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JIT & Lean Manufacturing to eliminate as much inventory as possible.
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JIT & Lean Manufacturing to eliminate as much inventory as possible.
The success and survival of companies highly rely on the ability to produce the highest quality products promptly using the lowest possible cost. In the concept of just in time (JIT), purchasing is done in small batches from a single source as opposed to buying in large batches from multiple sources (Taghipour et al., 2020). The concept of JIT originated from Japanese management techniques. JIT believes in the ideology that companies should just hold no or little inventory beyond the required amount for distribution or production. Manufacturers should receive raw materials from suppliers just a few hours before production and ship the output immediately after completion without holding on to finished products or raw materials. Therefore, JIT is perceived as a holistic management system that maximizes cost efficiency, reduces waste, and improves competitive advantage.
Lean manufacturing is a westernized version of JIT that considers supplier networks as a crucial source of competitive advantage. The concept seeks to establish a close working relationship with a limited number of suppliers, develop a long-term strategic relationship to facilitate the achievement of mutual goals, and promote open communication and network among suppliers (Taghipour et al., 2020). Lean manufacturing is an ideology that asserts minimizing resources like finances and time in various production activities by limiting activities that do not add value in production, design, supply chain, and customer relations.
Maintaining low inventory is a core objective of most companies as it eliminates costs associated with string excess inventory and wastage of material and products stored in the warehouse. JIT and lean manufacturing are the most cost-effective inventory system that allows efficient organization of space hence reducing potential hazards while maintaining a smooth production process.
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