Prompted by the technological boom of the Internet of Things (IoT), Radio-Frequency Identification (RFID) is becoming a must-have tracking technology for organizations. They are relying heavily on their RFID asset management solutions. From tracking airline luggage to enhancing security in retail stores. The potential for connecting physical assets to data collection tools. Such as asset tracking software is proving nothing short of groundbreaking. As companies are continuing to strive for the entire management of their revenue-critical assets, RFID asset management solutions are proving themselves as a ‘go-to’ technology. With benefits that involve reducing labor time and real-time location tracking, it’s no surprise.
RFID Asset Management Solutions for Tracking
As a business that is depending on the availability of its high-value assets for generating revenue. You’ll understand the significance of RFID asset management solutions for tracking and effective inventory management. Whether that be tools, stock, IT devices, vehicles, or even employees.
In its easiest form, RFID asset tracking is a method of automating the management and locating process of physical assets. It operates by loading an RFID tag with data and attaching it to a relevant item. This data can include anything from condition, name, amount, and location.
The ability for automating your tracking and monitoring processes helps to put an end to the highly error-prone methods of pen-and-paper and excel spreadsheets. The following are the benefits such as:
- Tracking multiple assets at any one time
- Eradicating human intervention
- Gathering data in real-time
- Improving asset visibility
- Locating misplaced or lost assets
- Maximising accuracy of inventory
Key Benefits of Using RFID to Track Assets
An increase in consumer and stakeholder demands is solidifying the need for asset-heavy businesses. In order to deploy effective asset tracking solutions. No matter what type, size, or industry your business is categorized in. All objectives are relatively similar when it comes to RFID asset management solutions. You require a tracking system that is going to:
- Reduce costs
- Increase asset visibility
- Maximise workplace efficiency
- Improve customer experience
Reducing Costs and Labour Time Through Automation
The implementation of RFID for tracking assets, whether in warehouses or in transit, allows businesses to automatically monitor the movement of items.
Furthermore, the data collection process is also automated. Hence, enabling businesses to receive accurate updates in real-time straight to an asset tracking system. From here, asset managers are able to monitor stock levels and track the supply chain. As well as they can even recognize costly delays in operations.
This helps in eliminating the need for manual tracking methods such as spreadsheets. Which will effectively reduce employee labor time and human intervention.
Also Read: Benefit Analysis of RFID Library Solutions
Providing Good Return On Investment (ROI)
The relatively cheap set of tools required for deploying effective RFID asset management solutions for tracking systems enables accessibility for businesses of all revenues. Consequently, allowing not only enterprises with multiple sites and warehouses for installing an RFID. However, small and medium businesses (SMBs) too.
In comparison to other forms of asset tracking, RFID is a long-lasting and cost-efficient tracking solution. So much so, that the cheap running costs are enabling businesses in the Manufacturing, Retail, and Logistics sectors to achieve an ROI of approximately 200 %.
Considering that the average cost of a Passive RFID tag starts at just $0.08. As well as how modern smartphones are equipped with RFID reader potential. Hence, removing the need to purchase an expensive device.
RFID asset management solutions for inventory management are all about efficiency. Saving time with higher accuracy is the eternal challenge of inventory managers in all segments. Furthermore, RFID allows near-instant, accurate counting, without the required “line-of-sight” scans other technologies require.
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What are RFID asset management solutions?
RFID asset management systems help you to keep track of individual items through the implementation of RFID tags attached to them. The tags are read by fixed scanners installed on doorways and other major areas or by staff using mobile phones or tablets.
What is RFID operation?
Radio Frequency Identification (RFID) is a wireless system comprised of two components: readers and tags. The reader refers to a device that has one or more antennas that release radio waves and receive signals back from the RFID tag.