How the world ran out of everything
The Just In Time manufacturing that minimises the need to build up inventory is leaving companies at the mercy of pandemic-led disruptions
June 02, 2021 / 08:33 PM IST
Peter S. Goodman and Niraj Chokshi
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.
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...