Table of Contents
- What is Just in Time Inventory Management?
- History of Just in Time Inventory Management
- 10+ Just in Time Inventory Management Templates in PDF | MS Word
- 1. Just in Time Inventory Efficient Management
- 2. General Just in Time Inventory Management
- 3. Just-In-Time Inventory Management Strategy
- 4. JIT Inventory Management Example
- 5. Just In Time Perspective Inventory Management
- 6. Just in Time Inventory Interchange Management
- 7. Just in Time Inventory Construction Management
- 8. Just in Time Inventory Management Industry
- 9. Just in Time Inventory Management Sample
- 10. Just in Time Inventory Objective Management
- 11. Just in Time Inventory Material Management
- 5 Steps on How to Have an Effective Just in Time Inventory Management
10+ Just in Time Inventory Management Templates in PDF | MS Word
In a modern economy, businesses sit on top as one of the main profitable foundations that contribute to economic growth. It does not only allow people to have employment opportunities but as well as allowing business owners to market their assets. Products and services are the assets of the business, for they have high value and gives profit — some composed of raw materials that are self-created or made by their selected manufacturers. For example, every day, millions of stocks like raw materials are being transported to different locations. In a typical purchase transaction, companies order raw materials in advance, without knowing if it is needed or if the sales would be in demand for the customers. Another way of purchasing these materials is by ordering it only if it is required. Keeping track of purchased materials inventory sheets would be useful.
What is Just in Time Inventory Management?
Just In Time (JIT), Inventory Management is a lean manufacturing strategy used by manufacturers to buildup an efficient way of receiving goods only if they are needed. It also helps reduces the cost of stocks, holding an excessive amount of materials and overflow of production that results in discarding waste materials from the inventory.
History of Just in Time Inventory Management
Just in Time (JIT), Inventory Management began in the early 1970s in Japan. This method is also known as “Toyota Production System” for it is associated with the Toyota Motor Company. Taiichi Ohno is the founding father who formulated this technique. The operation of the company at that time was critically off. The company lays an intended target for them to pull alongside the demands of automobiles by American consumers. Taiichi was sent to the US to learn more about the American manufacturing process. Another element that inspired the JIT strategy is the supermarket and its operation. Every display of products in every aisle and people are picking them out of the shelves according to their needs or wants, then the store refill it with enough stocks fascinated Taiichi Ohno. He came back to Japan and came up with the same concept as the one that he saw from the supermarket. Although it wasn’t easy to get the approval of the management, Taiichi Ohno persuaded them with this idea and got approved later. With this strategy, it would be easy for the company to come up with a product analysis worksheet.
10+ Just in Time Inventory Management Templates in PDF | MS Word
1. Just in Time Inventory Efficient Management
oaji.net2. General Just in Time Inventory Management
eprints.uthm.edu3. Just-In-Time Inventory Management Strategy
businessmanagementib.com4. JIT Inventory Management Example
academicjournals.org5. Just In Time Perspective Inventory Management
ieomsociety.org6. Just in Time Inventory Interchange Management
semanticscholar.org7. Just in Time Inventory Construction Management
irjet.net8. Just in Time Inventory Management Industry
ijaegt.com9. Just in Time Inventory Management Sample
worldwidejournals.com10. Just in Time Inventory Objective Management
ou.nl11. Just in Time Inventory Material Management
seminarsonly.com5 Steps on How to Have an Effective Just in Time Inventory Management
Having a better and productive inventory system is vital for the business to operate well, for it maximizes your profits; hence, why it is essential to have proper planning and management system in this department. For example, if the company has a problem with the stocking process like insufficient inventory production for customer’s demand, that means that the customer’s satisfaction might fall back, and this can lead to customer loss. With the help of these steps, it can reduce your company inventory challenges.
Step 1: Create an Inventory Monitoring Schedule
Maintaining a monitoring schedule is a well-regulated practice that can help eliminate inventory overproduction. If you want to practice the JIT technique, you should perform an inventory count and doing reports about it. In this way, you can also check the most number of items that are in demand or needed by your target market, as well as the things that didn’t sell well. With this, you can delay the manufacturing and supplying process for these items, and it can lessen the inventory and manufacturing cost for that period. Just remember that you can always monitor the inventory, but it depends on how big your warehouse or inventory place is.
Step 2: Evaluate Your Product’s Supplier
Having a reliable supplier that can meet the customer’s demand and satisfaction can make your work easier. The materials used for production is vitally important, for it determines the durability of the product in a matter of time. Try to research about the best suppliers in your area that has been attested by different companies. Choose the best one out of them, having checklists could get very handy in this situation.
Step 3: Be Flexible
Flexibility is one of the characteristics of JIT Inventory Management, for it always places reliance on the customer’s demand. It is better if you know how to cope up with sudden changes innovatively and creatively, especially if it is needed for you to contact the supplier as soon as it is required.
Step 4: Utilize an Inventory Management Software
In today’s world, where technology takes place in everyday living, more and more establishments rely on their business operations in using updated technology. One cannot merely operate without using devices that can make the whole task faster and easier. Invest in software that helps with the overall automated transactions and accounting invoices.
5. Hire Someone with Experience
Even though using technology is prevalent in the business world, one cannot exclude the conception that humans are still superior over technology. Recruiting and hiring staff with qualified skills and experience is a game-changer. Just like technology, employing someone who possessed a broad knowledge about the job and its functions can help you save the cost of skills and development training.
Inventory management and control are vital for day-to-day business operations. Good Inventory forecasting is also essential, for it does not only prevent overproduction but as well as ensuring that you can minimize inventory cost while satisfying your customers. Meeting the customer’s demands while utilizing it is a profitable way to keep the business running.
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