breakthrough.
The main office of CAT is in Deerfield, Illinois; the location was chosen in January 2017 as the new company’s headquarters. This attempt led to canceling of plans to construct an $800 million headquarters facility in downtown Peoria. Under the CAT / Caterpillar moniker, the corporation also sells a range of clothes and work boots. The firm has licensed the CAT phone brand of hardened mobile phones and rugged smartphones since 2012. The “CAT” emblem and “Caterpillar Yellow” livery are trademarks of Caterpillar equipment and other company-branded items.
CAT Vision
CAT has a clear vision that makes the company the world’s foremost supplier of customer value. The commitment of CAT has propelled the company to a strong position in this industry, placing it far ahead of its competitors. Among the components of the statement are the following declarations: Clients benefit from our position as an industry leader and valued resource (“Sustainability vision and mission,” 2021). The company’s unique marketing approach has also enabled it to improve its brand recognition around the globe. Caterpillar’s success has been powered by a relentless emphasis on customer satisfaction, which is the most important component of the organization’s overall vision.
CAT Mission
It is possible to define CAT’s mission statement as providing the best value to customers, growing a profitable business, developing and rewarding people, and encouraging social responsibility. The articulation outlines how the firm intends to conduct its operations to address the demands of all of its customers and clients. Caterpillar Inc.’s mission statement includes two main components: Distinguished services and Improving communities (“Sustainability vision and mission,” 2021). CAT guarantees that all of its devices are developed to perfection with the demands of the user in mind to deliver the finest services possible. In addition to that, the firm provides other services to complement the high-quality items it offers, including insurance, to its customers. In the second component, CAT emphasizes that its services are designed to help people grow and develop both inside and outside of its organizations. In reality, the company’s dedication to sustainability has a beneficial influence on the areas in which it operates.
CAT Values and Goals
There are values in place at Caterpillar Inc.’s worldwide sites to maintain consistent ethical standards. In 1974, the organization created its first code of conduct (Caterpillar, n.d.b). The corporate world is always evolving, which means that ethical standards must be constantly updated. Thus, CAT revised its Code of Conduct after developing and implementing its Vision 2020 Strategy (“Sustainability vision and mission,” 2021). An agreed-upon set of objectives outlines the company’s strategic stance and the path it intends to follow in the next years. These are some of the goals that Caterpillar is pursuing because customers, workers, and investors are all important to the company. CAT has laid out intentions to take more responsibility for outcomes, be more customer-focused, and build a tough dealer network to better compete in the industry. CAT’s approaches to achieving these objectives are integrity, cooperation, dedication, and excellence. To achieve excellence, one must concentrate on delivering quality with haste.
Performance and qualifications are the primary criteria used to assess and hire new workers. Nothing less than the finest will do in the workplace if excellence is not maintained. Teamwork necessitates mutual respect among the company’s many stakeholders. As a company, it opposes discrimination and aims to build excellent connections with its dealers and even its rivals. Individual responsibility for the firm is embodied in commitment, and its goal is to safeguard its assets (Chen et al., 2017). Integrity is essential to ensure that confidential corporate information is handled following the law. By refusing to make payments that are not transparent, integrity helps keep the company’s finances in order. Integrity also aids in the promotion of fair competition. CAT will be better equipped to cope with various ethical dilemmas if it adheres to these standards. CAT’s Worldwide Code of Conduct clearly outlines its commitments to its workers, customers, shareholders, and the community (Caterpillar, n.d.b). CAT’s customers and workers are the company’s two most important constituencies. As a result, the corporation and its higher stakeholders should build a mutually beneficial and lucrative relationship.
History
Caterpillar began with the Holt Manufacturing Corporation, making steam tractors in 1890. The tractors were extraordinarily heavy, frequently weighing more than 1,000 pounds (450 kg) per horsepower and sinking into the soil of California’s San Joaquin Valley Delta farms. This situation led Benjamin Holt’s to address the issue where the breadth and height of the tractor’s wheels were increased to an unprecedented 6 feet (1.8 meters) and 7.5 feet (2.3 meters), resulting in a machine that measured 46 feet (14 meters) in width (Caterpillar, n.d.d). Holt had a brilliant idea of encircling the wheels with wood, whereas a Holt steamboat had its wheels replaced with wooden rails fastened to chains. Roberts Island’s muddy delta terrain proved an ideal testing ground for his newly upgraded equipment on Thanksgiving Day, November 24, 1904. While this vehicle was being created in Grantham, Lincolnshire, England, a steel plate-tracked vehicle was simultaneously patented in 1904 by Richard Hornsby & Sons.
Using differential braking of the tracks, this tractor was the first to steer without using the front tiller steering wheel. This was still possible to find parts of a tractor used in the Yukon until 1927 when it was taken out of service. In 1911, when Holt registered the trademark “Caterpillar,” Hornsby sold their tractor patent to Holt due to the small market for their product (Safronov, 1975). According to the company photographer, Charles Clements, the tractor moved like a caterpillar, and Holt latched on to the metaphor to describe it. “Caterpillar” is also often attributed to British troops who saw tractor testing in July 1907 and took the term. A steam-powered tractor crawler sold for US$5,500 two years after Holt’s first steam-powered tractor crawlers were sold for US$128,000 (Safronov, 1975). Each side had a track structure that was 30 inches (760 mm) high by 42 inches (1,100 mm) wide and 9 feet (2.7 m), while three-inch-by-four-inch redwood slats were used for the tracks (Safronov, 1975). On December 7, 1907, Holt was granted a patent for his improved Traction Engine, which included a continuous track with tractors.
Some events were determinant of the history of the entire business. In 1925, two California-based tractor firms joined to become Caterpillar Tractor Company (Caterpillar, n.d. d). During World War I, Holt Manufacturing company focused on mass production to meet the increased demand. Simultaneously, C.L. Best Tractor company majored in innovation to remain competitive. Holt enjoyed a worldwide brand with great modern manufacturing facilities, while Best had a vast dealer network, a robust domestic market, and an extensive product line. Following the end of the first world war, there was a surplus supply of tractors with an increased need to produce better equipment. The two firms needed each other to stay competitive and merged to form the Caterpillar Tractor Company. The company has since developed into Caterpillar Inc., or CAT, company; a leading producer of tractors and engines worldwide (Safronov, 1975). In addition to Caterpillar’s 300 available machines, the company also provides product solutions to residential, non-residential, industrial, infrastructural, mining, and other industries (Caterpillar, 2020). The mining and forestry industries are intertwined, and the company’s characteristic yellow machines have helped establish the brand as a household name in the United States.
