Just-in-time (JIT) inventory is a management strategy that aims to reduce waste by receiving goods only as they are needed in the production process. This approach minimizes inventory costs and storage space, allowing companies to operate more efficiently. By synchronizing production schedules with demand, businesses can respond quickly to changes in the market. The JIT system relies on strong relationships with suppliers to ensure timely deliveries. This method is commonly used in industries like automotive manufacturing and electronics, where rapid changes in consumer preferences can significantly impact production needs. Overall, JIT helps companies maintain a lean operation while meeting customer demands.