Understand Just-In-Time Inventory Management
In such cases, Just-in-Time inventory management comes to the rescue. In this inventory management strategy, the number of inventories is directly proportional to the customer demand. However, the inventory is not always to the point. You should make sure to stock some extra product, just in case of any instant demand. With this method, you can reduce wastage, serve your customer better, avoid overhead expenses and of course, minimize costs.
Just-in-Time Inventory Management works both for the manufacturers as well as retailers. Also, it renders many benefits. Here are some of the benefits of using Just-In-Time Inventory Management.