The firm began to grow gradually and reached certain important milestones, such as utilizing military tanks during two World Wars. Huge sales were high during the postwar period due to increased demand from other countries as diesel engines and rubber tires began appearing in the mid-to-late 20th century (Caterpillar, n.d.d). However, the early 1980s recession marked a turning point because competitive pressure from domestic and foreign sources increased Caterpillar’s market share (Caterpillar, n.d.d). Komatsu of Japan nearly sent Caterpillar out of business due to its high costs and bureaucratic inflexibility. Over a thousand workers were laid off at multiple companies, and United Auto Workers had to endure a lengthy labor dispute as workers staged a walkout protesting poor conditions. The further development of the organization was driven by the necessity to meet the coming challenges of the fast-growing economies of the world.
Tosno, a Russian town near St. Petersburg, was the site of Caterpillar’s first Russian factory. It was finished in 16 months, occupied in November 1999, and started producing machine parts in 2000 (Loganx, 2019). The building was constructed in icy circumstances, with temperatures as low as -25°C throughout the winter months, and the Helsinki-based Lemminkäinen Group was responsible for the building of the facility (Lognax, 2019). Most of the medium-wheel loaders and motor graders produced at the $125 million Caterpillar factory in Suzhou, China, are destined for the Asian market (Loganx, 2019). In March 2009, the first machine was supposed to be put into production, and URS Ausino in San Francisco handled facility construction (Loganx, 2019). Since 1960, Caterpillar has been producing in Brazil, and it required a new factory with ambitions to increase the manufacturing of backhoes and compact wheel loaders (Loganx, 2019). In India, Caterpillar has also made equipment, engines, and generator sets.
Caterpillar now has the top or second position in all industries it serves. Products are of the highest quality and dependability as the firm innovates. New goods are brought to the market every year thanks to annual research and development expenditures of approximately $1.5 billion (Caterpillar, 2020). Hybrid diesel-electric tractors are the first of their type, and ACERT technology, a clean-diesel technology that also increases fuel economy, has just been developed to reduce emissions (Caterpillar, 2020). The company creates a wide range of equipment to meet the demands of different markets and regions, from industrial gas turbines and diesel-electric locomotives to construction and mining equipment (Caterpillar, 2020). Such diversification of the production line is necessary for the company to ensure that it can find competitive advantages in the markets of developed and developing nations.
High-tech equipment is Caterpillar’s primary emphasis, while the Low-End category is being left to local rivals who will ultimately combine. Caterpillar’s business model is another factor in the company’s supremacy in the market. Machines, services, and support are all available from Caterpillar for various sectors. Products account for 53% of the company’s substantial revenue, and the company is famous for tax scandals to secure its benefits (Lysak et al., 2020). Caterpillar distributes its products via its enormous Global Dealer Network of professionally trained independent CAT dealers who can offer local services, giving the global corporation a personal feel. Since over 60% of Caterpillar’s revenue is generated outside of the United States, the company should maintain a sense of place (Caterpillar, 2020). All this information demonstrates that the selected business has a rich history supporting its economic success.
Caterpillar Inc. Leadership Structure
The company’s organizational structure is very streamlined; board members include people who are not even affiliated with Caterpillar. There are twenty-six deputies responsible for running the company’s service centers and regional markets, and these professionals are under the CEO’s command (Caterpillar, n.d.c). Decentralization of the organization’s structure makes it easier to contact consumers and meet their demands. That is why ideas, contributions, and instructions may flow quickly from directors to line managers and then on to production managers (Lysak et al., 2020). Figure 1 below represents the company’s structure and reveals the leading elements of the business (“Caterpillar company’s organizational behavior,” 2021). Decentralized administration and organizational structure make Caterpillar’s organization holacracy. Unlike traditional hierarchical decision-making, holacracy-managed companies make decisions based on geographic regions, markets, and facilities. The organization is separated into sections based on their role, eliminating confusion and laziness at work and making it easier to make decisions. Everyone has a voice in decision-making in such an organization.
CAT Relationship with Employees
Employees at CAT is provided with short-term incentives to encourage them to perform at their highest level. The organization will be able to realize its business goals while simultaneously recognizing a deserving employee due to these short-term incentives. The company implements performance-based incentive schemes to ensure that its employees work to their full potential. Initial salary calculations have been made to ensure that employees’ beginning pay is commensurate with their respective job duties, their degree of performance, and their general loyalty to the business. To ensure that it maintains its competitiveness, the company assesses the base compensation of every employee on an annual basis. Individuals who have shown remarkable competence and performance are rewarded with long-term incentives by the company.
Long-term incentives aim to encourage workers to remain with the firm and accomplish their objectives by creating greater goals for them to strive for in the future. Cash payment is made in exchange for shares under the CAT Performance Cash plan, while a stock payment is made in exchange for actual ownership in the company under the CAT Performance share plan. Apart from that, the company provides various other benefits to its employees, such as vacation plans that guarantee each employee a minimum of 23 vacation days per year, with bank holidays being given priority (Caterpillar, 2018). That is why the organization is considered an attractive employer.
The business provides four distinct kinds of healthcare plans for managers, tailored to their specific needs and preferences. Those who work for the firm are given generous and flexible perks. The company’s flexible benefits are divided into three categories: Finance, Healthcare, and Lifestyle (Caterpillar, 2018). Company perks for employees in the “Lifestyle” category are discussed below. Monthly contributions to workers’ accounts are made and may be topped up by 50% under this program (Caterpillar, 2018b). To keep its staff motivated, the corporation gives them great spending coupons. The organization takes care of its subordinates and attempts to make society better. Thus, the business provides its full-time employees with adoption assistance benefits with a $5,000 reimbursement per eligible child (Caterpillar, 2018b). This financial aid is beneficial for workers, their families, and the entire community.
