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Just-In-Time Inventory Systems |
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Just-in-time inventory systems Systems that schedule materials to arrive exactly when they are needed in the production process. Just-In-Time Inventory Systems A business model designed to reduce carrying costs to a minimum. A firm only orders what it expects for its immediate needs; it therefore keeps a low inventory. For example, if a retailer believes it will sell 1,000 widgets in a week, it orders precisely 1,000 widgets from its manufacturer. JIT systems require the retailer at the end of the supply chain to be able to accurately predict demand for its products. They also require each stage of the supply chain to know exactly how much time it takes to fill an order when it is made. The automotive industry and budget retailers commonly use JIT systems. See also: Lead time. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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Just-in-time inventory systems become just-in-case networks. Another factor driving the need for quick turnaround is the reliance on just-in-time inventory systems. Acceptable downtimes in manufacturing industries are shrinking as businesses adopt Just-in-Time inventory systems, eliminate redundant operations and forgo maintaining adequate alternative capability and capacity that could otherwise facilitate timely shifts in operations. |
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