I heard that the JIT compiler and built-in functions are some implementations that can reduce the running time of Java applications.
Are there other ways to use the JVM to reduce the running time of Java applications?
JIT has many ways to optimize your code. The Oracle page has a page. There are many other articles about optimizing Java, just do an online search.
There is also a list of JVM options that you can change to tune JVM performance here
The Wikipedia page for Java performance contains a lot of information about how the JVM works and is optimized. There are many related pages out there for more information.