Define Stores Management.

Stores Management

The physical storage of products under the guardianship of a person referred to as a storekeeper or stock controller is the focus of the service function of storekeeping. Goods stored may either “stores” or “stocks”. Materials that are not used in work or raw materials are usually referred to as “stores” and the place where they are kept is known as “store room“.

The receiving, moving, storing, and issuing of items—raw materials, purchased parts, tools, spares, consumables, etc.—relates to the store function. -required for production, maintenance, and operation of the plant and finished goods until it’s dispatched to customers.

If you want, you could say that “stores are the custodian of all goods received in the company until they are consumed or sold, and naturally, it assumes the responsibility of receiving, storing, preserving, issuing, and accounting function.”

Responsibilities of store management are:

➤ To accept items, safeguard them from harm or unauthorized removal while they are being stored,

➤ To issue materials in the right quantities at the right time, to the right place, and to provide these services at the least cost.

The Objective of Store Management / Objective of Store

1. THE MOST IMPORTANT OBJECTIVE is to provide an uninterrupted supply of raw materials, equipment, tools, and components, to the user department.
2. Receive the materials (raw materials, components, tools, and equipment) and check the materials with respect to bills of materials.
3. Receive, inspect, and issue the materials.
4. Receive and issue finished goods
5. Accept, store, and arrange scrap for disposal.
6. To provide adequate and proper storage & preservation so that obsolescence and damage of materials will be minimized.
7. To ensure the resources and workers are properly secured and safe.
8. To properly issue and account for the consumption in order to satisfy the demand of the consuming departments.
9. To reduce surplus, obsolescence, and scrap by properly handling, preserving, and coding it.
10. To maintain a clean working environment in order to perform material handling, material preservation, stocking, receipt, and issue tasks effectively.
11. To aid in the verification and offer information that will enable successful purchasing action.

Functions of Scientific Store Management

The working of the store needs to be organized to perform the following functions:

1. Requisitioning from purchasing department an economical quantity of material for delivery at the most appropriate time.
2. Exercising control on the quantity of material received.
3. Storing and protecting materials against hazardous conditions, weather, deterioration, and pilferage.
4. Issuing materials against properly authorized material requisitions.
5. Maintaining exact records of all receipts, issues, and balances to facilitate the ordering of required materials.
6. Keeping enough materials on hand to meet production needs.
7. Keeping enough materials on hand to meet production needs.
8. Keeping inventory investment within desired limits.

We can ascertain the Purposes of Store Management in another approach.

1. Identification: It entails cataloging and describing each item that must be stocked.
2. Receipt: It is the process of accepting after inspection all materials required for use and (or) accepting the end product.
3. Inspection: It is the quality checking of all incoming materials.
4. Storage: It is the procedure for keeping the goods in the storage facility.
5. Stores accounting: It is charging each issue voucher in a manner so that the money spent is properly allocated.
6. Stock control: It is the process of provisioning, which means continuously arranging, receipt, and issuing stocks so as to ensure the required service consistent with the economy.
7. Stock record: Daily receipt issue position maintenance is required.
8. Stock taking: It is the procedure of physically confirming the amount of materials.

Every store should have the following sections, which correspond to the aforementioned duties and functions.

• Identification
• Receipt and inspection
• Stocking wards that look after storage issues.
• Dispatch
• Ledger, which looks after stock records.
• Stock verification.

9. Issue and dispatch: It is the process of receiving demands from consumers and issuing the demanded materials without loss of time.