Just in time or JIT | Advantages & Disadvantages of Just-in-time.

In this video, you are going to learn Just-in-time or JIT in inventory management and manufacturing.
Just in time (JIT) is an inventory management approach in which goods are received from suppliers only as they are required. The main purpose of this strategy is to decrease inventory holding costs and increase inventory turnover.
Topics I have discussed are -
1. What is just in time (JIT)? or just-in-time concept.
2. The step-by-step process of how just-in-time works.
3. benefits or advantages of just-in-time.
4. Disadvantages of Just-In-Time.

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0:00 Introduction
1:08 Reduce Inventory Waste
1:33 Decrease Warehouse Cost
1:54 Gives the Manufacturer More Control
2:18 Local Sourcing
2:41 Smaller Investments
3:21 Lack of Control Over Time Frame
3:43 Lack of Planning