What is Store?
Store is an important component of material management. Store keeps the materials such that the materials are well accounted for, are maintained safe, and are available at the time of requirement. Storage is an essential and vital part of the economic cycle and store management is a specialized function, which can contribute significantly to the overall efficiency and effectiveness of the materials function.
The main processes of store are:
- to receive the incoming materials (receiving),
- to keep the materials as long as they are required for use (keeping in custody), and
- to move them out of store for use (issuing).
Functions of Store
The main functions of store are:
- Maintain all documents of materials that are able to trace an item, show all its details and preserve it up to its shelf life in the manner prescribed or till it is issued for use.
- Ensure the safety of all items and materials whilst in the store which means protecting them from pilferage, theft, damage, deterioration, and fire.
- Efficiently and economically provide the right materials at the time when it is required and in the condition in which it is required.
What is Store Management?
Store management is concerned with ensuring that all the activities involved in storekeeping and stock control are carried out efficiently and economically by the store personnel.
The basic responsibilities of store are to act as custodian and controlling agent for the materials to be stored, and to provide service to users of these materials. Proper management of store systems provide flexibility to absorb the shock variation in demand and enable purchasing to plan ahead.
Since the materials have a cost, the organization is to manage the materials in store in such a way so that the total cost of maintaining materials remains optimum and an efficient store management can help with this.
Objectives of Store Management
An efficient store management has normally the following main objectives:
- To ensure uninterrupted supply of materials without delay to various users of the organization.
- To prevent overstocking and understocking of the materials.
- To ensure safe handling of materials and prevent their damage.
- To protect materials from pilferage, theft, fire and other risks.
- To minimize the cost of storage.
- To ensure proper and continuous control over the materials.
- To ensure most effective utilization of available storage space.
- To optimize the efficiency of the personnel engaged in the store.
An efficient store management can ensure that right materials reaches right person in right time hence avoiding any kind of production delays. It also ensures that materials are stored properly hence least wastage of materials occurs.