The company’s holiday system is also appropriate for employees and brings flexibility. In particular, it allows workers to receive money for unused days off upon separation (Caterpillar, 2018a). Many healthcare-related perks are also available to employees of the organization. Taking advantage of the health assessment program is a great way to ensure that individuals get regular check-ups. The option to obtain a health examination for both the employee and their partner is also available. Employees may choose from three different types of dental insurance via their employer. Couples and families may utilize the arrangements to protect themselves. Employees may also choose their dentist and get their dental care there. Other considerations of CAT employees include:
- A contact lens and eyeglasses insurance policy are available to employees via this program (Caterpillar, 2018a).
- Specific programs also imply that employees can receive medical services at discounted prices (Caterpillar, 2018a).
- Numerous financial benefits are also available, and they include the fact that the employer contributes approximately 10% of an employee’s income to enrich their savings accounts (Caterpillar, 2018a). This approach is also known as the 401(k) Savings Plan, which is utilized by many businesses.
- When it comes to a safe and worry-free trip, the organization provides generous coverage for travel insurance, ensuring that you will be covered in case of an accident. For a very low cost, the company offers its workers this insurance in case of a catastrophe over the Christmas season. An employee or their spouse diagnosed with a severe or fatal disease will have their financial requirements covered by the company’s critical illness insurance policy, which is beneficial to all employees (Caterpillar, 2018a).
CAT Relation with Customers
Caterpillar’s new approach was centered on identifying and understanding the changing demands of its clients and developing products and services to address those needs. This service covers areas such as finance, insurance, and other value-adding operations. The organization is always focused on the task that needs to be done for its clients. Caterpillar can deliver new services focused on decreasing machine downtime, enhancing production efficiency, and assisting its customers in achieving their business objectives as a result of this initiative. In addition to that, the organization invests much effort in helping its clients meet their safety, environmental, and other requirements (Caterpillar, 2020). Since the firm is customer-focused, it provides consumers with after-sale services such as warranty and repair services for CAT machines, among other things.
2016-2021 Business Strategies, Leadership, and Management
Caterpillar has won accolades for its high ethical standards, making it one of the world’s most respected corporations, and the following information will present the rationale behind this statement. For example, the company was included in the World’s Most Admired Companies, Best-Managed Companies of 2020, Top Companies for Customer Satisfaction, and ranked 62nd in the 2020 Fortune 500 list (Caterpillar, n.d.a). In addition to that, experts claim that the organization is the best employer for women, veterans, and newly graduated (Caterpillar, n.d.a). CAT’s ethical and public-responsibility methods and objectives are very resilient, making it a shoo-in for the top spot. These findings allow for concluding that the organization managed to bring many positive changes during the period under consideration, and international organizations have admitted the efforts.
To fulfill its promise to workers, the environment, and the economy, CAT has a well-defined description of its vision and goal. One of the key tasks that the company sets itself is to address social needs while taking into account the reduction of the negative impact on the environment from a critical perspective. Clean water, housing, dependable electricity, and sanitation are some of the most basic needs, according to CAT. Billions of people still cannot count on access to safe drinking water (Osseiran, 2017). CAT demonstrates their commitment to serving the general population through its different products and services.
The corporation’s goal is to make the world a better place by offering the best answers to the world’s challenges. Economic advancement, energy supply, and infrastructural development are only a few of the issues that should be resolved. The firm has plans to protect its employees, the economy, and the environment it operates. Some of its goals are to use the world’s natural resources efficiently and minimize the negative consequences on the environment, people, and economy. Consequently, CAT impacts natural resources, technology, and innovation to minimize the pace at which energy, water, and land are used, reduce emissions, and assure environmental safety, human safety, and well-being. CAT’s vision, purpose, and strategy portray the firm as a business that values the interests of all of its constituents.
Company Business Geographical Operations
Commercial, residential, industrial, infrastructure, mining, quarrying and energy, trash, and forestry are only some of Caterpillar’s target markets. Caterpillar’s segmentation tactics, target markets for brand management techniques, rivals, and the company’s future will all be. When it comes to satisfying client demands, CAT provides high-quality goods and fulfills deadlines. Additionally, it provides a wide range of services as well as emphasizes new ideas and concepts. To improve their goods for the benefit of their customers, they innovate, whereas to develop something entirely new, they invent. During the production process, all these changes because production system Guiding Principles ensure that particular processes should be followed throughout the production process, such as stopping and correcting poor items before they progress any further. As a result, CAT and its customers may look forward to higher-quality, more customer-friendly products.
In the development of company operations, CAT uses the Six Sigma process to address procedural variances that might contribute to goods failing. This technique improves both client happiness and the amount of money lost due to faulty items being produced (Smętkowska & Mrugalska, 2018). Dealers often purchase CAT items and then resell them to their clients. A wide range of businesses, from mining to government, are the end customers. CAT has a broad list of clients with whom it should maintain a positive working relationship. Douglas Oberhelman, CEO of Caterpillar Inc., spearheads the company’s aim to build strong customer relationships by visiting with customers every week. This consumer input helps Douglas to improve company operations and succeed in the market.
Customers, Services, and Products
Progress Rail, Solar Turbines, Perkins, and CAT are just a handful of the company’s numerous brands. Caterpillar’s brand portfolio would be incomplete without the CAT name. More than 300 machines in the CAT equipment product range established a benchmark for the construction and mining industries. The company also makes components for industrial gas turbines, diesel-electric locomotives, and diesel and natural gas engines (Caterpillar, 2020). As of today, the organization manufactures heavy machinery utilized in the agricultural, construction, and mining industries and industrial warehouses. Some of the company’s products and services are discussed below.
Machinery
Caterpillar’s machinery includes tracked tractors, hydraulic excavators, backhoe loaders, motor graders, off-highway vehicles, wheel loaders, agricultural tractors, and locomotives. The organization provides equipment tools that positively affect numerous spheres, including construction, road building, mining, forestry, and many other sectors.
On-road trucks
CAT CT660 is one of the most famous products of the company because this on-road commercial truck has received much attention in the market due to its advantages. However, in 2016 witnessed as the company announcing that it would not produce any on-highway vocational trucks in the future (Whiting, 2020). It is possible to suggest that the market conditions forced Caterpillar to make such a decision.
