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1. A just-in-time approach is strategy used by manufacturing companies with the aim of reducing costs by reducing the in-process inventory level. The concept is driven by signals that prompt the production line to make the next piece for the product and when it is required. This approach minimizes waste by receiving goods only when they are required in the process of production, and therefore, this approach reduces the inventory costs. Many organizations use the JIT inventory method such as GM, Apple, Dell, Toyota, Walmart, and McDonald’s showing that the JIT inventory system is not just for manufacturing anymore but the service industry as well (Vonderembse & White, 2013). However, different companies would not be suited to this approach, as various factors play a role the effectiveness of the approach.
The healthcare industry is an example in which just-in-time would not serve the industry well. The concept behind healthcare and a hospital emergency room operation is an example where supplies need to be on hand and available for patient care and treatment. They have supplies stocked in carts for the doctor and nurses use for treating patients and the care required cannot be predicted. Having these supplies available may mean the life or death of a patient. Hospitals are innovative and finding ways to solve some of the pressures of overstocking products. Hospitals are creating new ways to manage inventory such as designing nurse server stations, which is a sort of mini closet in each room with stocked items that are used often (Wardlaw, 2015). These servers are designed so nurses have access along with material workers who keep the carts stocked.
Relief organizations such as The American Red Cross and the Federal Emergency Management Agency (FEMA) are organizations who are reactive, and just-in-time would not work. Both organizations must have inventory on hand and available for all sorts of emergency relief is their overall purpose. In a crisis, these organizations provide supplies and talented workers, but having the right amount of inventory and people is unknown based on the patient, natural disaster, or emergency, etc.
Reference
Vonderembse, M. A., & White, G. P. (2013). Operations management [Electronic version]. Retrieved from https://content.ashford.edu/
Wardlaw, W. (2015). 8 PATHS TO BETTER HOSPITAL DESIGN. Industrial Engineer: IE, 47(2), 29. Retrieved from http://eds.b.ebscohost.com.proxy-library.ashford.edu/eds.
2. Just-In-Time (JIT) inventory is focused about the concept of producing goods only as they are needed, while increasing efficiency and minimizing waste. Vonderembse and White (2013) explained how Toyota is credited for the strategy, but the root of the system is found in the development and application of a production line, where work is in continuous flow, and unwanted inventory is removed (Sect.11.1). JIT’s qualities and processes have evolved over time, to become lean systems that can help organizations cut costs, reduce time, and improve quality (Vonderembse & White, 2013).
As mentioned above, the car industry is a perfect example of one using JIT. Since there are some much change and the need to adapt to trends, JIT allows car manufacturers to adapt quickly and efficiently so that extra inventory is not produced. JIT inventory systems can be beneficial to small businesses since it is cost-efficient, using working capital and strengthens cash flow. This means that if a new small business were to start up, they don’t have to worry about money being tied up in unused inventory, and less storage would be required. However, JIT will not be appropriate for all industries. Disadvantages like the risk of running out of stock can put a company in a bind. Yes, JIT minimizes inventory, but if demand fluctuates and increases unexpectedly, the lack of inventory will mean lack of customer satisfaction.
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