In the business world, production generally refers to the act of making or creating a certain good. Without the production process, a business may not be able to exist, since it would need a good or to profit from.
One of the most well-known production processes in the world is the “Just in time” production. This production process traces its roots from Japan, where business people are more concern about perfection in the workplace, thus leaving no or less room for waste. The “Just in time” production process entails producing only what is needed on the amount that is needed when it is needed. The focus of this production process is to make the most of what is available, thereby eliminating waste in terms of time, energy and resources.
The idea of “just in time” production was promoted by an executive of the Japanese auto company Toyota Motor Corp. Thus, this type of production process is more common with companies directly or indirectly connected with the auto industry. Even until today, many auto companies, mostly Japanese ones, are using the “just in time” production process.
The “just in time” production process, in a bid to lessen waste, works with very little inventory. The output reaches the next stage “just in time.” Then the final assembly occurs just before the actual sale takes place. Typically, the goods are produced in the amount determined by the demand. Low demand for the product means lesser need to produce it. On the other hand, high demand for the goods means a “just in time” ramp up in output.
“Just in time” production offers a number of advantages for a business. For instance, since the good are produced “just in time,” there is lesser or even no need for space to keep inventory. This means lesser expenses associated with holding inventories. This type of process also allows for an easier time to spot and correct production mistakes.
There is also a big downside to this production process. An event like a natural disaster may hamper the production process, and further impact the other aspects of a business. This was best exemplified when an earthquake and a tsunami hit Japan in 2011. Since Japanese companies do not hold much inventory, the affected production means lesser vehicles to sell during the year.
“Just in time” is an outstanding production process. It offers its own strength and has its own weaknesses. Whether a business adopts this process depends upon the production philosophy of the company.
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