(NYTIMES) In the story of how the modern world was constructed, Toyota stands out as the mastermind of a monumental advance in industrial efficiency. The Japanese automaker pioneered so-called Just In Time manufacturing, in which parts are delivered to factories right as they are required, minimising the need to stockpile them.
Over the past half-century, this approach has captivated global business in industries far beyond autos. From fashion to food processing to pharmaceuticals, companies have embraced Just In Time to stay nimble, allowing them to adapt to changing market demands, while cutting costs.
But the tumultuous events of the past year have challenged the merits of paring inventories, while reinvigorating concerns that some industries have gone too far, leaving them vulnerable to disruption. As the pandemic has hampered factory operations and sown chaos in global shipping, many economies around the world have been bedevilled by shortages of a vast range of goods - from e
Read more about World runs out of everything as a manufacturing drill goes too far on Business Standard. Just In Time manufacturing delivers supplies to factories right as they are required, minimising the need to stockpile them
How the World Ran Out of Everything
Global shortages of many goods reflect the disruption of the pandemic combined with decades of companies limiting their inventories.
The empty shelves at a Target store in Dallas last June highlight how companies of all types were unprepared for a crisis.Credit.Nitashia Johnson for The New York Times
June 1, 2021, 5:00 a.m. ET
In the story of how the modern world was constructed, Toyota stands out as the mastermind of a monumental advance in industrial efficiency. The Japanese automaker pioneered so-called Just In Time manufacturing, in which parts are delivered to factories right as they are required, minimizing the need to stockpile them.
How the world ran out of everything: It s just a mess Just in Time manufacturing has contributed to shortages of goods across the globe.
By Peter S. Goodman and Niraj Chokshi New York Times June 1, 2021 9:46am Text size Copy shortlink:
In the story of how the modern world was constructed, Toyota stands out as the mastermind of a monumental advance in industrial efficiency. The Japanese automaker pioneered so-called Just In Time