In today’s business world, understanding your customers’ needs greatly impacts your business and affects how you manage your inventory. Keeping an accurate and real-time view of your inventory is one of the best ways to keep your customers satisfied and your operations competitive. In fact, 57% of companies state that their inventory management is one of the key components that gives them an edge over the competition.
While most manufacturers, as well as warehouses and distribution centers rely on barcode technology, RFID inventory management has the ability to offer new and more efficient opportunities to maintain your inventory.
Improves Inventory Visibility
Research shows that 69% of companies don’t have complete visibility within their own supply chains. To meet consumer demand, you have to know what is and isn’t in your inventory at all times so you can be proactive to meet the ever-changing demands of your customers. With real-time tracking through fixed RFID readers and antennas, you’ll know exactly what you have, as well as when and where your inventory leaves your facilities. Plus, returned items automatically get scanned back into the system as soon as they return. This helps your inventory management by preventing overstocking and understocking.
Reduces Labor Costs
One of the biggest concerns in logistics management is the inability to attract and retain qualified employees. In fact, 55% of logistics companies cite this as their primary concern. RFID inventory management can help you track your inventory with fewer employees. Because RFID systems operate on radio frequency, there’s no need to take the time for line-of-sight scanning. Inventory receipt and distribution can be performed by fewer people and in a shorter amount of time.
Store More Information
RFID tags can hold a large amount of critical data directly in the tag. Besides general identification, they can store information about the item including origin, measurements and shipping information. They’re also helpful in remote locations that may not have access to the inventory database. A simple scan will provide everything you need to know about the item without being connected to the network.
Track Your Inventory Assets
The returnable containers you use to move your inventory from one location to another can be expensive. RFID inventory management not only allows you to track your inventory, but it also tracks your inventory assets like containers, trays and pallets. Protect your investment and reduce the loss or theft of these valuable assets across your supply chain so they can be used again and again.
With new competition becoming more active in your industry, your inventory management needs to be as efficient as possible. RFID inventory management improves your inventory visibility, reduces labor costs, stores information critical to your inventory and tracks your inventory assets, too. MSM Solutions’ PortalTrack delivers the speed, accuracy and traceability you need to manage your inventory. To find out more about PortalTrack and how we can help you identify, track, count and manage your inventory, drop us a line. We’re ready to move your business processes into the 21st century.