Exhaust Systems
Exhaust systems are widespread equipment tools since they are used in multiple mechanisms. For example, engines and turbines of trucks, locomotives, vessels, and ships need such systems for appropriate operations. As a first for light trucks and buses, Caterpillar developed the inline 6-cylinder 7.2-liter Caterpillar 3126 engine in 1997, replacing the Caterpillar 3116 (“CAT 3116,” n.d.). The 3126B version of Caterpillar’s engine reduced emissions and noise the next year and cut emissions even more in 1998 (“CAT 3116,” n.d.). The 3126E featured an upgraded high-pressure oil pump and enhanced electronic controls, and this engine was redesigned in 2003 by Caterpillar to meet new US emission standards, which went into effect in 2004 (“CAT 3116,” n.d.). It had the same basic layout as the 3126 version, but it featured new fuel injectors and electronics, including Caterpillar’s Advanced Combustion Emissions Reduction Technology (ACERT) (“CAT 3116,” n.d). ACERT electronics and common rail fuel injectors were added to the C7 in 2007 when ultra-low sulfur diesel became mandatory in North America (“CAT 3116,” n.d.). These findings demonstrate that the organization attentively approached its product development.
Defense Products from Caterpillar
In addition to that, the organization cooperates with military customers and offers various defense products. Since the organization is not capable of manufacturing firepower equipment, it focuses on supporting one. In particular, Caterpillar produces and distributes excavators, wheel and backhoe loaders, motor graders, all-terrain forklifts, and other equipment pieces (CAT, n.d.a). All these vehicles and equipment pieces improve the material and technical support of the armed forces.
Caterpillar Electronics
Trimble and Caterpillar have launched a joint venture called Caterpillar Trimble Control Technologies LLC (CTCT). Construction and mining equipment manufacturers rely on CTCT’s positioning and control solutions, developed utilizing technologies like GNSS, total optical stations, and lasers. The guiding mode can be both vertical and horizontal, which allows for adapting the use of a variety of applications and expanding the range of utilization greatly. It is possible to state that engagement in the electronics sphere is a justified step in the present world because electronic innovations actively enter modern life.
Agricultural Products
The firm has expanded its agricultural machine supply by providing its clients with high-quality, dependable farm tractors. These tractors may be used to dig, combine harvesting, planting, pest control, spraying, and other agricultural tasks. Caterpillar launched the Challenger line of agricultural tractors due to various long-term development efforts. The initiative began in the 1970s and included D6-based devices and Grader power units.
At present, it is reasonable to provide a more detailed description of the agricultural line. The company distributes a range of vehicles and equipment tools, meaning that every customer can find what they need. In particular, Caterpillar manufactures and distributes telehandlers, small and compact wheel loaders, track loaders, excavators, and many other attachments and tools (CAT, n.d.b). It is worth admitting that every item features high quality. For example, power, comfort, and economy are characteristic properties of small wheel loaders by Caterpillar (CAT, n.d.b). This information demonstrates that the selected business holds an essential share in the sphere of agricultural equipment.
Financial Products and Brand Licensing
The organization also deals with the global network that provides it with significant opportunities. Thus, the Caterpillar and CAT trademarks and logos are effective ways of generating revenue for the business. Manufacturers throughout the globe may purchase a license from Caterpillar to use the CAT brand on their goods. One such example is Wolverine World Wide, a licensee since 1994 and the lone business authorized to manufacture Cat-branded footwear today. In addition to selling scale models of CAT’s goods, other licensees provide various consumer products, including clothes, headgear, bags, watches, torches, shovels, knives, fans, and smartphones.
Returns/Warranties
Products sold by Caterpillar Inc. or any of its subsidiaries are warranted to be free of material and craft defects. This intervention is necessary because it demonstrates that the manufacturer convinces the quality of its products and will provide customers with assistance if unexpected events occur. It is worth admitting that guarantees cover not all tools and equipment, meaning that batteries and particular motor graders are not included (“Caterpillar Limited Warranty,” 2022). If a machine breaks down, Caterpillar’s warranty requires that the user complete certain requirements to be reimbursed.
Now, it is rational to present general warranty regulations that Caterpillar has developed. After delivery to the first customer, the power train components have a guaranteed duration of 24 months or 10,000 hours, whichever comes first (“Caterpillar Limited Warranty,” 2022). According to this guarantee, “power train components” include but are not limited to a vehicle’s powertrain converter/differential/driveshaft/transfer gear group/final drive/rear axle group/tandem. A guarantee period of twelve months is applied to all other parts that are included in the warranty. If any of them is defective, the organization is obliged to deliver new, remanufactured, or otherwise certified components (“Caterpillar Limited Warranty,” 2022). One should admit that Caterpillar is expected to perform it during normal working hours.
Specific rules are applied to those equipment pieces and their parts that are distributed outside of Fiji, Nauru, Papua New Guinea, the Solomon Islands, and Tahiti. Caterpillar’s express or implied warranties do not apply to any item it sells covered by a warranty provided directly to the user by the product’s manufacturer. This directive includes any product sold by Caterpillar that is covered by the manufacturer’s express or implicit warranty. Except for Caterpillar Combustion Component Guarantee for New Machines, a warranty is expressly instead of any other warranties, express or implied (“Caterpillar Limited Warranty,” 2022). The only remedies available under warranty are those expressly stated in this agreement. Caterpillar is not liable for any direct, indirect, special, exemplary, or other damages. The manufacture, supply, or provision of goods or services associated with those goods is not the responsibility of Caterpillar or any of its employees, agents, or representatives. If the Vienna Convention on International Sale of Goods of Goods is applicable, it is excluded in its entirety.
The exclusion applies where the products in question were not purchased for re-supply. Additionally, it could be to use the product up or transform it during production or manufacture or when repairing other goods or fixtures (“Caterpillar Limited Warranty,” 2022). An Australian consumer law advocates for this mandatory text, which includes references to the user’s legal recourse against the direct supplier of the goods. Australia’s consumer law forbids the exclusion of guarantees that accompany goods. As a result, in the event of a major failure, one is entitled to a replacement or refund and compensation for any other loss or damage that was reasonably foreseen.
