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Stock Management

FATO /ISPO Seminar Dakar June 20 – 24, 2005. Stock Management. Bernard Matagne. Definition. The stock management is the management of what ever material the Centre uses to fulfil its mission. What does it include?. Management of material entering or going out of stock Forecast of Needs

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Stock Management

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  1. FATO /ISPO Seminar DakarJune 20 – 24, 2005 Stock Management Bernard Matagne

  2. Definition The stock management is the management of what ever material the Centre uses to fulfil its mission

  3. What does it include? • Management of material entering or going out of stock • Forecast of Needs • Management of Orders • Control mechanism

  4. Material IN and OUT Tools used for the management of material IN and OUT include: • The Inventory • The Inventory Card • The Stock Card

  5. Inventory • Is done once a year, at the end of fiscal year • Everything included in the stock must be counted • During inventory, no material should get in or go out of stock

  6. Inventory • Before performing the stock inventory, make sure that all articles in stock are identified with a name, code and unit of measurement • The inventory is done with a preset list of all items. That list includes following information: • Pre-filled: Article Code, Description and Unit of Measure • To be filled during inventory: Article Quantity, Serial Number, and if appropriate Expiry Date

  7. Example of Inventory Card

  8. Inventory • During the Inventory, we start from one extremity of the stock and we count each item until the other extremity • When the Inventory is completed, we compare the recorded data with those of the inventory card. In case of differences: • One must re-count articles for which there is a difference; • If necessary, correct the inventory card

  9. Stock Card • The Stock Card is the most detailed document which follows the item, it is its identity card and it is kept inside the store room, close to the item • Record material going out of stock in the column "OUT" • For each component taken out of stock, the patient's number should be recorded in order to control the use of components.

  10. Stock Card • When receiving material, the stock card is updated in the column "IN" • Normally, stock cards are attached to a serial (an order) and should be changed at each new order's arrival • When stock cards are taken away from the stock, they should be filed for control purpose

  11. Example of Stock Card

  12. Inventory Card • The Inventory Card is less detailed than the stock card and is meant to show the total quantity in stock (compilation of several orders) • The Inventory Card is a summary for a specific item of the different times one of it was taken out of stock. This summary information is recorded once a week on the Inventory Card (and not daily as for the stock card)

  13. Inventory Card • Subtract the material taken "OUT" from the one brought "IN" and it gives an indication on the stock level • Unlike stock cards, the inventory cards are not kept near the item but are rather kept in a separate file • Inventory cards can be replaced by a computer database

  14. Example of Inventory Card

  15. Forecast of Needs The forecast of needs insures: • That the Centre will not be in stock shortage • The forecast of budgetary needs to cover material needs

  16. Forecast of Needs What is needed to forecast needs: • The annual consumption (previous year) • The stock status • The monthly consumption (will indicate how long will last the stock)

  17. Forecast of Needs Factors to be taken into account to forecast needs: • The addition of new services in the centre • The increase of the geographical coverage • The employment of new staffing (increase of production's capacity) • The setup of a referral network

  18. Management of Orders 1. Identify suppliers • Suppliers must be reliable • Try to get at least 2 or 3 suppliers per product in order to minimize risks • However, the number of suppliers must remain low (regroup orders) in order to: • Facilitate orders' • Increase your negotiation power

  19. Management of Orders 2. Identification of needs in relation with timing • From the stock level and the monthly consumption, it is possible to determine when an order will have to be done • Do not forget to include delivery time (check with the previous order) including custom clearance time

  20. Management of Orders 3. Orders' Preparation • Try grouping the orders to reduce transport costs • If more than one supplier, ask for a quotation • Take into account delivery time

  21. Management of Orders 4. Orders' follow-up • Each order must be recorded in a "order pending" folder, indicating the order date, the name of the supplier, and the names of the items ordered • At reception, the reception date is recorded to determine the delivery time • In addition, we indicate if the order is complete (nothing missing)

  22. Management of Orders 5. Reception of the orders • When receiving the order, verify that the quantity received corresponds to what has been ordered (nothing missing). Check also the condition of the material (nothing broken) • Enter the items received in the inventory cards and in stock cards

  23. Control Mechanisms The use and the consumption of material must be controlled in order to prevent: • Theft • High consumption due to wasting • Shortage

  24. Control Mechanisms Control Mechanisms includes: • Periodical control of stock level • Analysis of consumption from one year to the other

  25. A … BAD … example

  26. A … GOOD … example

  27. Je vous remercie beaucoup I thank you very much

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