"Just In Time Concept Reduced The Importance Of Inventory Techniques" - What Are Some Different Examples From Industries Of Various Categories?
Answer:
Just in Time (JIT) is an important philosophy that many modern factory are following now a days. It saves warehouse space for storing inventories and in the shutting down
improves are return on Investment (ROI) of the factories. Over the last decade purchasing and inventory control hold gained much with JIT. Top executives have agreed and claimed that JIT is a through tool for current times. In fact JIT has expanded from a inventory control tool to a complete supply chain paperwork tool in today's world.
Many major companies have adopt JIT in different ways.It was first adopted by Ford Motor Company.Ford Motors describes this as "dock to factory floor" whereby they did away beside storing the parts in a warehouse.
Another big company and America's biggest consumer store 'Wal-Mart' as also adopted this concept in a big passageway. They are even working with their suppliers to make JIT as effective as possible.
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