With the world economy uncertain more than before, supply chain businesses are increasingly concerned with enhancing the efficiency of their operations. For moving forward and remaining financially stable through the good times and the bad. They are looking to the benefits of RFID asset tracking in the supply chain for boosting the visibility of their inventory and assets. Ultimately, operating their business more smoothly.
Let Us Discuss the Benefits of RFID Asset Tracking in the Supply Chain
1. Increasing asset visibility
Imagine being able to immediately locate everything you have ever misplaced or lost. Well with the help of RFID technology, you can do just that. RFID asset tracking in the supply chain is essential because you cannot manage what you cannot see.
The most fundamental benefit of RFID asset tracking is the convenience and necessity of increased inventory and asset visibility. In other words, RFID tags can be read from anywhere in the facility so that employees will immediately get the location and amount of each item. And hence, will be providing the status or whereabouts of a shipment that has already left your facility.
Increased visibility is allowing supply chain businesses to resolve the issues that result from poor organization, oversight, misplaced materials, and mistakes made during manual processes. Not to mention, it will be allowing you to make decisions on-the-fly or facilitate changes by quickly rerouting items.
2. Improving employee productivity
As mentioned, RFID technology does not require employees to be within the line of sight of an item to locate it. They no longer have to waste time on labor-intensive processes like scanning individual barcodes, searching for misplaced tools, or counting inventory amounts. This is allowing them to increase task speed and project turnover to mitigate labor and carrying costs. As well as improving the facility’s overall productivity.
3. Mitigating risk, theft, and loss
With RFID asset tracking in the supply chain, the facilities can be attaining quick and easy access to inventory information and location. Therefore, for keeping track of when items are stored, distributed, or replenished and confirming deliveries.
Subsequently, this kind of visibility is leaving little room for error or foul play. Hence tracking the movement of each asset in your facility. You can ensure that all items and pallets are accounted for to reduce costly risks – mitigate misdistribution and loss; combat counterfeiting and theft, and enable recalls. It is very important to avoid these mistakes when possible. Nonetheless, not only will they take time and money to fix, they could result in lawsuits, heavy fines, or loss of a customer.
4. Tracking KPIs
RFID technology helps in tracking individual assets throughout your facility, enabling you to better measure key performance indicators. The benefits of RFID asset tracking in the supply chain are not only that you can do inventory tasks that might have taken days in mere minutes. However, it is also enabling data collection and analysis at a level unreachable with manual entry methods. Getting usage and location data for determining where there are bottlenecks and where you have excess assets.
5. Integrating with 3PL
More and more distributors are finding it expedient for relying on third-party logistics (3PL) suppliers to transport products to retailers and consumers. With the facilitation of RFID in logistics, you can integrate your asset tracking into your 3PL supplier’s computer systems. This enables, among other things, you and your customers to track product delivery.
Additionally, this is making invoicing and billing much simpler to track. Updating records across your enterprise by scanning with a simple mobile device. And again, among the advantages of RFID is that you don’t require to be in the line of sight to get an accurate scan. Furthermore, one can be scanning in batches, saving you time on the loading dock.
RFID asset tracking in the supply chain is boosting productivity and increasing visibility. No more mistakes from manual entry. No more unaccounted-for inventory because it is out of sight. Hence, no more missing parts and tools.
Our technology-agnostic approach will make sure that you get the best solution to match your unique operation. Ready to get started with an RFID system? Contact us today to get started.
How is RFID improving supply chain visibility?
It is allowing shippers to track assets and shipment status in real-time, with maximum traceability. RFID is augmenting equipment, inventory, and business process visibility. It is also increasing efficiency by optimizing business processes and automating asset and inventory management.
How are RFID systems incorporated into inventory control and supply chain management?
RFID is allowing businesses to identify individual products and components, and track them throughout the supply chain from production to point-of-sale. Furthermore, RFID is using radio waves for communication between a tag and a reading device.