This system was introduced from Japan in the 1980s. It means ordering components exactly when you need them, and supplying goods exactly when the customer needs them. It eliminates storage time and reduces costs.
Many large corporations and multinationals had grown too complex by the 1990s. Some sectors of the organization were less profitable. Many of these companies sold off or closed the under-performing sectors.
Management increasingly understands the value of sharing power with others throughout the organization. This leads to more participation in decision-making.
This is closely related to empowerment. By encouraging employees to work in very fluid teams, responsibility is shared. Employees and managers at all levels develop a better self-identity and work becomes more interesting. This system is seen as much more efficient than linear or hierarchical structures.
This is a total revision and restructuring of an entire company. It involves asking fundamental questions about the objectives of the business and how it operates. It aims to create big improvements in cost, quality, service and product.
This management approach focuses on measuring the quality of service in all aspects. The idea is to develop systems that are more efficient and more economical, but which are also more able to meet the needs of customers.
This approach recognizes that companies cannot do everything. It can be better to use external suppliers for some specialist operations, or particular components in manufacturing. This decision can create quality improvements and cost savings.
Many companies have developed internal training programs to help with staff development. This is an important investment in the workforce. It not only makes people better at their job, but it also makes them happier. It may also help companies to keep their best managers and staff.