Just-in-time
Fast track (Summarised definition)
Inventory management strategy minimising stock levels by receiving goods precisely when needed for production or sales, reducing storage costs and waste whilst requiring precise coordination and reliable supplier relationships.
Full lap (Full definition)
Just-in-time, commonly abbreviated as JIT, represents an inventory management strategy that minimises stock levels by receiving goods precisely when needed for production or sales processes, reducing storage costs and waste whilst requiring precise coordination and reliable supplier relationships for effective implementation.
The importance of JIT extends beyond inventory reduction to encompass cost optimisation, efficiency improvement, and operational excellence. JIT implementation enables businesses to reduce carrying costs whilst improving cash flow and minimising waste through strategic timing and supplier coordination that supports lean operations.
JIT components include demand forecasting, supplier coordination, delivery scheduling, and quality assurance that create comprehensive inventory management whilst ensuring production continuity and customer satisfaction through precise timing and reliable supply chain coordination.
JIT applications encompass manufacturing operations, retail inventory, and service delivery that require precise timing whilst supporting cost reduction and operational efficiency across diverse business models and supply chain requirements.
JIT benefits include reduced inventory costs, improved cash flow, decreased waste, and enhanced efficiency that enable competitive advantages whilst supporting sustainability objectives and operational excellence through strategic inventory management and supplier coordination.
JIT implementation involves supplier relationship development, demand planning, coordination systems, and risk management that ensure effective inventory control whilst maintaining operational reliability and customer satisfaction across complex supply chain environments.
For businesses seeking operational efficiency and cost optimisation through strategic inventory management, JIT provides systematic approach to inventory control and supply chain coordination. Strategic JIT implementation enables reduced operational costs, improved efficiency, and competitive advantage through precise inventory management that supports business objectives whilst minimising waste and optimising resource utilisation across supply chain operations.