Dictionary of Business Terms: just-in-time inventory control (JIT)
just-in-time inventory control (JIT)
method of close coordination with suppliers maximizing the relationship between production and sales levels with inventory, reducing carrying costs. Often JIT is linked with a computerized Point-Of-Sale System and inventory levels are maintained through an automated reordering system connected to suppliers, so that stockouts are minimized.
Dictionary of Marketing Terms: just-in-time inventory control (JIT)
just-in-time inventory control (JIT)
strategy of retailers who maintain almost no excess on-hand inventory, relying upon suppliers to deliver inventory as needed. JIT delivery is most beneficial to retailers with high inventory, financing, storage, and insurance costs. The retailer may transfer sales data directly to suppliers via point-of-sale terminals.
