Just in Time Inventory Management
Just In Time Inventory Management
Definition:
Just-in-Time (JIT) inventory management is the process of ordering and receiving inventory for production and customer sales only as it is needed and not before. This means that the company does not hold safety stock and operates with low inventory levels. This strategy helps companies lower their inventory carrying costs.
Just-in-time inventory management is a cost-cutting inventory management strategy though it can lead to stock-outs. The goal of JIT is to improve return on investment by reducing non-essential costs.
http://bizfinance.about.com/od/glossaryj/g/Just-In-Time-Jit-Inventory-Management.htm
http://smallbusiness.chron.com/advantages-disadvantages-justintime-inventory-21407.html
Advantages & Disadvantages of Just-in-Time Inventory by Neil Kokemuller, Demand Media
Companies turnover significant inventory control to suppliers with just-in-time inventory.
Related Articles * The Advantages of Just-in-Time Inventory Systems * Advantages & Disadvantages of Excess Inventory * Examples of Just-in-Time Inventory * Just in Time Inventory Definition * Advantages & Disadvantages of Matrix Organizational Structures in Business Organizations * The Disadvantages of Buy-Hold-Sell Inventory
Just-in-time (JIT) inventory refers to an inventory management system with objectives of having inventory readily available to meet demand, but not to a point of excess where you must stockpile extra products. Maintaining inventory takes time and has costs, which is what motivates companies to implement JIT programs.
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Production management
Comprehensive SCM, SRM & WMS Suite from Epicor. Learn More.Epicor.com / Distribution
Customer Needs
Balancing the goals of avoiding stock outs while minimizing inventory costs is at the heart of just-in-time inventory. One of the main benefits of automated and efficient inventory replenishment
Definition:
Just-in-Time (JIT) inventory management is the process of ordering and receiving inventory for production and customer sales only as it is needed and not before. This means that the company does not hold safety stock and operates with low inventory levels. This strategy helps companies lower their inventory carrying costs.
Just-in-time inventory management is a cost-cutting inventory management strategy though it can lead to stock-outs. The goal of JIT is to improve return on investment by reducing non-essential costs.
http://bizfinance.about.com/od/glossaryj/g/Just-In-Time-Jit-Inventory-Management.htm
http://smallbusiness.chron.com/advantages-disadvantages-justintime-inventory-21407.html
Advantages & Disadvantages of Just-in-Time Inventory by Neil Kokemuller, Demand Media
Companies turnover significant inventory control to suppliers with just-in-time inventory.
Related Articles * The Advantages of Just-in-Time Inventory Systems * Advantages & Disadvantages of Excess Inventory * Examples of Just-in-Time Inventory * Just in Time Inventory Definition * Advantages & Disadvantages of Matrix Organizational Structures in Business Organizations * The Disadvantages of Buy-Hold-Sell Inventory
Just-in-time (JIT) inventory refers to an inventory management system with objectives of having inventory readily available to meet demand, but not to a point of excess where you must stockpile extra products. Maintaining inventory takes time and has costs, which is what motivates companies to implement JIT programs.
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Production management
Comprehensive SCM, SRM & WMS Suite from Epicor. Learn More.Epicor.com / Distribution
Customer Needs
Balancing the goals of avoiding stock outs while minimizing inventory costs is at the heart of just-in-time inventory. One of the main benefits of automated and efficient inventory replenishment