The biggest investment for any company is its assets from office electronics to heavy machinery; everything a business owns is an asset. It is important to keep a track of all your assets and maintain and inspect them regularly. Radio Frequency Identification or RFID is a very cost-effective solution for asset management. It allows you to automate the tracking system while reducing manual labor and time. The RFID tracking system is designed to read the individual RFID tags attached to items automatically. RFID scanners can be fixed or mobile depending upon your needs and they can read the tags and update the central system at the same time.
These systems modernized the lengthy spreadsheet systems and bulky documentation. This technology is now used in every business be it retail, logistics, manufacturing, or even healthcare. There is a significant change in the market in the last decade and RFID systems are estimated to be worth more than thirty-six billion dollars by 2025 globally. RFID systems come in handy for inventory management.
How RFID works?
The radio frequency identification systems work by loading a tag with data and attaching it to the asset which is scanned by the system later. The basic tools needed for this system include
- RFID tag which contains a unique identification number and data about your assets.
- An RFID reader which has an anteena, and a handheld or fixed reader.
- RFID database system that is equipped with an RFID database.
Data is stored on the tag with a unique code and the tag is attached to your asset. An antenna that is wirelessly connected to the RFID reader detects the tags and the reader then sends its data to the system to be stored. The whole process is fast and reliable and the system will maintain the record for you without any hassle. RFID tags can be battery-powered or they can be powered by the antenna depending upon the system you choose. They can have a range of 150 meters with the reader.
RFID systems are making asset management look like a dream and some of the benefits of these tracking systems are listed below.
Time management
The RFID technology is mainly automated so it helps in keeping the record in less time. RFID tags can be scanned multiple at a time, unlike barcodes which have to be scanned one at a time. It is a smooth process that keeps the data flowing without much human interference. It can help manage large inventory quickly and efficiently without physically examining anything so it is very helpful for any business.
Cost reduction
The use of RFID is very cost-effective for companies. It can manage big warehouses very easily without any manual labor requirements. The manual labor cost is close to nil as the process is automated. Due to this system, the unnecessary cost of ghost assets is minimized because the assets are counted via tags. The savings you make while using RFID systems help the company grow and also recovers the cost of installing the system in no time.
Workspace potency
Because of RFID tags the inventory space is used to its full potential because the manager knows the availability and transaction of every item. The process is not manual so it is perfect for the new normal social distancing scenario. The assets are scanned without any physical touching so it’s a safe and sanitized way of scrutinizing assets.
Analyzing the data
RFID systems help manage data for the positive development of your company. The data that you gather through RFID tags helps in knowing the patterns of sales, needs, product seasonality, and even estimated time of failure. A tag can provide all kinds of data and then the company can choose which one to analyze.