Inventory management is a crucial part in almost every business. It can make or break the firm’s overall operation. Although stocking up on your products can allow you to meet the demands of your customers anytime they need them, it will also require larger investment, bigger storage space and will run the risk of theft, obsolescence or spoilage that could entail huge costs.
Just-in-time, or JIT, is an inventory management method in which goods are received from suppliers only as they are needed. The main objective of JIT is to reduce inventory-holding costs and increase inventory turnover.
So what is the history of JIT? In the real business world, which companies implement it successfully? What is its benefits and drawbacks? And which types of companies could benefit the most from it? In this video, I will answer these questions for you.