As long as the product fails to meet acceptable quality standards and doesn’t amount to a major malfunction, the customer has the option of having it repaired or replaced. The liability of Caterpillar is limited to the extent permitted by consumer law. Possible options include “the repair or replacement of the products, the supply of equivalent products, or the payment of the cost of such repair or replacement or the acquisition of equivalent products” (“Caterpillar Limited Warranty,” 2022, p. 4). This section applies only to products purchased for personal, domestic, or household use or consumption.
Employment Over the Last 5 Years
Table 1. Caterpillar’s annual number of employees
Table 1 represents the dynamic of Caterpillar’s workforce between 2016 and 2021. Placek (2022) is the source of data, and it reveals that 2021 saw the peak number of employees. The company has its operations worldwide; hence, people of different races are employed in the company. The operations are mainly in Asia, Europe, America, Africa, and Australia. This situation shows that the company has different workers with highly protected rights, and there is no gender or racial discrimination. According to Table 1, Caterpillar’s yearly global workforce count is constantly changing, and there was an increase of 10.69 percent from 2020. In 2020, Caterpillar had 97,300 workers, a 4.89 percent drop from 2019. In 2019, Caterpillar had a workforce of 103,400, a 1.63 percent decrease from 2018. 2018 saw a 5.69 percent growth in the number of Caterpillar workers to 101,500. Most of the workers are happy working in the company since there are so many benefits that they derive from the company leave. The advantages typically include monetary ones, but one should also consider innovativeness, increase in expertise, and growth of leadership skills.
To calculate a turnover rate, one should divide the total number of people who left the company during the specified period by the average number of people who arrived at the organization. To convert this percentage figure to decimal form, one should multiply the original amount by 100. This evidence defines the turnaround rate as the following from 2017 to 2021 in percentage (Placek, 2022). It was 103.1, 105.6, 98.3, 0.488, and 110.7, and this evidence shows a turnover, and the lowest was seen in 2020 due to the COVID-19 crisis. The employee turndown rate for the five years, respectively, from 2017 to 2021, was 1.031, 1.0569,0.983,0.95, and 1.106. This evidence reveals that the workforce amount is not a constant value for Caterpillar, meaning that numerous internal and external factors determine the exact number of employers.
SWOT Analysis
Strengths
One of Caterpillar’s many assets in the marketplace is its position as one of its top businesses. With these advantages, it can maintain its market share in current areas and enter new markets. Automated operations have made Caterpillar goods consistent in quality and have allowed the corporation to grow and shrink in changing market circumstances (Thompson, 2018). High customer satisfaction when the company’s specialized customer relationship management department has achieved high customer satisfaction among current customers and strong brand equity among future consumers. New product development has a successful track record. Caterpillar’s ability to successfully implement new initiatives has resulted in good returns on capital expenditure.
Building new income sources has yielded high returns on investment. Successful training and learning programs lead to a highly competent workforce. By investing heavily in employee training and development, Caterpillar creates a highly trained workforce and is eager to work hard (Thompson, 2018). The ability to successfully combine and acquire complementary companies. The firm has effectively combined several technological businesses to simplify its operations and develop a stable distribution network in the last several years. Strong dealer community because distributors and dealers have developed a culture among distributors and dealers that promote the company’s goods and spend on educating the sales force to explain how customers may extract maximum advantages from their products. Lastly, trustworthy Suppliers, Caterpillar has a solid foundation of reputable raw material suppliers, allowing it to bypass any supply chain bottlenecks.
Weakness
Caterpillar has room for improvement in its areas of weakness. A company’s weaknesses are the areas where it may improve by utilizing SWOT analysis to build on its strategic advantage and competitive advantage. The firm must obtain more money to invest in the channel since its days’ inventory is higher than its rivals (Thompson, 2018). These changes might have a long-term influence on Caterpillar’s growth and product line. As a result, a new player in the market may gain an advantage over an existing one. The firm faces a high rate of employee turnover compared to its competitors in the sector. Therefore, the company must spend much more on staff training and development than its rivals.
The company needs to invest more money in cutting-edge technology. In light of Caterpillar’s planned global development, the business will need to invest more in technology to integrate all of its operations (Thompson, 2018). The company’s current investment in technology is not in line with its long-term goals. The company’s investment in research and development is lower than that of the industry’s fastest-growing companies. Even while Caterpillar spends more than the industry average on research and development, it has not been able to compete with its most innovative companies. The business seems to be a well-established company that plans to release new goods based on characteristics that have already been proven in the market. The items’ promotion might have been much better. Because its positioning and USP aren’t well defined, the product is vulnerable to assault from rivals in this market despite its sales success. Firms with diverse work cultures have had difficulty integrating. Caterpillar, as previously indicated, has had some success merging tiny businesses, but it has also failed to integrate enterprises with diverse work cultures.
Opportunities
There is a potential for Caterpillar to apply a differentiated pricing strategy in the new market due to new technologies. This move will allow the company to keep its existing clients and attract new ones by providing excellent customer service. Investments in new product lines may be made when the company’s free cash flow is stable. Increased financial reserves allow the corporation to make strategic investments in new technology and product lines (Deb et al., 2017). Caterpillar may have a new avenue for growth in other product categories due to this development.
A new growing market has opened up for Caterpillar due to a free trade agreement between the federal and state governments and the implementation of new technological standards. Caterpillar’s goods may benefit from decreased shipping costs, which lowers the cost of transportation, the cost of Caterpillar products, and the cost of Caterpillar’s products (Thompson, 2018). For Caterpillar, the resurgence of the economy and a rise in consumer spending is a golden chance to gain new customers and expand its market share. There might be a new market for Caterpillar if consumer habits change. As a result, the company will manage to generate new sources of income and diversify its product line. As a result of a new tax policy, established companies like Caterpillar may have new opportunities to boost profitability. A company’s fundamental skills can be successful in a different industry. GE healthcare research, as an example, was important in the company’s development of improved oil drilling tools.
Threats
Steady profit growth has led to a rise in the number of participants in recent years, which has placed downward pressure on profit margins and total sales. Caterpillar may face a wide range of liability claims in different nations due to policy changes in certain markets (Thompson, 2018). Due to the unstable political situation in many markets throughout the globe and the company’s operations in multiple nations, it is vulnerable to currency volatility. Caterpillar’s product is also threatened by the imitation of counterfeit and low-quality products, particularly in developing regions and low-income nations. Caterpillar’s profitability might be threatened by a rise in wages, notably in China, and a rise in pricing. As the U.S. economy becomes more isolated, other governments may follow suit, decreasing foreign commerce. Rising raw material costs might jeopardize Caterpillar’s profitability. Finally, in the medium to long term, new technologies produced by competitors or market disruptors might pose a severe challenge to the sector.
