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Last updated on 2024年6月6日

How can you leverage just-in-time inventory to streamline your operations?

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Just-in-time (JIT) inventory is a management strategy that aligns raw-material orders from suppliers directly with production schedules. It's used primarily to increase efficiency and decrease waste by receiving goods only as they're needed in the production process, which reduces inventory costs. This approach requires producers to forecast demand accurately and have a reliable supply chain. When implemented correctly, JIT can significantly streamline your business operations by reducing the capital tied up in unsold inventory and minimizing storage costs.

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Mohamed Abdelkader

Empowering Growth | Technical Operations Director | Pharmaceutical/Bio | Engineering&Project Management

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1 JIT Basics

Just-in-time inventory requires a thorough understanding of your production cycles and customer demand. By implementing JIT, you aim to have just enough inventory on hand to meet immediate production needs. This strategy eliminates the need for large warehouses and reduces the risk of overproduction or excess inventory that can lead to discounted sales or wastage. To effectively leverage JIT, you must invest in accurate demand forecasting and build strong relationships with reliable suppliers who can deliver materials quickly and as needed.

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Letlhogonolo Joshua Kgori

Masters Candidate || Honours in Transport Economics || BCom Transport Economics || BCompt Accounting Science || CFA Candidate @CIBA || 2022 SAICE - Best Paper Award by Young Professional Transport Engineering.
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I fully agree, this implies that you ought to intensely invest in predictive systems that can streamline your production process and at least provide it with 98% significant level. However, macro landscape of political ecosystem of which businesses operates in, is anticipated inherent risk on the use of JIT in the business.

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2 Supplier Sync

Synchronizing with your suppliers is crucial for a successful JIT inventory system. You need to work closely with your suppliers to ensure they understand your production schedule and are capable of delivering materials on time. This often means sharing your production forecasts and sales data with them. Effective communication and a mutual commitment to meeting deadlines are essential. Suppliers become partners in your production process, and their reliability becomes as important as your own efficiency.

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Letlhogonolo Joshua Kgori

Masters Candidate || Honours in Transport Economics || BCom Transport Economics || BCompt Accounting Science || CFA Candidate @CIBA || 2022 SAICE - Best Paper Award by Young Professional Transport Engineering.
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Businesses operates in competitive environment and one key aspect of the business is to reduce cost while maximising profits. Therefore, suppliers access to the business system, can intrigue competitive pricing of business inputs. Thus, synchronising the system with the supplier can be characterised as disadvantage to the business.

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Letlhogonolo Joshua Kgori

Masters Candidate || Honours in Transport Economics || BCom Transport Economics || BCompt Accounting Science || CFA Candidate @CIBA || 2022 SAICE - Best Paper Award by Young Professional Transport Engineering.
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Businesses operates in competitive environment and one key aspect of the business is to reduce cost while maximising profits. Therefore, suppliers access to the business system, can intrigue competitive pricing of business inputs. Thus, synchronising the system with the supplier can be characterised as disadvantage to the business.

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3 Demand Forecasting

Accurate demand forecasting is the cornerstone of JIT. You need to predict how much product your customers will want and when they will want it. This involves analyzing historical sales data, market trends, and seasonal fluctuations. Forecasting helps you avoid overproduction and underproduction, both of which can be costly. With precise forecasting, you can order the exact amount of inventory needed, reducing waste and storage costs while ensuring customer satisfaction with timely product delivery.

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Letlhogonolo Joshua Kgori

Masters Candidate || Honours in Transport Economics || BCom Transport Economics || BCompt Accounting Science || CFA Candidate @CIBA || 2022 SAICE - Best Paper Award by Young Professional Transport Engineering.
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Indeed, demand forecast is a key determinant of JIT system. Additionally, businesses with captive customer lock systems turn to perform much better than those who rely only on the above mentioned analytics.

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4 Inventory Management

Effective inventory management under JIT involves a continuous review of stock levels and production schedules. You must have a real-time understanding of inventory to respond swiftly to any changes in demand or supply chain disruptions. This dynamic approach allows you to adjust orders and production quickly, minimizing the risk of stockouts or excess inventory. It's a delicate balance that requires a responsive and flexible operational framework.

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Mohamed Abdelkader

Empowering Growth | Technical Operations Director | Pharmaceutical/Bio | Engineering&Project Management
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Let's begin with the appropriate location of Inventory, Over Inventory is a waste , lower Inventory means a confirmed business interruption so will be a waste as well, Define the Inventory cycle of an adjusted fit product / service cycle time , When it's done the operations will be synced E2E, This synchronisation will remain with only firmed control and continuous effort to keep it balanced across pre defined parameters ( stocks / business elements ).

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5 Production Efficiency

Production efficiency is significantly enhanced by JIT as it encourages a smoother production flow with fewer interruptions. Since materials arrive as they are needed, there's less downtime waiting for parts, and products move through the manufacturing process more quickly. This efficient use of resources not only reduces costs but also enables a faster response to customer orders, improving service levels and customer satisfaction.

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6 Continuous Improvement

Adopting JIT is part of a broader philosophy of continuous improvement, where processes are constantly evaluated and refined to increase efficiency and reduce waste. This mindset requires a proactive approach to problem-solving and an openness to change. By regularly reviewing and improving your JIT processes, you can adapt to new market conditions, enhance supplier relationships, and meet customer demands more effectively.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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KUNAL BHAT , PMP

SAP S4/HANA Solution Architect | IT Business Analyst | Supply Chain Expert | Drove 40% Process Efficiency with SAP IBP and APO | Process Re-engineering & SAP Integration | Process Optimization & System Integration
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Just-in-time (JIT) inventory management minimizes excess stock by ordering goods only as needed for production or sale. This strategy streamlines operations by reducing storage costs, freeing up capital, and minimizing waste. Leveraging JIT requires close coordination with suppliers to ensure timely delivery of materials and products. It also necessitates efficient production processes and robust communication channels to quickly respond to changes in demand. By aligning inventory levels precisely with demand, JIT enables businesses to optimize resources, minimize stockouts, and enhance overall operational efficiency.

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How can you leverage just-in-time inventory to streamline your operations?

1

2

3

4

5

6

7

1 JIT Basics

2 Supplier Sync

3 Demand Forecasting

4 Inventory Management

5 Production Efficiency

6 Continuous Improvement

7 Here’s what else to consider

Business Operations

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How can you leverage just-in-time inventory to streamline your operations?

1

2

3

4

5

6

7

1 JIT Basics

2 Supplier Sync

3 Demand Forecasting

4 Inventory Management

5 Production Efficiency

6 Continuous Improvement

7 Here’s what else to consider

Business Operations

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感谢您的反馈

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