SAP for Procurement of Inventory Management

SOP Guidelines For Inventory Management

The Standard Operating Procedure (SOP) discusses definitions, policies, procedures and key controls relating to Stores Function.

The SOP should covers procedures starting from the receipt of material (after they have been procured) till the time they are issued from stores. The Stores Department handles the following kind of materials:

• Raw Materials (including chemicals)
• Electrical and Mechanical Spares
• Consumables
• Tools and Implements
• Miscellaneous

The Stores Department is engaged in the following activities:

• Indenting of Material (Refer Purchase & Payable SOP)
• Receipt of Material
• Issue of Material
• Storage & Handling
• Security of Stores
• Other Inventory Management activities 

CHANGES TO THE SOP

Changes to the SOP are made through a change control form. The change control form is to be initiated by the User Department. The changes to be made and the reference of the same in relevant section of the SOP are to be detailed in the form.

Managing Director will review the Form, the need for the change and will approve/ disapprove the form. Approved changes shall be incorporated by the Head Stores under the supervision of VP - Finance & Accounts. 

CHANGE CONTROL FORM

                                                                

Existing Policy/ Procedure	Proposed Change in Policy/ Procedure	Reason for Change	Initiated By & Date	Approved By & Date	Page Reference