Inventory Reduction through Just In Time (JIT) Technique

Today every industry needs to reduce cost in addition to improving quality and on-time delivery. As per Lean manufacturing, “inventory” is one of the 7 deadly wastes of any industrial organization that increases cost, reduces profitability and requires more working capital without adding any value to the customer and organization. Unfortunately, in our traditional accounting system inventory is shown as an “asset” whereas it is a most expensive “liability”. The high inventory helps only banks to earn more interest from the producer, because of poor inventory management system. This fact was discovered by Toyota Motor Corporation and they developed a unique “Just-In-Time” technique to reduce inventory to the minimum possible level by linking sales-production-procurement processes.
Just-in-time (JIT) is an inventory management strategy companies employ to increase efficiency and decrease waste by procuring goods only as they are needed in the production process, thereby reducing inventory costs. JIT technique is equally effective in Small, Medium and Large enterprises.
How to apply JIT in small and medium organisations to reduce overall cost by inventory reduction? The webinar will be conducted by Lean Specialist Akhilesh N Singh and is scheduled to be held on 28th April 2017. Learn the most efficient and effective technique of JIT to enhance the global competitiveness of your products.