With increasing complexities in the work process, managing inventory has become tough and important too. An inventory management system helps a company to have clear insights into the stock in hand; it prevents stock surplus or its shortage, stock security and quality management. Inventory visibility and control are keys to maximizing throughput and boosting productivity. Radio frequency identification (RFID) is a technology which creates visibility and helps in controlling the inventory at the warehouse.
RFID technology helps in the identification and recording of individual products and components, and to track them throughout the verticals from production to point-of-sale. This process does not require direct line-of-sight and it creates visibility of stock in hand, thus helps proper utilization to it. Every movement of the inventory/stock can be automatically stored on the system with the help of this technology.
Radiofrequency Identification tags help in managing inventory. RFID technology uses radio waves to transfer data stored on RFID Tag to the system. RFID Tag is customized in different sizes and frequencies as per the requirement of the application. Daily RFID technologies manufacture RFID Tags with a tiny microchip, which can contain a range of digital information about a particular item.
Benefits of Inventory Management using RFID Technology:
· Enhanced productivity through real-time visibility of inventory.
· Every movement of inventory in and out the store can be tracked.
· Reduce chances of over-stocking or under-stocking.
· Optimum utilization of resources.
· Helps in reducing inventory storage cost.