RFID (Radio Frequency Identification) technology is rapidly replacing obsolete ways of asset tracking and inventory management.
In retail supply chains asset tracking and inventory management depends on these old-school methods:
• Accounting Tools and Systems: Details of every item in an inventory are manually entered into a spreadsheet.
• Manual Systems: A person has to sit down in front of every entry/exit point and write down the details of each item.
These methods create many prevailing problems that augment as the size of the inventory increases, and these methods stop working.
• Inconsistency in data entered
• High cost of staff training
• System is prone to human errors
• Lack of a central customer database
• Lack of security
• Slows down the operation
• Hidden Costs
Modern asset management needs inventory management using RFID. For large inventories, these old-school methods are out of the question. RFID is also used for the real-time tracking of assets.
Asset Tracking and Inventory Management (ATIM) solution
• RFID-based ATIM solution has tags authorized by means of a desktop reader.
• It shows that the tag is now a part of the inventory and has to be tracked at each level.
• The tag is then attached to the package and the packages are packed inside crates.
• The reader scans packages before picking them up and place in a warehouse.
• A person can scan the entire warehouse for tags carrying an RFID reader.
• If the inventory management using RFID detects a missing RFID tag, it reports to the ATIM quality operator.
Benefits of Warehouse Management System
Some of the benefits are mentioned below:
Seamless Optimization of Process: Inventory managers can seamlessly optimize the processes by leveraging the versatility of the system. This helps to easily track barcode labels, automated equipment, and smart scales.
Also, one can establish the key performance indicators, align operations with goals, get real-time updates, and implement equipment automation.
Improve the relationship between suppliers and the customers: With a fast working WMS software system in place, you can improve the relationship between the customers and the suppliers.
You can monitor the behavior of the buyer, accuracy, errors, fluctuations in demand and supply, and many other factors to increase efficiency. These factors with centralized locations help in eliminating all kinds of friction with the suppliers. Thus, you can achieve 100% customer satisfaction.
Inventory balance: The best inventory management using RFID helps you in achieving just-in-time inventory. The solution improves the lot sizes with other parameters to achieve better inventory accuracy.
Reduction in overall operational cost: WMS solution with an Asset Tracking System helps in allocating the labor by using all the available space and reducing waste.
WMS-based asset tracking systems help streamline the picking and packaging processes with maintaining safety.
Transparency in reporting: The systems offer transparency in the inventory for all the processes.
With transparency, a solution allows to access the real-time data and provides better customer service.
Improved Auditing and Security: The most system requires their staff to use individual user accounts. This improves the accountability of employees and reduces theft risks and also allows the industries to identify the new employee.
Product Tracking and Supply Chain Management: With an interactive solution, you can optimize your warehouse’s internal operations. All the savings can be passed along to your internal and external partners.
Traceable Materials: A company can utilize the warehouse management system’s tracing capabilities to track its physical inventories with the help of serial numbers.
Internal Automation Benefit: The system allows the user to enable extra automation solutions. They can streamline internal assigned tasks and facilitate from paperwork to digitalization.
This process enables a continuous improvement in existing activities.
Automation is of different types and ranges from automatic picking and robotic packaging to analytics-driven movements and artificial intelligence.
The software helps you to implement these methods by providing the core elements for capturing, recording, and communicating activity.
Ongoing Improvement: One of the most important benefits is consistent updates. The vendors roll out the latest features. This makes it easier for companies to stay on top.
Organizations can use these innovations to improve their processes. The latest features are added to a cloud-based solution making continuous improvements.
Return on investment (RoI): The ROI depends on your labor costs and the value of real-time visibility of data.
If real-time data is not needed and labor is cheap, then use passive RFID technology and handheld devices. If labor is expensive then invest in active RFID.
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