The Premier League champions last won Europe's elite club competition in 2008 and followed that success by reaching the final in three of the next four seasons.
However, the Red Devils have struggled more recently and have not made it past the round of 16 in the last three seasons, falling to Real Madrid last time out.
|CHAMPIONS LEAGUE LATEST
|14/1||Man Utd are 14/1 with BetVictor to win the Champions League
"If you don't win it or don't get to the final, you've got to catch up," he told reporters.
"Last year we went out under dubious circumstances, to say the least, but hopefully we can improve.
"We improved last season on the season before last, so hopefully we can improve this year."
United also face Shakhtar Donetsk and Real Sociedad in the group stages and Ferdinand is not taking any of his opponents lightly.
"But the Champions League now is so competitive, the teams are so good and the players are so good," he added.
"There's such a desire to get into the later stages of the tournament because the rewards are so high."