In the ever-changing world of inventory management and stocktaking, there is a continual emphasis on enhancing efficiency and productivity. Companies of all sizes are routinely assessing their present capabilities and looking for methods to extract as much utilisation as possible out of their infrastructure while trying to embrace technology that might boost their performances to new heights.
Radio-frequency identification is one developing technology that has gotten a huge amount of attention, and RFID inventory management has the power to reshape the stocktaking industry. Let us look at what stocktaking is and how RFID asset tracking technology simplifies it.
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What Exactly Is A Stocktake?
A stocktake is an act of reviewing your goods — how much you have in inventory and the quality of the items – and analysing the results in a report.
A stocktake aids in inventory control. For example, if you sell food, you’ll need to know when things are set to expire so you can replenish the shelves as needed.
The frequency with which you should do a stock take is typically determined by the sort of commodities you sell. As previously said, food and beverage establishments should conduct regular stock checks because their products are perishable.
Other enterprises, however, may choose to conduct an annual stock take – it all depends on the nature of your organisation.
A stocktake will assist you in the following ways:
- Maintain track of your inventory.
- Check to determine if your ordering procedure is effective.
- Decrease overstocking or stockouts (when you run out of goods to sell).
- Identify problems, such as difficulties with your supplier or theft.
Retail And RFID
A retail revolution has been in the works for almost a decade. RFID technology provides answers to many of the problems that merchants face. RFID, or Radio Frequency Identification, use tiny chips or tags attached to individual inventory items that hold a large amount of data that is communicated to RFID readers using extremely minimal power (or none at all).
Essentially, these tags can be read from a distance, which means that waving an RFID scanner around a room full of products may return extremely precise findings rapidly. According to RFID Journal, RFID technology enhances average inventory visibility from 65 per cent to 95 per cent.
Furthermore, the use of RFID technology for inventory management systems has the potential to extend through the supply network. RFID tags inserted at the point of manufacturing, and fixed RFID readers strategically located at important locations throughout the supply chain, allow for precise and real-time stock assessments as items move from manufacture to warehouse to store to sale.
Specialised software, as part of full RFID solutions, completes the picture by delivering real-time information to the relevant stakeholders via dashboards, allowing them to make better, more educated business choices with correct data at their fingertips. RFID asset tracking allows merchants to know where their inventory is and where it needs to be to satisfy customer demand.
RFID Tags For Stocktaking
RFID technology for inventory and stocktaking control necessitates the use of a scanner that communicates with RFID tags through radio waves. The tag itself incorporates a microchip that enables the reader to read data as well as write data to the tag for in-place real-time updates. For safety, each tag is encased in a material such as plastic or paper and may be mounted to a range of substrates for tracking.
The majority of RFID tags used for stock management are passive RFID tags, which means they have no battery and are powered by the radiation of the RFID readers. Active tags are powered, more expensive, and utilised for long-distance tracking of machines such as trucks and railway wagons.
Advantages Of Using RFID Tags For Stocktaking
RFID tags for stock management have various advantages, including lower production costs and faster processing. Here is an example of how RFID tags may help with inventory management.
Gives You Insight Into Your Company
RFID technology detects things and items by sending radio waves to the item’s tag, which the RFID reader registers. This technology also determines the item’s whereabouts, whether it is in cardboard or the back room. The technology’s major goal is to assure the availability of a given item while also keeping it safe and secure within the premises.
Improved Visibility And Scanning Speed
Because RFID tags do not require a “line-of-sight” scan like barcodes, they may be read from a distance for rapid inventory tracking. They can also be scanned from any angle and provide you with increased visibility into your goods, as well as the possibility of more regular updates and scanning options via RFID printers and readers.
Less Production And Labour Expenses
With labour expenditures accounting for up to 80% of supply chain costs, RFID technology has the potential to save money in this area. Stock check-in, numbering, and shipping verification can all be done swiftly and accurately with only a few scans, eliminating the need for many people to handle them. These cost reductions must be balanced against the investment in RFID solutions and technology.
Returnable Asset Management
Companies that use a returnable fleet of goods, such as containers and pallets, frequently have a considerable investment capital to preserve. Using RFID readers, you can trace these assets along the distribution network loop and gain more visibility into stock locations. This has the additional benefit of increasing returns and decreasing theft or negligence.
Protects Against Loss Or Theft
With RFID inventory management, you can identify goods, their whereabouts, and other movement data. This understanding helps you to avoid losing goods and provides you with deep knowledge of their activities. Monitoring the movement patterns enlightens you on the specifics of the theft. Furthermore, if you know the specific time and location of the crime, you may corroborate the theft of your valuables using video recordings.
Automate your company’s stock control effectively with RFID technology. The system places your things in order and makes them visible across the supply chain. Increase workplace efficiency by replacing assumptions with observations, guesses with facts, and confusions with assurance.
RFID technology services from a reputable RFID company have proven to maintain important stock and goods trackable in a fast-moving distribution network. Businesses can better satisfy consumer demand with higher accuracy and real-time information, enhancing customer happiness and retention. Contact the finest RFID specialists in Australia now to achieve your business goals!
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