“RFID technology offers several key benefits such as item-level identification, asset tracking and management, inventory control, loss prevention, anti-counterfeiting and brand protection, enhanced item-level visibility and accuracy, improved productivity and process optimization, etc.”
Whether you run a retail store or manage a large supply chain and logistics network, some tasks that you have been performing manually for far too long need to be automated to fetch better results. The traditional method of using barcode labels for item-level tagging and identification no longer fits the needs of large enterprises looking to streamline their inventory and eliminate inaccuracies. The primary reason to replace barcoding with a more advanced AIDC technology is due to inefficient barcode scanning (you can only scan one barcode at a time, having a clear line of sight), human errors, and lack of visibility on the warehouse floor.
Come RFID, a technology that uses radio waves to read small smart tags containing unique product IDs, from a distance of up to 15m sans a clear line of sight, and businesses can unlock the much-required automation in their day-to-day business operations.
Even though Retail is the leading business sector utilizing RFID, the technology is readily used in healthcare, education, supply chain, manufacturing, logistics, transportation, government, and other sectors.
Benefits of RFID Technology
The RFID technology utilizes smart RFID labels, RFID Readers, RFID antennas, and a customized computer software solution connected to a database and that’s all you’ll need to capture each and every movement, location, and utilization of each asset throughout the premises.
There are several benefits of RFID technology in several business and personal domains but I’ll list here some of the most popular RFID benefits, as follows:
Track Assets and Manage Inventory
As a retailer, isn’t it tough to manage your assets, inventory, and sales records, etc.?
RFID systems provide a fast and reliable way to track assets and materials without the need to count each individual item. You can track your asset throughout the purchasing stage, shipping, repairing, or selling stages.
This is particularly useful for components on a production line, finished products being dispatched, industrial containers, tools, laptops, and other high-value equipment that often go missing. You can track down every part of the process, and with RFID, you don't even have to worry about audits.
Save your Time and Money by Remote Data Capture Technology
RFID technology automatically gets to know about your stock, inventory, or asset, removing manual data logging and product replenishment. You don't have to do it manually to update the data. RFID saves your time and increases your employee’s productivity. With RFID tags on assets, you can record the movement of your every asset and inventory at every stage.
By automating data reading and reducing the need for manual monitoring, thus eliminating human errors, you can unlock process optimization and save time and money.
Reduce the risk of theft and lost
Your assets or inventory get lost and you don't know about that. this usually happens in a warehouse or when you lack keeping a record of an item. Your assets tend to get lost when you don't focus on the supply chain. RFID looks for every detail and stage in the supply chain.
UHF RFID tags are durable, safe, and difficult to counterfeit, with encrypted data, making them suitable for applications requiring a high degree of security and product authentication. Thus, RFID tags on assets keep you updated and reduce the risk of theft or losing any of your assets.
Accuracy in Data
Your employees feed data into your system. They may type that incorrectly or may manipulate it according to their will. RFID technology doesn't make such a mistake. RFID technology can be applied to improve inventory accuracy, speed up supply chain processes, reduce time spent on circulation duties, and speed up in-store checkout by at least 20%.
Better Revenue with RFID Technology
Consider this; you have no accurate record on how much you are selling. It can be moderate, overselling or you may be pilling up your stocks. Last year it took a lot of time to figure this out. This led to a lot of loss. This year leave everything on RFID.
With RFID tags attached to each merchandise and consignment, you can keep an accurate record of each sale. It will help you to make a better decision regarding your assets and inventory. This results in better revenue. It will increase the opportunities for higher sales and provide a better customer experience.
Unlock several RFID Applications in various businesses
RFID technology is widely used in various industries such as IT and telecommunications, media, news, entertainment, healthcare, and manufacturing for IT asset tracking, file tracking, and fleet management. The technology has been applied in healthcare to improve patient safety, prevent medication errors, and streamline care processes. In schools, libraries, and offices, RFID can be used to enhance access control and security as well.
To conclude, RFID is a highly versatile technology with applications throughout businesses, from controlling manufacturing processes to maintenance and inspection of equipment, managing assets, and tracking goods through distribution. It offers tons of benefits to various businesses while saving on costs in the long run. With RFID, not only one can unlock the digital transformation of their business and personal space, but one can easily track assets, find assets with a single click, and improve customer experience by improving order fulfillment.
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