Learning Objectives
5 objectives- Understand the fundamental principles and roles of store keeping in various industries.
- Identify different types of stores and their specific functions within business operations.
- Apply inventory management techniques including stock control, ABC analysis, and EOQ.
- Develop knowledge of storage facility design, stock procedures, documentation, and security measures.
- Analyze the impact of technology and performance metrics on efficient store keeping.
Content Outline
Preview1. Introduction to Store Keeping
- Importance of effective store keeping across industries
- Role and responsibilities of a storekeeper
- Key objectives of store keeping: accuracy, efficiency, security, and cost control
2. Types of Stores
- Raw Material Stores
- Definition and function
- Examples and significance
- Finished Goods Stores
- Purpose and handling
- Spare Parts Stores
- Role in maintenance and repair
- Comparative analysis of store types and their impact on business operations
3. Inventory Management
- Principles of inventory management
- Inventory control techniques
- Stock rotation (FIFO, LIFO)
- ABC Analysis: classification and prioritization of inventory
- Economic Order Quantity (EOQ): calculation and application
- Stock level optimization and reorder points
4. Storage Facilities and Layout
- Designing storage facilities
- Space utilization strategies
- Types of storage layouts (e.g., block, aisle, pallet racks)
- Safety regulations and compliance
- Material handling equipment: forklifts, conveyors, pallet jacks
- Warehouse Management Systems (WMS) overview
5. Stock Receiving and Issuing Procedures
- Procedures for receiving incoming stock
- Inspection and quality checks
- Documentation requirements (delivery notes, purchase orders)
- Stock issuing protocols
- Authorization and record-keeping
- Issue documentation and control
6. Stock Recording and Documentation
- Importance of accurate record-keeping
- Methods for maintaining stock records
- Manual vs computerized systems
- Documentation formats: stock cards, bin cards, ledgers
- Stock valuation methods
- Stock reconciliation processes and periodic audits
7. Stock Security and Risk Management
- Security measures to prevent theft, pilferage, and damage
- Access control and surveillance
- Risk management practices in store operations
- Identifying risks
- Mitigation strategies
- Insurance considerations for inventory
8. Just-in-Time (JIT) Inventory System
- Introduction to JIT concepts
- Benefits of JIT in reducing inventory holding costs
- Challenges and risks associated with JIT
- Implementation strategies and prerequisites for JIT
9. Technology in Store Keeping
- Role of technology in modern store management
- Inventory management software features and benefits
- Barcode systems and scanning technology
- RFID technology and its applications
- Automation and robotics in store operations
10. Performance Metrics and Evaluation
- Introduction to Key Performance Indicators (KPIs) in store keeping
- Inventory accuracy measurement
- Stock turnover ratios
- Order fulfillment rates
- Customer satisfaction metrics
- Using data for continuous improvement
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