A manufacturing company may use JIT to optimize its supply chain process. For example, this company could implement a system of regular deliveries from vendors that ensure they always have adequate parts when needed without overstocking. This helps the organization minimize storage space requirements while still having enough raw materials available for production. Additionally, this method allows for greater flexibility since orders can be made closer to when they need them rather than waiting until large quantities are required all at once. As a result, the manufacturer will experience cost savings from reduced warehousing needs as well as improved lead times due to the shorter delay between ordering and receiving the items needed for production. In addition to manufacturing companies using JIT principles, services organizations can also benefit from this type of inventory management system too. For instance, an IT service provider could set up regular replenishment orders with hardware suppliers so that necessary components such as servers or routers are always in stock when needed without any major delays or unplanned restocking costs associated with larger purchases being made farther out in advance than necessary. This could help increase their margins because fewer resources would go into stocking components which would decrease overhead costs due to less warehouse space required and the elimination of wasted investment if components become obsolete before they are sold off after long periods of time sitting unused on shelves waiting for customers who may never come along looking for those specific pieces anymore.. Furthermore, it could potentially speed up service response times since technicians will have quick access to what is already stored locally instead of having longer wait times associated with sourcing items far away just-in-time whenever customers place orders. Finally, banks may use JAT strategies by minimizing idle cash balances on hand while ensuring payments remain secure if ever requested unexpectedly (Thompson & Strickland 2020). Banks make frequent deposits into Federal Reserve Accounts every day but rarely make withdrawals unless there’s an unexpected demand — therefore it’s more efficient practice not keep excess money sitting around unnecessarily collecting dust over time; instead banks use electronical transactions to better manage liquidity levels across multiple accounts more effectively while reducing expenses related carrying extra cash reserves without fail safe measures in case something goes wrong (Davies et al., 2019). In other words implementing appropriate information systems allow bank institutions better monitor incoming/outgoing funds which ultimately provides benefits like lower business operation expenses against potential risks incurred with managing idle funds poorly over extended periods of time (Wheelen & Hunger 2017). Overall it's clear that although different types of businesses require different approaches when implementing JIT strategies depending on each individual organization's needs wholesomely; no matter what industry you might work in however there tends be many advantages associated making sure you stick tight your Just In Time inventory control philosophies so everyone involved ends up happy all around hallow end! References: Davies A., Fender I., Otherson M., Schuermann T., Stiroh K., Taylor S., 2019 “The Risk Management and Efficiency Implications Of Changes In Bank Liquidity Regulations" Journal Of Financial Economics 133(2) pp 478–494 https://www2dcaftbxl01fileswordpresscom/2019/06/jfe_133_04_478pdf?googlelogin=1&fbclid=IwAR3yX9yxrEKJJ8LIPWaw6T79oZOMGGl6UQ3qcBzNJHPSoeNSGHXxRvkpFho Accessed 2nd October 2020 Thompson AM & Strickland AJ 2009 "Conceptual Foundations Of Business", 1st edn London Southwestern Cengage Learning ISBN 9781439057589 Accessed 2nd October 2020 Wheelen TL & Hunger JD 2017 “Essentials Of Strategic Management” Pearson Education Inc Upper Saddle River NJ 07458 USA ISBN 9780273760287

Sample Solution

  JIT, or Just in Time production, is a process that focuses on inventory management and efficient scheduling of resources to increase efficiency and reduce costs. The JIT concept has been widely adopted by both manufacturing companies and service organizations alike. By utilizing JIT, these companies are able to maintain their competitive advantage through cost savings, improved customer satisfaction, and increased productivity.