What is RFID Inventory Management?
A company’s inventory is a complete list of items that it has in stock to sell. Keeping track of and managing a range of inventory items can be time consuming and potentially inaccurate when using manual or barcode methods. If no method is used to manage inventory, items will be lost and stolen, costing a company money and customer dissatisfaction if certain items are out-of-stock.
If an RFID system is properly setup and UHF RFID tags are attached to inventory items, an accurate inventory count can be taken in minutes for any given section. Because each item is uniquely identified, if one is missing, that item’s unique ID can be entered into a handheld reader and a “Geiger Counter” feature can help to locate the item if it is still onsite.
If this is your first time learning about RFID, or if you need a refresher, checkout our Beginner’s Guide to RFID (link).
Examples of Inventory Tracking
Electronics, Apparel, Sporting Goods, Food
Bandages, Disposable PPE, Medicine, Swabs
Cotton, Sugar, Leather, Components
What is Inventory?
A company that sells products invests their money into either raw materials to make a finished good, or into a finished good directly for resale. All of these items, either raw materials and/or finished goods that constantly flow in and out of a company makeup its inventory.
Why Do Companies Need RFID Inventory Management?
The value that a company can receive from individually tracking their inventory is almost unlimited. Placing RFID tags on individual inventory items, creates visibility, which can lead to a variety of benefits, such as a reduction in inventory shrinkage, 99.9% inventory accuracy, and in the long run, it can drive full price sales and better gross margins. Take a look at the graphic below to see how some of the more common benefits stem from the visibility created by an RFID inventory management system.
Which Industries Track Inventory?
All industries that have inventory have a need for inventory tracking and management. The most common industries to implement RFID inventory management systems are Retail, Healthcare, Logistics, and Hospitality.
Want to Read More about RFID Inventory Tracking & Management?
Check out these articles:
- RFID Inventory Tracking: How to Set Up Defined Read Zones
- What You Need to Know About Smart Shelving Units
- Auburn RFID Lab - Part 3: RFID Portals in the Warehouse
- RFID Loss Prevention: What Should you Expect?
- Product Diversion: How to Protect your Brand with RFID
What are Some Examples of Inventory Tracking/Management Applications?
- Herd Management - Uniquely identify and manage cattle and other animals.
- Hospital Inventory Control - Receive reports and take action on stock levels, reorder dates, and missing inventory.
- Jewelry Tracking - Manage and track individual pieces and sets of high value jewelry.
- Logistics & Supply Chain Management - Manage the flow of inventory in and out of and between facilities.
- Retail Inventory Management - Create retail inventory visibility to prevent out-of-stocks, shrinkage, and increase sales.
Hospital Inventory Control
- RFID in Healthcare: 8 Questions for the Development Process
- 7 Things You Can Track in Hospitals Using RFID
- Why RFID in Healthcare is More Important Than Ever Due to Pandemics (COVID-19)