Just-in-time in the Real World of Inventory Management
Just-in-time inventory (JIT) is the antithesis of just-in-case inventory and can be a valuable method of reducing waste and streamlining the supply chain. The benefits of JIT inventory are numerous, although they can only be realised with hard work to set up an intricate system involving many synchronised components. In this article, we will consid ... Read More
February 20, 2019 inventory management, JIT, just in time inventory, just-in-time, just-in-time methodology, supply chainThe Benefits of the Just-In-Time Approach
In inventory management, the Just-In-Time or JIT system reduces wastage, improves efficiency and productivity, and contributes to smoother production flows. A shorter production cycle can decrease financial costs, inventory costs and labour costs. Below, we summarise the key features of the JIT approach. Smooth production flow One of the key featur ... Read More
June 29, 2017 accurate inventory, inventory methodology, JIT, just-in-time, just-in-time methodology, production cost, supplier relationshipLean Manufacturing and the Food Industry
Lean is a philosophy of delivering value from a customer’s point of view, eliminating waste and continuously and improving a food company’s processes. ... Read More
April 12, 2017 customer demand, food manufacturing, just-in-time methodology, lean inventory practices, stock forecastingThe Key Features of Just-In-Time Inventory and How It Can Benefit Your Business
Just-in-time (JIT) is a production technique that was first pioneered by Toyota, to minimize the need for excess inventory through linking production to demand. In a nutshell, JIT means that a product is only ordered or manufactured once an order has been placed. This way, a business can operate with a minimum of stock and […] ... Read More
February 16, 2017 JIT, just in time inventory, just-in-time methodology, ROTA ratioIn the Nick of Time: Just-in-Time Inventory
When a business holds excess inventory it ties up capital and incurs holding and carrying costs. Minimizing inventory waste should therefore be a key inventory management goal for an efficient business. Just-in-Time (JIT) inventory involves the ongoing minimization of inventory waste by only procuring inventory to meet immediate demand. It stands i ... Read More
October 31, 2016 inventory holding costs, inventory practices, JIT, just-in-time methodology, supply chain management