The main objectives of storekeeping revolve around the efficient management, control, and safeguarding of materials and inventory. Proper storekeeping ensures smooth operations in production, service delivery, and cost control. Below are the key goals that guide storekeeping functions across all types of organizations.
1. Ensure Availability of Materials
- Timely Supply: Make sure required materials and supplies are available when needed by different departments.
- Support Continuous Operations: Prevent production or service interruptions caused by stock shortages.
2. Maintain Accurate Inventory Records
- Track Receipts and Issues: Record all stock movements to maintain up-to-date inventory data.
- Monitor Stock Levels: Keep consistent records to support reordering and audit requirements.
3. Prevent Losses and Wastage
- Theft Prevention: Implement controls and secure storage to avoid pilferage and unauthorized access.
- Damage and Deterioration Control: Use proper storage methods to minimize spoilage or obsolescence.
4. Support Cost Control
- Avoid Overstocking: Reduce tied-up capital by maintaining optimal inventory levels.
- Prevent Understocking: Minimize emergency purchases and associated costs.
5. Facilitate Efficient Material Handling
- Organized Storage: Arrange items for easy retrieval and safe handling.
- Reduce Handling Time: Improve workflow by minimizing the time spent locating and moving materials.
6. Assist in Planning and Budgeting
- Data for Forecasting: Provide historical usage data to support material planning and procurement decisions.
- Cost Analysis: Help in evaluating material consumption and wastage patterns for budgeting purposes.
7. Ensure Compliance and Audit Readiness
- Maintain Documentation: Keep proper records of all transactions for internal control and external audits.
- Support Policies: Enforce organizational inventory policies and standard operating procedures.
The Strategic Importance of Storekeeping Objectives
By focusing on these objectives, storekeeping contributes to the overall efficiency, profitability, and accountability of an organization. A well-run store ensures that resources are effectively utilized, costs are controlled, and production schedules are maintained without disruption.