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JIT was first made by Eli Whitney in 1799 for the replaceable parts problem. It was then used by ford but wasn't successful in the way it was used. It was then picked up by Toyota who then perfected the methods of JIT. Now Nissan and Toyota use JIT to make and ship their cars.
The first step is to get the materials for the product from the producer, then they produce the product for the people that order it and ship it to them two hours later with zero left over starting materials.
JIT is important is important to manufacturing because it provides a fast and effective way to produce products in a large scale without a lot of left over starting materials.
An inventory strategy companies employ to increase efficiency and decrease waste by receiving goods only as they are needed in the production process, thereby reducing inventory costs.
This method requires that producers are able to accurately forecast demand.