What is just-in-time production? What are the advantages over traditional production?

JIT (just-in-time production system) is a demand-driven production system.

Advantages of the just-in-time production system:

The purpose of the just-in-time production system is to keep inventories of raw materials, parts, and finished goods at the lowest possible level, and to realize "zero inventory" as much as possible, in order to reduce the cost of inventories. In the enterprise from the use of just-in-time production system, from the purchase of raw materials to the product made more time consuming greatly shortened, and the end of the inventory becomes very small.