Technology is taking various shapes and forms every day. With the businesses growing at an express speed, you need to widen up your visibility to look into every nook and cranny of your organization and learn what all you can do to improve the business sales effectively.
The discovery of such an effective technology has now come in the form of modernized Retail RFID solutions that paints a new picturesque for stock and inventory management. By incorporating RFID solution in your supply chain management, you can keep a complete check over your inventory count and its retail.
RFID or Radio Frequency Identification is a device that is composed of different parts: an RFID tag which is basically a microchip that is used to store information and another component is RFID Reader or “interrogator” that can catch the information on a product from a distance from the tag. The detail on the tag contains a read-only unique identifier that contains wealth of details such as the history of product and others that is actually stored in the database of the office to cross-check the product while it is bought from the store.
How does RFID works?
Working with RFID requires three parts in all:
- A scanning antenna
- A decoder to analyse the data
- A transponder that contains the information
These scanning antennas are affixed at a certain designated location that can be of various shapes. Whenever an RFID tag passes from the field of scanning antenna, it catches the signal from the antenna and replies by transmitting the information to the scanning antenna. Apart from this, there are further two types of RFID tags: Active and Passive. Active RFID tags have their personal power source and the signal could be detected from a much far away distance. While in a Passive RFID tag, there are no power sources involved thus having a very smaller life span
RFID are used in various fields exhaustively leaving a prominent impact on every business solution, providing major cost benefits to business eventually.
- Safety & security: With the addition of RFID in inventory management, the probabilities of theft and fraud are highly reduced. The customers who are purchasing various products from the retail shops are tracked and traced providing the businesses an account of the thievery that occurred on their site. These RFID tags can work as a symbol of authentication if you have made an accidental purchase of pirated software or CDs. These actually provide an identity to the product that helps in time to search for it if it goes missing from the site. Many government agencies and corporations have started the use of RFID codes on their documents to make it more identifiable for them to search. Not only in retail, but many hospitals are also using such RFID solutions to keep track of the medicines for a particular patient through their code identification.
- Keeps the data transparency: When you are using RFID codes on any product or animal, it eventually gets an identity and takes a proper place in the database of the back office. Not only this, the data of the product is available for everyone to access and thus everyone gets a chance to observe the accurate data associated with the product. Even the data could be modified accordingly whenever any update is brought about.
- Increases work efficiency: The real time scanning and supervision of the stock or inventory within a closed loop system grows the visibility of the product exponentially that can cut down the amount of workforce that was previously required in its management. The operational efficiency of an organization is thus improved, where you have to focus on the major business aspects.
- No paperwork involved: With the advent of RFID technology, it has become easier for the user to keep the count over his stock and inventory in a diligent manner. The work which was used to be a very time-consuming and tedious one, now seems to have taken up a quicker route with instant record tracking.
- Simplification of Complex Process management: The workflows within an organization is a complex one with various supply chains that an inventory has to go through before making its place in the enterprise. The entries and records, all these processes have been simplified with the implementation of RFID in them.