Caterpillar Company and Electric Automobiles
When it comes to electric vehicles and the machinery they employ, CAT plays a major role. With the help of many various inventions worldwide, this firm has developed a line of environmentally friendly, battery- or electricity-powered devices. Using electricity to make a machine, product, or system work when it didn’t previously is what we mean by this term at CAT. The D6 XE dozer, released in 2017, employs a high-drive electric drive. The 988K XE wheel loader, which was introduced in 2017, uses a generator, inverter, and motor instead of a torque converter and gearbox. Both machines are on show at Bauma under the CAT electrification banner (Orr, 2020). At the exhibition, CAT showcases a 300.9D VPS dual-power compact excavator that can switch between an internal combustion engine (diesel) and a cable-powered electric motor.
An excavator with a tethered electric material handler has been customized for indoor usage by CAT’s German distributor Zeppelin. The task is to make it easier for consumers to switch to electric vehicles and do it at a cheaper cost and with fewer risks. By engaging the latest innovation, the company will use proven ideas across various sectors, applications, and products. It is actively searching for game-changing breakthroughs as part of its ongoing effort to provide clients with the tools they need in their electric future (Orr, 2020). This situation shows a little bit of how the company is doing to make sure it succeeds in manufacturing electric excavators. Other than that, the company also is involved in conjunction with the efforts of other companies in the generation of electric cars.
Caterpillar Inc.’s venture capital arm has invested in electric automobile start-up Fisker Inc. Caterpillar’s investment in Fisker in the Los Angeles region indicates a mutually recognized significance that electrification solutions will represent to several company sectors in the future. Caterpillar Venture Capital Inc. has focused its investments on robotics, renewable energy, advanced materials, and digital technologies. They are working on solid-state batteries, which will be the next generation of post-lithium-ion batteries, with bulk electricals with high energy density, improved safety, and shorter charge times, all at lower prices for good goods (Orr, 2020). Electrification technologies are becoming more significant and can favorably enhance consumer value for the appropriate goods, despite their fundamentally diverse sectors. Another CAT electric invention has been done over the years, and one of the most recent is a mini electric excavator.
A CAT mini excavator helps to keep a worksite pollution-free. For building in urban areas with high emissions and noise pollution levels, the electric mini excavator is ideal. Still, it can also be used in residential areas and near hospitals, and at night. Converting excavators is a key step toward the industry’s aim of creating zero-emission building sites. Electricity is mostly used for micro excavators (Gholami & Bathaee, 2019). Compared to bigger vehicles, converting their diesel engines to electric ones is simpler due to their simpler designs and lower energy needs. In addition, manufacturers are using this chance to test the market for electric construction equipment in general. Thanks to Eco volta’s standardized and certified overall solution, construction equipment may be easily converted to electric drives.
The batteries do not need to be designed individually to guarantee compliance with certifications. As a result, the company can bring its electric excavator to market more rapidly and at a lower cost than it otherwise would. Orders for the mini excavator were opened in the spring of 2020. The battery packs used in construction equipment may be recycled and reused in renewable energy storage systems. One of the critical advantages of this system is that it can operate more independently with the electric mini excavator. A two-thirds decrease in the operational expenses of the system is compared to equipment powered by combustion engines (Gholami & Bathaee, 2019). Diesel is more expensive to run per operational hour than electricity. As an additional benefit to the electric excavator, it requires less upkeep. V-belts and motor oil systems are no longer necessary, and wear on the electric drive is low.
CAT’s Profits
To identify the productivity of the company in question, the assessment of its financial growth performance over recent years is an urgent task to perform. In Table 2, CAT’s revenue over the past five years is presented based on publicly available data (“Caterpillar revenue 2010-2022,” 2022). Based on them, one can conclude that 2020 was a difficult year for the company, which was likely due to weak demand caused by the COVID-19 pandemic. However, in 2021, profits increased, as shown in Table 2. Additionally, in Figure 2, this same information is presented in a chart to show the evolution of profits in CAT.
Table 2. Caterpillar annual revenue (millions of US $) (“Caterpillar revenue 2010-2022,” 2022).
Profit may be defined as the volume of money a firm obtains from its consumers in return for the sale of products or services. When obtaining net income from the income statement, all expenditures and expenses must be removed from profit. During the quarter ended December 31, 2021, Caterpillar’s revenue was $13.798 billion, an increase of 22.81 percent over the previous year (“Caterpillar revenue 2010-2022,” 2022). During the twelve months ended December 31, 2021, Caterpillar’s revenue was $50.971 billion, an increase of 22.09 percent over the previous year (“Caterpillar revenue 2010-2022,” 2022). Revenue for Caterpillar in 2021 was $50.971 billion, an increase of 22.09 percent over the previous year (“Caterpillar revenue 2010-2022,” 2022). In 2020, Caterpillar’s yearly sales were $41.748 billion, a decrease of 22.4 percent from the previous year. Caterpillar’s yearly sales fell 1.68 percent to $53.8 billion this year (“Caterpillar revenue 2010-2022,” 2022). These fluctuations are directly related to the difficult epidemiological situation in the world and the drop in demand for the company’s products.
Once variable expenses connected with creating and selling items or delivering services are deducted, a company’s gross profit may be established. As of December 31, 2021, Caterpillar’s gross profit was $3.795 billion, a rise of 9.97 percent over the previous year (“Caterpillar Inc. (CAT),” 2022). Caterpillar’s yearly gross profit increased by 22.04 percent to $15.458 billion in the year that ended December 31, 2021 (“Caterpillar Inc. (CAT),” 2022). Compared to the previous year, Caterpillar’s annual gross profit in 2021 was $15.458B, an increase of 22.04 percent (“Caterpillar Inc. (CAT),” 2022). In 2020, Caterpillar’s yearly gross profit was $12.666 billion, a decrease of 26.23% from the previous year (“Caterpillar Inc. (CAT),” 2022). Gross profit for Caterpillar in 2019 decreased by 3.13 percent to $17.17 billion, or $17.17 billion (“Caterpillar Inc. (CAT),” 2022). The gross income of the company as seen in five years is 12.91B, 16.35B, 15.69B, 11.44B, and 14.31B (billion dollars), as seen in the last five years, respectively (“Caterpillar Inc. (CAT),” 2022). These changes indicate that CAT is beginning to strengthen its financial background.
