As critical to operational success as accurate inventory tracking is, accurately monitoring inventory can also ensure reliable reporting on product performance; uncover employee theft (a $94 billion problem in the United States); or delay reordering of lifesaving medication. Inaccurate data could result in inaccurate reporting; create employee theft opportunities (an estimated problem worth around $8 billion annually in the US); or prevent lifesaving medication from being restocked in time.

RAMP RFID Solutions can help eliminate these challenges with more reliable and accurate data. Discover more about how these technologies operate and how they can assist your business.

Real-time Data Collection

RFID and IoT technologies enable real-time data collection. Tags transmit their location and condition information directly to an interrogator or scanner for instantaneous access by management systems – eliminating transcription errors and duplicative data entry, shortening inventory counts and other operations significantly.

Real-time data collection also offers greater insight into supply chain operations and production processes, providing better transparency for supply chain operations and production processes. By tracking components or materials throughout production lines, RFID reduces waste by keeping accurate records of their current states.

Example: A football helmet manufacturer employs RFID technology to accurately track each helmet component and ensure it satisfies regulatory standards before leaving production and being shipped out to customers, thus assuring all products meet quality requirements throughout and eliminating costly shipping or inventory delays, helping keep prices affordable for consumers.

Improved Inventory Accuracy

RFID solutions allow companies to manage their inventory and supply chain operations more easily, as data from each item collected automatically is sent directly to a central database without the need for manual tracking processes – saving workers time while making processes more efficient.

With access to detailed inventory information, companies can streamline warehouse and third-party logistics provider (3PL) operations, reduce shipping errors, reduce expediting fees, detention charges and compliance penalties, as well as improve inventory accuracy via RFID technology’s reduction in cycle counts for more precise tracking – this also allows for automate reorders at safety stock levels without physically counting inventory levels!

Retailers such as Zara use RAMP RFID Solutions to enable buy online pickup in store (BOPIS) services for customers, reducing checkout times by 20% and improving shopping experiences. Furthermore, RFID allows retailers to track each piece of merchandise so they know which colours and sizes are popular with their target customer demographic; so they can remarket these pieces accordingly. It can also reduce stockouts in stores by improving inventory visibility, optimising supply chain processes, and supporting demand forecasting processes.

Increased Productivity

Retail chains and stores have responded to changes in consumer shopping behaviour by creating operational use cases such as click-and-collect, curbside operations and “dark stores” which serve as fulfilment centres or fulfilment points. RFID tagging technology enables these services, helping improve productivity by decreasing inventory-related labour hours while simultaneously increasing accuracy.

Alvero Furniture Rental Company uses RAIN RFID to track their warehouse stock more efficiently by knowing exactly where their inventory is always, eliminating manual paperwork while providing an easier method for asset tracking.

RFID’s potential in manufacturing can also include tracking the movements of expensive capital equipment used on production lines – such as injection molds or machining tools – to prevent theft, damage or loss. RFID makes this task far simpler as tags can automatically read and upload their information without human involvement resulting in considerable time and efficiency savings.

Improved Accountability

RFID solutions increase accountability through perpetually accurate counts of items on hand – helping hospitals ensure lifesaving equipment is available to staff or tracking inventory on shop floors. Lost assets cost the American Auto industry an estimated annual loss of $750 Million while job site theft costs Construction companies $1 Billion each year.

RAMP RFID Solutions can also be employed to ensure secure chain-of-custody transfer of sensitive information, such as patents, customer records and proprietary materials. By using hardware that requires login access or employing two-person or three-man rules that only the appropriate personnel have access to this sensitive data.

Retailers are increasingly turning to RFID in their warehousing and storage systems to improve inventory accuracy from warehouse shelves all the way down to individual product units in store. This enables retailers to improve customer experience by shortening checkout times, providing more product insight, identifying their highest traffic end caps and learning about customers’ paths throughout their store, while simultaneously improving employee efficiency and tracking customer footfall in real-time.