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Inventory Managment

Inventory Management

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.

Examples of Inventory Tracking

Retail

Electronics, Apparel, Sporting Goods, Food

Medical

Bandages, Disposable PPE, Medicine, Swabs

Raw Materials

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:

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.

Recommended Reading

Herd Management

Hospital Inventory Control

Retail Inventory Management


Authentication

Kiosk

Shipment/Order Verification

Vehicle Identification

Marketing

Near Field Communication (NFC)

Internet of Things (IoT)

Interact with Vehicles

Tracking Assets

File Tracking

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IT Asset Tracking

Laundry & Textile Tracking

Preventative Maintenance

Returnable Transit Items (RTI)

Tool Tracking

Transportation Asset Management

Library Asset Management

Managing Inventory

Herd Management

Hospital Inventory Control

Luxury Inventory Tracking

Logistics & SCM

Retail Inventory Management

Vehicle Inventory Management

Data about People

Attendee Tracking

Race Timing

Sports Metrics

Tracking Attendance

Data about Objects

Telemetry & Sensor Monitoring

Tolling

Vehicle Data

Access Control: Buildings

Access Control: Vehicles

Access Control: Neighborhoods

Event Management

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