Just In Time
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Just In Time
A supply chain management system designed to reduce carrying costs to a minimum. A firm only orders what it expects for its immediate needs; therefore, it 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 that the retailer at the end of the supply chain can accurately predict demand for its products. They also require that each stage of the supply chain knows 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, Just in case.