If you are asked to convert the storage location to plant within the company while maintaining the data without negative effect is it possible or not?

Yes, It's Possible, if your useing MM module, you can updated material master in MM02 or you can raise MDP request through your is approval.

In the org structure, storage location is assigned to plant and plant to company, hence I don't think it is possible to convert the storage location to plant within a company without a plant assigned to it.

generally storage loction are defined within plant. hence looks like not possible

No It is not possible to convert the storage location to a Plant as storage location details are defined within a plant.

No it is not possible of changing the entity of storage location to plant

This concept is used in most of the Industry where stock of a material is available in multiple storage loaction & there is a requirement that during Receipt or Issue system should consider the Qty as well as Storage location based on the business requirement.

In the below Screen Shot we can see the stock of a raw material available at4 different Storage Location.

As in this case we are determining the stock based on Qty first & then Storage Location

Step:-Firstly we create a Stock Determination Group with T code OSPX,

Step:-Assign the Stock determination group to material master

Step:-Create a Stock Determination Rule & do the assignment of Plant, Stock Determination group & stock determination rule T-code OSPX

We define the Priority of Storage Location as shown below.

Based on this priority of storage location will be determined.

Step:-Now we assign the Stock determination rule to the respective Movement type

1. Path:-SPROàMaterials ManagementàInventory management & Physical InventoryàStock DeterminationàAssign Stock Determination Rule in the ApplicationsàInventory Management

This completes the configuration Part.

Now for example we issue this Raw material to check how system determines the storage location priority.

As we press Enter system determines the stock based on Qty & then storage location as below

This is how we can manage the stock of material based on Qty, Storage Location for all respective Movement types (i.e. receipt & issue).