UK Accounting Glossary
JIT, or “just in time,” is a strategy used in inventory management. With the JIT strategy, companies aim to decrease waste and inventory costs by receiving goods only when they are needed to produce products. JIT inventory management thus increases efficiency and is used by companies that prefer to keep low inventory levels. JIT is the opposite of JIC, or “just in case,” in which companies carried large inventories in the event that demand spiked. In order for JIT to work correctly, the company must be able to predict demand for the product and how much inventory will be needed at what stages of production. JIT also depends on a reliable supply chain for the effective, timely delivery of parts.
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This glossary post was last updated: 9th February 2020.