The process of managing products in a retail store by using RFID tags, software, and readers is known as RFID inventory control. RFID technology has revolutionized inventory management and stock control. RFID for inventory control provides easy, fast, stock reliability, increased customer satisfaction, improved accuracy, and increased sales. The RFID system involves the placement of RFID tags on items that emit signals to the reader which are then processed by an application to generate real-time results for inventory levels, individual customer purchase order history, stock taking, or transactions. Here are the benefits of using RFID in inventory control.
Increase on-shelf availability
The inventory control process manages all incoming and outgoing products in an online or retail store. This reduces time on stock management tasks such as physical inventory, cycle counts, and manual refill calculations. Through backstock guidance and monitoring, RFID inventory control drives increased on-shelf availability.
Tracking of returnable assets
For those companies that utilize a returnable fleet of assets such as pallets and containers, there is often a significant capital investment to protect. Utilizing RFID allows one to track these assets through the entire supply chain loop as it provides increased visibility on inventory locations. This has reduced theft or neglect and added the benefit of improving returns.
Reduced labor costs
Without the need for multiple employees to process them, RFID offers potential benefits in shipment verification, inventory check-in, and counting as these can be done very quickly and automatically in a few scans.
Faster scanning and improved visibility
It is possible to read RFID tags at a distance for fast inventory processing since the tags do not require a line of sight scan. They give you improved visibility into your inventory as they can also be read in any orientation with the potential for more frequent scanning locations and updates.
Increase inventory accuracy
Compared to manual inventory checks and traditional inventory tracking methods, using an RFID inventory system has proven to improve inventory accuracy in some situations. There are some benefits to implementing a more automated system especially in the retail industry, where maintaining inventory accuracy is an ongoing challenge. In some cases, the implementation costs of RFID technology may outweigh the benefits especially, in a warehouse environment.
Prevent losses
It can be difficult to track all the losses that may occur especially if you have several inventories and stores. By integrating RFID you can know the location and movement patterns of each item, therefore, preventing losses.
Strengthen customer service
Today, customers expect easy check-out, instant customer service, and easily accessible information. Therefore, if your stock numbers are unreliable and uncertain, every item will not be visible in the warehouse and on the floor. Using RFID has strengthened the customer service as the technology gives insight into the inventory and makes it possible to make all items available to the customers no matter where they want to buy. Therefore, sales staff can spend less time searching for product availability and placement, providing the best conditions for good customer service.
Conclusion
Throughout the supply chain, implementing RFID technology will streamline inventory control so that all items are visible and known.
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