Lean manufacturing is a systematic approach focused on eliminating waste, enhancing productivity, and reducing costs, originally developed by Taiichi Ohno in the 1950s. It employs principles such as Just-In-Time (JIT) production, the 3M's of waste (muda, mura, muri), and continuous improvement (kaizen) to streamline processes. The benefits include cost reduction, improved quality, increased customer satisfaction, and enhanced employee morale.