JIT (Just In Time)
Just In Time (JIT) is an inventory management model focused on procuring the right quantity of goods at the right time for production and customer requirements. The goal of JIT is to minimize inventory costs while improving overall operational efficiency. By closely monitoring market trends, seasonal demand, and incoming orders, strategic procurement teams can order just the right amount of materials to fulfill current orders without creating an overstock of materials. This reduces waste and associated costs, while ensuring timely delivery and customer satisfaction. JIT procurement is becoming increasingly popular due to its proven track record in boosting efficiency and minimizing costs.
