Operation efficiency is crucial for businesses nowadays. After all, it helps them to stand out from the crowd and remain ahead of the competitors. In distinct industries, organizations are now adopting Radio Frequency Identification (RFID) technology for enhancing the transparency of inventory and assets. This further helps in the smooth running of various business processes. Therefore, RFID asset tracking inventory software management system is vital for many major industries. For instance, industries like automotive, logistics, retail, manufacturing, and construction can benefit from RFID
Inventory management and asset tracking via RFID
RFID is an advanced technology than GPS and barcoding. Thanks to RFID inventory software, companies can handle various tedious manual tasks, like inventory counting and asset control, within a few seconds.
RFID technology makes use of an electromagnetic field for automatic identification and tracking tags attached to objects. The attached tags contain electronic information that’s viewed on RFID readers via radio waves. The installed RFID readers at storage areas help in finding items up to a distance of around 6,600 feet away. They can even count the total items in a warehouse within a few seconds. Hence, this technology offers quickness and convenience for asset protection.
Benefits of RFID solutions for asset and inventory management
Following are some notable benefits of RFID solutions for inventory and asset management of businesses:
RFID tracking improves asset visibility
When RFID is paired with an asset tracking system, it improves asset and inventory visibility. According to the RFID journal, generally, there’s only 65 percent of inventory accuracy at many stock-keeping units. However, RFID equipment inventory management software can provide accuracy of up to 95 percent or more. Furthermore, RFID does real-time tracking that helps teams to take immediate and swift actions.
The barcodes need an object at sight to scan it and know its information. However, RFID gives you the convenience to find objects that are not in sight. So, you can easily find misplaced or lost items too. Your organizational teams can make use of RFID systems for improving the accuracy of inventory while reducing overhead costs.
Furthermore, RFID technology helps businesses with asset and inventory management. With easy-to-monitor tags and readers, employees can easily know about the servicing cycles and also review their asset availability. It gives them a clear idea about where their asset is and how efficiently a company is using it. So, the business management team can make a wise decision about existing and upcoming assets within a few seconds.
RFID avoids any delays in the product deliveries
If business teams are not able to get efficient flow during production, there is a wastage of labor efforts, time, and supply chains. But thanks to RFID solutions for asset management, it is easier to cut down reliability on employees for doing manual tasks. It is because this system automates everything. Moreover, you have real-time visibility of production. It even helps in eliminating bottlenecks while increasing product delivery times.
RFID system mitigates risk, theft, and loss
Is your business associated with pricey assets that are rented? If so, you know how one mistake could cost you. In this case, you need RFID tracking systems for monitoring check-in and checkout processes. It ensures that a specific person can be held accountable if the assets are not returned on time.
With the high transparency offered by RFID technology, there are fewer chances of errors or foul play. When you can track the movement of every asset in a warehouse, it is easier to assure that items are accounted for. This further mitigates costly risks, such as loss, theft, maldistribution, and counterfeiting. Such risks can take a tremendous amount of money and time for fixing everything.
RFID tracking decreases labor costs while boosting productivity
Thanks to RFID technology, you don’t require employees to stay in a line of sight and to find an asset. This automatic system can easily identify and scan the asset as it moves within facilities when there are RFID tags all over. Plus, the employees do not have to waste precious time while counting inventory amounts and scanning separate barcodes.
So, these were all the advantages of the RFID asset tracking inventory software management system. With this advanced technology, it is easier to cut down labor costs as businesses don’t need large teams of people for manual scanning or counting. Plus, there are no headaches of lost or misplaced items. It means a business’ teams can focus their time and energy on doing other crucial tasks for enhancing the bottom line.