If you want to do business or if you are a businessman then you need to know you already know the important aspects of business. supply chain management, inventory management, data availability, etc. These are very important in a business as without improper management of these, a business cannot run fluently and could make a loss. In this technical and digital world, digital tools can improve the different aspects of business and make it easy to manage them to reduce labor work. RFID or Radio frequency identification can be the technology that can maintain all these aspects of business.
This RFID-based solution can uniquely provide identity to each product and anyone can enable details using those tags. There are also many things about RFID and its solutions. RFID tags also have a good hold on the global market as the RFID tag segment held more than 30% of the global market share in 2019. About 66% of retailers see a significant ROI on their RFID technology investments.
In this article, we will see the role, benefits, features, and many more details about the RFID solutions that can be helpful for your business development. After analyzing all details we will conclude that RFID solutions are beneficial for your business.
What are RFID Solutions?
RFID or Radio Frequency Identification refers to a technology that enables fully automatic and massive tracking of products, assets, people, and many more things. RFID solutions are the software on which tags work to trace the products. This can be useful for the business as it can increase productivity and reduce the time taken to monitor many things in the business.
RFID technology can integrate with AI and IoT which could be an incredible thing as with the help of Artificial intelligence, prediction could also be possible for decision making and detecting, scanning like other things possible with the IoT.
Related: RFID for Asset Tracking and Inventory Management
How RFID Solutions Beneficial for Your Business
RFID solutions can play an important role in business as they can be a ground-breaking tool for uniquely identifying, tracking, tracing, and analyzing product, data, and asset flows at every stage of the supply chain. It can enable wirelessly reading the data encoded in RFID tags, and it is possible to remotely monitor the stream of goods and gain valuable insight from the item’s status, inventory, and condition. With all these incredible facilities provided, RFID solutions can be beneficial for your business and can increase profit. We will see later the benefits of RFID solutions for your business.
Key Features of RFID Solutions
RFID-based solutions have a lot of characteristics or features as here are some key characteristics of RFID solutions mentioned below.
Unique Identification
As opposed to barcodes and any other auto-ID technology, RFID tags are distinguished by a unique, not cloneable serial number enabling the verification of product/asset authenticity. That unique tag can be used to get information or details about any specific product.
Reading without a Line of Sight
Tag reading can be done seamlessly and wirelessly as tags are not necessary to stay in sight or any line to read to get information. They can access remotely from anywhere in the certain mentioned range of the RFID technology.
Real-Time Reading
The RFID solutions-based tags can be used for real-time reading to get real-time data or information. This saves the time it takes to extract the data and also enhances the efficiency of the work. Extracting of data can be automated by the integration of IoT technology too.
Also read: How to Integrate RFID With Inventory Management
Benefits of RFID Solutions for your Business
As mentioned above, there are a lot of benefits available with RFID solutions for your business. Here are some benefits mentioned below.
Tracking Assets and Managing Inventory
Tracking assets and inventory management are valuable aspects for your business to know that your products are on the right path to the consumers. The RFID solutions can track items from the time they are received in stores, issued to manufacturing, and used in a finished item. Also, you can immediately see how many items you have of any one type and their location or what stage they are at in the process.
Automating Process Saves Time and Money
RFID solutions can be used to automatically track the movement of goods and upload the information to the ERP or financial management system. With the integration of IoT devices, manual work can be automated which reduces labor costs and also saves time.
Improving Data Availability and Increasing Accuracy
Manually uploading and managing data can lead to errors but where RFID solutions upload data electronically errors are avoided and the accuracy of correct data is. RFID uses cloud-based systems that allow everyone in the organization to see up-to-date data on the whereabouts or status of items.
Increases Revenue Generation Rate
By improving inventory management, organizations using RFID solutions can provide a service that creates competitive differentiation and promotes increased customer satisfaction providing opportunities for higher sales and better margins resulting in increases in revenue generation.
Shorter Processes
RFID solutions-based technologies can be integrated with other manufacturing or supply chain technologies, such as automated pallet handling and stock picking systems, the Internet of Things, artificial intelligence, and other technologies to reduce the time from order to despatch and delivery.
Challenges with RFID Solutions for your Business
You can face some challenges with RFID solutions while implementing them in your business. Here are a few challenges mentioned below.
- Integration with the existing system is a concern with RFID implementation as it is not easy to adapt the existing system which takes some time.
- RFID technology can be expensive to implement, and the cost can vary depending on the complexity of the system. The cost of tags, readers, software, and integration can add up, making it challenging for small businesses to adopt the technology as they do not have enough capital to afford this.
- RFID solutions-based tags have very low storage capability that could be of little concern for storing detailed information about the product.
Read our trending blog: Using RFID for Inventory Management: Pros and Cons
Final Thoughts
We have seen the many aspects of RFID solutions that could affect your business in positive and sometimes negative manners. If you want to implement best RFID solutions in your business then you should have enough capital and also require a plan and professional implementation. Lastly, after the implementation, it is worth it.
There are many issues like security, storage, etc but with the developing technology, these issues will be resolved. Overall, RFID solutions can serve many benefits to your business and this is the most important thing. So if you can then surely go for this technology.
