What is Just-in-time (JIT)
Just-in-time (JIT) is an inventory management approach that focuses on minimizing inventory levels while meeting production demands. It involves close collaboration with suppliers to ensure that raw materials are delivered to the production facility precisely when they are needed, eliminating the need for excess inventory. The main goal of JIT is to optimize supply chain efficiency and reduce costs associated with inventory storage.
By implementing JIT, companies can streamline their production processes and reduce waste. This approach requires accurate demand forecasting and a reliable supply chain to ensure that materials arrive just in time for production. JIT helps to improve overall efficiency by eliminating the need for excessive inventory, reducing carrying costs, and minimizing the risk of obsolescence.
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