Store Management
Material management is possible only when proper records of stores are maintained. Stores are essential in carrying out day-to-day operations. The store management makes sure that every project, no matter how big or small, is handled properly.
The basic function of storekeeping is to receive, identify, store, and issue the material on demand made by the concerned association.
The term “store management” refers to the efficient management of materials. It ensures that all the various activities involved during the process of storekeeping are carried out economically and efficiently.
Stores management is to receive materials, to protect them from damage and unauthorized removal during storage, to issue materials in the right quantity, at the right time to the right place, and to provide these services promptly and at minimum cost.
Objectives of Store Management:
A) Minimum cost of production
The primary goal of the store is to produce services at the lowest possible cost by minimizing production costs. The total material cost in production includes the cost of materials, the cost of procurement, and the cost of transportation and relocation of materials. Store costs include custodianship, accounting, insurance, and store equipment. These costs have a direct or indirect impact on the total cost of the product. Therefore, the company tries to reduce these costs.
B) Maintaining the Value of Stock:
The primary goal of store management is to keep inventory to a minimum regularly to make the best use of working capital. It also contributes to reducing storage costs. The storekeeper tries to prevent the inventory from becoming obsolete and also tries to reduce the warehouse time for stock. Storekeepers work tirelessly to keep the store’s merchandise valuable.
C) Services to the Organization:
Store management helps in providing different types of services to different organizations. The service includes monitoring all stages, controlling raw materials, goods in process, finished goods, and scrap.
- There is the proper movement of raw materials, components, tools, equipment, and other items needed to produce products and services.
- They assist in the maintenance of materials, spare parts, and stores as required.
- They help in maintaining a proper supply of material while the work is in progress.
- They help in receiving and storing scrap items.
- They help in keeping a record of all receipts, issues, and goods
D) Coordinating with other unions:
Management depends heavily on coordination. The basic objective of store management is to establish proper communication with the material control union.
