Advantages of Just-in-Time Approach
Every coin has two faces. In the same way, the Just-in-time approach has advantages and disadvantages. The advantages of the Just in time approach are:
Cost Reduction: Using just in time approach reduces the cost of inventory for a firm because very little inventory of stocks is maintained.
Use of funds: Funds saved from spending in maintaining inventory can be used elsewhere, which helps the business expand.
Optimum Utilization: There is also optimum utilization of resources when just in time approach is used because in just in time approach, production is ordered only when there is a demand for it.
Increased Profit: When there is optimum utilization of resources and money is saved on the costs, then the company makes larger profits, which helps the firm to grow.
Reduction in wastage: With the use of JIT, wastage gets reduced due to the optimum utilization of resources.
Reduction in Inventory: With the use of JIT, there is no or very little need for maintaining the inventory, which reduces the inventory and storage costs for the business.
Disadvantages of Just-in-Time Approach
Applicability: Just-in-Time may not be appropriate and usable or beneficial for all types of firms. Manufacturing firms usually use it.
Supply Problems: Some suppliers may be hesitant to supply the material or item for a specific order. Usually, they supply to the buyer who buys in bulk, so some producers may find it difficult to apply just in time approach to their manufacturing process.
Delay: Any delay in time, order, manufacturing, or supply of raw material would lead to a delay in the supply of finished could, which would lead to chaos as items are restocked only when there is a specific order under just in time approach.
Uncertain future: Order forecasting is done in just a time approach, and it is widely known that the future is uncertain, and anything can happen over time. Even the demands can change, supply could get delayed, and pandemics like coronavirus can hit and hamper the demand and supply, etcetera.
Precision requirement: Just in time approach requires precision in making forecasts about the demand of product; if the forecast is wrong, that will lead to a great loss and wastage of time, money, and material.
Application Process of Just-in-Time Approach
The application of JIT involves these steps :
The first step of the JIT application process is the collection of data and information.
Then a work schedule should be created to work timely.
A long-term and trustable relation should be created with the supplier so that he supplies as per the demand and timely.
Trust should be built with the supplier so that he supplies the frequent small orders on demand.
Establish a working relationship with the employees and discipline.
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