Comprehensive Study of JIT Parameters and their Applications in Context of Indian Industries

Abstract

Indian industries are fighting to survive in the global markets. They are also required to be competitive in the changing global environment. Creating competitive advantage is the need of hour and it requires a proper strategy formulation. Inventories are one of the most expensive assets of an organization. The success of an organization depends to a great extent upon how the organization manages its inventory at different levels. A company can realize substantial savings by using a rational procedure for inventory management. JIT tends to provide competitive advantages to companies through better inventory management. It focuses on reducing inefficiency and unproductive time in processes in order to continuously improve upon them. JIT helps to control the flow of materials and improves the manufacturing efficiency by eliminating wasteful activities and by arranging the inventory at the time of their requirements only and not before. It is imperative to know the status of JIT for Indian industries and the organizational difficulties in its implementation. A majority of Indian industries lack organizational atmosphere as well as manufacturing environment that are conducive to implement JIT. This is probably why they are not able to produce goods and compete on global basis. The findings of the present work will prove to be a milestone for Indian industries in changing their mindsets about JIT. The study will give them an opportunity to identify their shortcomings and weaknesses about JIT implementation and to employ the corrective measures so as to achieve the goals of global manufacturing. newline