Just In Time is a principle that will be familiar to many. The idea is that you only carry enough stock to replace the items that have run out "just in time" - ie only when they need to be replaced, rather than storing lots of stock that won't need to be used for a while in the future. One of the simplest ways to implement the principle can be seen in the average household. For example, if you store your replacement toilet rolls on an upright holder in the bathroom, you can quite easily see when you are running out, so when you move the final roll from the holder to the wall-mounted holder, you know you are "just in time" to buy some more rolls. Using Just In Time is supposed to eliminate waste that comes from having too much inventory - the theory having been developed to save storage space in a warehouse, as each square foot will have an equivalent cost value, that can be saved through not storing unnecessary stock.
Today's highly competitive and rapidly changing markets that see the rise and fall of the likes of Nokia and MySpace places business imperatives on companies. In particular, companies need to be innovative, introducing new products, updating others to react to changes in the market (or predicting or even creating these market changes).
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