Inventory Management
Lockheed Martin is a American security company that is engaged in the business of manufacturing and selling weapons and advanced technological equipment. The company manufactures security equipment, making every aspect of inventory management crucial for maintaining its accuracy and profitability (McKenna et al., 2020). The company requires a proper inventory record to ensure all available equipment is considered adequately for business development purposes. It is a global security company whose weapon equipment contributes to the general security of governments and non-governmental organizations. Inventory is essential for the mega company as it improves accuracy in tracking raw materials and production levels and matching them with customer requirements.
Inventory management saves time and reduces the cost of operations in the work environment. Companies can make instrumental progress in their procurement and production activities when inventory management is accurate. A proper inventory management system ensures the achievement of stock management improvement that helps meet customer demands in the market (Tejesh & Neeraja, 2018). Accuracy in inventory management in Lockheed Martin products enables its production team to manufacture lethal weapons and equipment, such as M142 High Mobility Artillery Rocket System (HIMARS) and ammunition stockpile which are required for both the homeland and foreign security missions undertaken by Washington (McKenna et al., 2020). Furthermore, stock-taking saves time and resources for an effective customer service delivery system.
Lockheed Martin utilizes an automatic data inventory management system to keep track of all its resources. The computerized inventory management system eliminates errors as all its outlets in different parts of the world are centralized. Moreover, the company can bring on board suppliers, customers, and stakeholders to the inventory management system to ensure all systems are working as expected (Tejesh & Neeraja, 2018). Automated inventory management systems provide better service delivery to the company as it deals with sensitive equipment.
The company sources materials from Japan, Taiwan, Germany, and other European countries. German airplane engines are crucial for the manufacturer of Lockheed Martin’s high-end jets. The wide range of information needed for warehousing, tracking, forecasting, and money-saving opportunities is attained through a perfect and largely automated inventory management system that updates the different supplies located in several countries around the globe (Tejesh & Neeraja, 2018). Proper coordination and good supply relationship have led to more efficiency in service and product delivery systems to clients worldwide.
An inventory management system that is streamlined and efficient is necessary for managing unforeseen circumstances. The breakout of war, such as the Russia-Ukraine conflict, has made the company project an image of success since it can coordinate the delivery of weapons with the Department of Defense and the federal government to protect the interests of European nations and Ukraine (McKenna et al., 2020). It is a company that relies on proper inventory management systems to provide a relevant support system to countries and organizations in need of its security-intensive products.
Good supplier relationship is crucial for the overall progress and profitability of the company in a contemporary world where weapons and equipment manufacturing keeps advancing. Proper and consistent inventory management creates a seamless yet cordial relationship between the company’s main customers and suppliers. Checking what is available in the company’s numerous warehouses across the globe is easy when it has a perfect inventory management system. Efficient inventory management makes the famous company that has existed since 1995. It is capable of formulating and implementing purchasing plans that suit its needs in the contemporary world economy. Through efficient inventory management systems, the company can track its production processes and deliver final or intermediate products to conveniently located warehouses where its customers or manufacturing teams can pick up the goods.
