Just-In-Time Product Development in Product Management
Just-In-Time (JIT) product development is a strategy that aims to improve a product team's efficiency by reducing waste and ensuring that work is only done as it is needed. This approach helps in minimizing stock levels, reducing lead times, and improving product quality.
At Toyota, JIT product development is applied to minimize inventory costs and reduce waste. This approach allows Toyota to quickly adapt to changes in customer demand without overproducing or holding excessive inventory, leading to more efficient production processes.