From 2010 through 2021, Caterpillar’s annual/quarterly net income and growth rate. The net profit or loss of a business after all revenues, income items, and costs have been taken into account is known as net income. Caterpillar’s net income was $2.120B for the three months ended December 31, 2021, up 171.79 percent from the same period in the previous year (“Caterpillar revenue 2010-2022,” 2022). Caterpillar’s annual net income of $6.489B, up 116.44 percent from the previous year, ended on December 31, 2021 (“Caterpillar revenue 2010-2022,” 2022). Net income for Caterpillar in 2021 was $6.489 billion, an increase of 116.44% over the previous year (“Caterpillar revenue 2010-2022,” 2022). Annual Caterpillar earnings for 2020 were $2.998 billion, down 50.8 percent from the previous year (“Caterpillar revenue 2010-2022,” 2022). In other words, Caterpillar’s 2019 annual net income was $6.093B, a decrease of 0.88 percent from 2018 (“Caterpillar revenue 2010-2022,” 2022). In Table 3, the company’s expenses for the last five years are reflected, and the same information is shown in a chart in Figure 3 (“Caterpillar Inc. (CAT),” 2022). These data are crucial to assess the company’s costs for successful operations.
Table 3. Caterpillar’s last five years’ expenses (“Caterpillar Inc. (CAT),” 2022).
Caterpillar’s annual/quarterly used expenditure and growth rate since 2010. Operational expenses for the fiscal quarter ending December 31, 2021, rose by 23.66% over the previous year (“Caterpillar Inc. (CAT),” 2022). Operations at Caterpillar cost $44.093B in the fiscal year that concluded on December 31, 2021, a rise of 18.55 percent (“Caterpillar Inc. (CAT),” 2022). Expenses in 2021 were expected to rise by 18.55 percent from 2020 levels to $44.093 billion (“Caterpillar Inc. (CAT),” 2022). Compared to 2019, Caterpillar’s 2020 operating expenses were down 18.27% to $37.195 billion and compared to 2018, Caterpillar’s yearly operating expenses were $45.51 billion, a drop of 1.98 percent (“Caterpillar Inc. (CAT),” 2022). These data are essential to take into account when analyzing the company’s financial indicators.
Stock Shares
Analyzing Caterpillar’s stock data may be performed through the assessment of its data for the last years. In Table 4 and Figure 4, this information is reflected (“Caterpillar Inc.,” 2022). According to these data, the company’s stock price has risen substantially in the last two years, especially compared to the previous years (“Caterpillar Inc.,” 2022). Such an outcome indicates a successful exchange policy that CAT promotes.
Table 4. Caterpillar’s annual stock price data (“Caterpillar Inc.,” 2022).
Trustworthy
Caterpillar’s Construction and Mining industrial sector is ranked among the best 40% in the Zacks Rank. The stock of Caterpillar is a “hold” for the foreseeable future, and for a three grade, the annualized return is 10.62 percent (“Caterpillar (CAT),” 2022). Despite a challenging and uncertain operating environment in recent years, Caterpillar’s employees showed resiliency, which was a pledge to ensure stable profits and avoid unnecessary costs.
Debt-free status shows that the company is not reliant on borrowing money to stay afloat during hard times. Caterpillar consistently increases its dividend pay-outs year after year, setting it apart from other stocks. A dividend aristocrat, it has boosted dividends for a remarkable 28 straight year streak (“Caterpillar (CAT),” 2022). Investing in Caterpillar illustrates its ability to overcome hurdles and its commitment to shareholders. Financial discipline and long-term market stability are the hallmarks of the company.
Philanthropy
As a philosophical idea embracing metaphysics and ethics, philanthropy has been around for a long time. The idea maintains that humanity, culture, and civilization are the crucial aspects that society should promote. Human nature and purpose in life are educational, aiming toward perfection (arete) in body, mind, and spirit to become humanistic. Over 200 non-governmental organizations (NGOs) have collaborated with the company on human protection and humanitarian efforts worldwide. The Caterpillar Foundation has had a mission to help people worldwide since its founding in 1952 (“About Caterpillar,” 2021). Regarding building social infrastructure, Caterpillar partners with its distributors and consumers. People and communities can thrive and be resilient only if they have access to the necessary human, ecological, and basic service infrastructure.
One of the tasks the corporation pursues in its CSR activities is to help people who find themselves in a difficult situation under political and economic constraints. The charity arm of Caterpillar Inc. and the Caterpillar Foundation donated more than $1 million to Ukraine’s humanitarian needs (“Caterpillar Foundation,” 2022). The American Red Cross, Project Hope, and the Center for Disaster Philanthropy will benefit from this donation. Donations will provide water, food, clothing, hygiene kits, blankets, heating fuel, medical supplies, and housing help in Ukraine and its surrounding countries (“Caterpillar Foundation,” 2022). Donations made by worldwide Caterpillar and dealer workers and U.S. retirees to the global Red Cross network are being matched 2:1 by the Caterpillar Foundation in reaction to the Ukraine crisis (“Caterpillar Foundation,” 2022). As a result, this socially-oriented practice reflects the corporation’s interest in helping those in need.
Annual Disaster Relief, sponsored by the American Red Cross, is also supported by the Caterpillar Foundation. As a result of this support, the Red Cross can respond to disasters and humanitarian crises in the United States and worldwide as necessary. Caterpillar has also helped people in Africa, such as the Malaika poverty in the Democratic Republic of the Congo, with their humanitarian efforts (“Foundation support,” 2022). Caterpillar Foundation and Malaika collaborated to establish mechanical and electrical training courses for electricians, vehicle mechanics, and technicians in the Democratic Republic of Congo (“Foundation support,” 2022). Due to the revolutionary ripple effect it has had on an entire community, Malaika’s community-driven strategy was critical from the start.
