India, May 2 -- In my almost five-decade-long professional journey, I have encountered diverse management philosophies. One amazes me in its simplicity and its potential to revolutionise different aspects of life. I visited several manufacturing plants in Japan during railway training in the early nineties. I was awe-struck by the Just-in-Time management philosophy widely followed by most factories.
The materials would be delivered just in time for production or maintenance. One did not have to maintain huge inventories to meet deadlines. Everyone had accepted this as a way of life, even though the system evolved only after World War II. It was a novelty for me since we were still following the age - old practice of stocking a year's requi...