Stores

STORES

Description also available in video format (attached below), for better experience use your desktop.

Introduction

·       Store is a place where excess of material has been kept which will be used at the time of requirement

·       Store Management is the process which involves

o   Receiving of material

o   Protecting the material during storage (damage/unauthorized removal)

o   Issuing of material

 

Objectives of Store 

·       Minimization of cost

·       Maintain the value of material

·       Timely supply to the user department

·       Coordination with other departments

·       Advising material manager

 

Functions of Store

·       Receipt

o   Material supplied by the supplier comes to the store after security clearance

o   In store the process of documentation checking takes place

o   In documentation the store In-charge check out the delivery challan against the copy of purchase order

o   Unloaded material can be kept on hold if the Challan is not available and will be sent back to the supplier

·       Storage

o   After getting approval the material moves into the store and kept in such a way that it becomes easy to retrieve and issue subsequently

o   Storage must ensures the safety against

§  Deterioration

§  Damage

§  Pilferage

o   Storage plan is made after keeping in mind

§  Nature of the product

§  Volume of the product

§  Weight of the product

§  Point of use and the material is fast moving or slow one

·       Retrieval

o   A process of getting something back from somewhere

o   Requires easy and quick retrievability of items that are demanded by the internal customer

o   Main functions of retrieval

§  Easy identification

§  Maximum space utilization

§  Minimum handling

·       Issue

o   A process of issuing material from warehouse at the time of requirement

o   Delay in issuing can affect out the process of production

o   A duly authorized indent or requisition for the item is the key to issue

·       Records

o   Maintaining records of receipt and issue is the important part of store management

o   Updating stock levels as per the movement of material

o   Placing bin cards on the bins in which items are stored

·       Control

o   Control refers to the measures that ensures the proper management of inventory like

§  ABC

§  VED

§  FSN

·       Surplus Management

o   Effective disposal of unneeded material to reduce the inventory cost

o   Proactive measures to eliminate deterioration and obsolescence

·       Verification

o   Used to eliminate the gap between physically present stock and the stock present in written on the system

o   Helps to calculate the exact quantity of stock which has to be reordered for the next month consumption

 

Types of Stores

·       Centralized

o   All items of store kept at a central place and also moves from central place

o   Features include

§  Effective supervision & Control

§  Issue at a single point

§  Effective layout

§  Better Inventory checks

o    Limitations

§  Not suitable for large manufacturing concern

§  Required more staff for distribution to various production units

§  Difficulty in record keeping

·       Decentralized

o   Moving of material to the respective consumer or directly at the point of use

o   Features include

§  Reduced handling

§  Customer friendly

§  Fewer production stoppages

§  Easier visual management

o   Limitations

§  Coordination and controlling of all decentralized store is a major challenge for the management

§  Labor utilization may suffer due to lo store activity level

 

Video Description

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