Since its inception, the Caterpillar Foundation has been on the front lines of the most pressing issues that people face and the most pressing demands. One of them is assistance in obtaining education for citizens from developing countries since, in a number of world regions, many illiterate young people live. In its target activities, CAT cooperates with Malaika to offer high-quality education to 400 girls (“Foundation support,” 2022). Malaika is helping women and girls get the skills they need to compete in the job market, which will increase the community’s pool of talent and provide economic opportunities for them throughout their lives.
Seed collection innovation with nature conservancy has contributed to promoting economic and environmental sustainability in Brazil. The Nature Conservancy (TNC) has already offered training, personal safety equipment, seed collection clothing, and aid (“Sustainability through seed collection,” 2022). The foundation has additionally helped with firefighting and prevention for roughly 20 seed collectors in the remote communities of Lagoinha and Tremembé (“Sustainability through seed collection,” 2022). A “Casa de Sementes” (seed house) was also built with the help of this support, allowing them to store seeds and equipment and hold regular meetings. Over the last three years, these collectors acquired enough seeds to make a profit of USD 30,000 from sales (“Sustainability through seed collection,” 2022). An additional $160 a month per family in 2020 significantly boosted the income of those who were out of work, did not have a steady income, and were dependent on government assistance programs (“Sustainability through seed collection,” 2022). Thus, while stimulating the development of individual regions, CAT is making significant efforts.
In addition to economic benefits from seed collection, the towns want to develop a Seed Hub to promote the use of older species. As a result of understanding how to cultivate grass using native seeds rather than relying on pesticides, the benefactors could reduce the use of pesticides (“Sustainability through seed collection,” 2022). There are long-term benefits to local communities from promoting muvuca and the aid given to seed collectors. People involved in seed gathering and restoration learn much about their local environment. The standing forest is highly prized by collectors, who pay close attention to the trees along their path and the timing of the seed collection cycle. No organizations or groups can affect genuine change on their own; developing resilient and sustainable communities necessitates an ecosystem approach. Therefore, the Caterpillar Foundation seeks to unite the efforts of stakeholders to promote useful practices in addressing various social and environmental issues.
CAT works with different communities to promote environmentally friendly solutions, educate people from developing states, and address the problems of those who have faced harsh socio-political challenges, for instance, hostilities. Collaboration with such organizations as TNC or Malaika enables the company to break down barriers between the global and local communities they serve. In Brazil, the firm has been able to help individuals and the communities where they grow economically by providing them with the resources, tools, and skills they will need in the future. In Africa, CAT has created a base for educating local girls. Finally, the humanitarian aid sent to Ukrainian refugees confirms the interest of the Caterpillar Foundation in following a philanthropic course.
Recommendations
Even though the company has developed greatly over the years, this study looks into several suggestions. To concentrate on the customer, most of the organization’s actions are focused on the client rather than on its employees or stakeholders. The firm should pay more attention to its workforce to increase profits from production. Employees are well-taken care of, but their well-being needs to be improved to reduce the turnover rate. In Figure 5, relevant indicators demonstrate that, despite the growth in 2021, a few years before, a decline in the number of employees in CAT was observed (“Caterpillar: Number of employees,” 2022). Therefore, this aspect of the company’s work deserves particular attention.
Another thing Caterpillar’s managers should keep in mind when improving the business is to provide safety to the company’s net assets. Due to the COVID-19 pandemic, the firm’s obligations should be reduced as much as possible to enhance the company’s stability, especially during such a crisis. The corporation should not only prioritize the requirements of the broad public but also promote the needs of individuals. CAT can play a role by providing leasing services at reasonable prices. Underdeveloped nations stand to benefit from this method, which will aid in developing infrastructure and the achievement of organizational goals. Customers should be able to find products at a fair price range depending on where they live. The company’s mission statement should include a commitment to putting the community’s needs ahead of its bottom line.
In addition to infrastructure development, the corporation should take sustainability into account. Repairs and maintenance are rare in many underdeveloped countries, where their goods are employed for building and construction. Maintenance extends the useful life of a structure, not only its construction, which justifies the need for constant monitoring. Problems affecting more marginalized areas and being unable to pay for adequate infrastructure should be prioritized for the company.
Finally, managing the risks that emerge from selling huge items and collaborating with dealers and suppliers is an issue to address. CAT should maintain a high level of productivity while maintaining effective control of the company’s activities. In addition, the corporation should make certain that all of its stakeholders are aware of the security implications of its goods. This is essential for CAT to retain tangible links with its stakeholders and create a good reputation.
Conclusion
Due to its straightforward business approach, there is a high chance that Caterpillar Inc. will maintain its position as the world’s leading producer and supplier of heavy machinery and equipment. The infrastructure-building equipment and machinery are at the center of Caterpillar’s business. Nonetheless, the organization engages in various other sectors, including finance and clothing items that bear the Caterpillar logo, to name a few. The company’s reliance on its core business of construction equipment was evident during its four-year recession, during which businesses did not invest in new equipment and did not get money for infrastructure expansion.
Caterpillar is a lucrative firm that has gained international recognition due to its development, notably in the heavy vehicle manufacturing industry. CAT has also invented some of the world’s most known electric cars, and the corporation’s continual innovation has catapulted it to the forefront of most of its activities and industries. Even though the firm has faced several difficulties, notably in its operations, it has overcome them. When it comes to humanitarian relief, the company’s strong vision and global renown are reflected in its generous contributions to the cause. To make this decision, all of the facts and figures about the business and the relevant evidence about the company’s progress and future possibilities should be considered.
While taking into account the pace of the corporation’s development, one can note that CAT has successfully overcome the most difficult times of the COVID-19 crisis, as evidenced by the financial and stock market indicators. The company is active in charitable activities and addresses the interests of people from different regions of the world by allocating funds for education, environmental protection, and assistance to refugees. Individual aspects of Capterillar’s operations can be enhanced, such as the company’s engagement with employees, improved operational resilience, and asset safety to secure its funds. Caterpillar Inc.’s success is dependent on its capacity to overcome setbacks and obstacles to enter the mainstream of stability, as it was before the pandemic. In general, the corporation is successful and deservedly occupies one of the leading positions in its market niche.
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