JIT is the acronym for “Just In Time “ and it follows a simple philosophy that – Keeping inventory is waste because it incurs the unnecessary cost. This concept was firstly deployed in Ford Motor by Henry Ford.
To summarize this concept, we can say that JIT is an inventory strategy which focuses to improve the ROI ( Return on Investment) by reducing the Inprocess inventory and its associated cost. This saves the cost of warehouse space and its related activities.
TQM : Total Quality Management is approach towards the management to integrate all the functions of a business house for the customer satisfaction and best output for the benefit of the organization.
It involves all the corners of the business house and synergize them to a common goal. TQM implementation is a big changeover in any company because it is a people oriented strategy and one is only benefited when the organization people are cultured, matured and ready to take the challenges. The information flow should be very transparent from top to bottom and bottom to top then the TQM can give the results and all people will work for a common goal – Customer satisfaction whether the customer is internal or external.
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