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What is Just-in-Time (JIT)?
Just in time method is an operational strategy that is lead to improving the business returns on investment. And it works on the basis of reducing the process inventory and associated carrying a cost. This method is also known as the "Toyota production method".
The process of the just-in-time method is relying on the signals between the different points in the process and that tells when you have to make the next productions.
Just in time is work on this system on the current status of the stock means if an organization there is no stock and the whole stock is the end today night then the next production for the customers will be available till the next morning anyhow, this current system is called the just in time method means all the things should have happened at the just end of previous and within time.
This process of the method saves many things in the warehouses like inventory cost and space. There are so many benefits of this approach that are given below for a better understanding of this approach.
What are the benefits of Just-in-time?
- It reduces setup time. The main benefit of setup time is that it allows the company to reduce or eliminate the inventory for change over time. Hear the single-minute exchanges of the dyes tool used here.
- The flow of goods from the warehouse to sales is improving. The small and individual lot size reduces lot delay inventory. And this simplifies the inventory flow and its management.
- Employee who has multiple skills are used more effectively. In this workers are needed to work on the different parts of the process and this gives them opportunities to move where they are needed.
- The scheduling of the production and the work hour is consistently synchronized with the demand for the products. Like if there is no demand for the product then it will not make. This saves the company money and time.
- The supply in the organization come at regular intervals throughout the production day.
- It minimizes the storage space needed for production. And less chance of inventory expiring.