RFID Inventory Tracking

KEEPS YOUR PRODUCTS, AND BUSINESS, MOVING

Keeping track of valuable stock and inventory in a fast-moving supply chain is made a lot easier, and more accurate, with the use of RFID technology solutions

Today’s modern supply chains are getting more agile and the speed of moving products from manufacture to sale is increasing. At the same time, the emergence of omni-channel retail has added complexity to both selling and storing inventory for sale.

For many businesses, keeping track of stock is cumbersome and time-consuming. Traditional stock takes literally stop business in its tracks for a period of time, as well as diverting staff time and energy. On top of that, manual stock counts are prone to counting errors, reducing their efficacy.

RFID inventory tracking solutions are the answer to this problem. Using a combination of RFID tags, readers and software, businesses can track inventory at an item, carton or pallet level to maintain an accurate inventory count at all stages of the supply chain.

Real-time data negates the need for time-consuming stock takes, and more accurate data ensures better and faster business decisions.

Don’t be held back counting stock

One-off annual stock takes, or more regular, smaller cycle counts, have typically been used to check inventory levels and location. But they require business to effectively ‘stop’ while the counts are done. The larger the amount of stock or inventory, the longer this process takes, and the more staff time and effort is required to complete this tiresome task.

Exacerbating this is the notorious inaccuracy of manual counts due to human error or misplaced stock. Errors render the process less than effective and can lead to poor decisions being made, unnecessary replacement of stock, or the inability to meet customer orders.

With retail businesses moving faster than ever before to meet customer expectations and stay one step ahead of the competition, automation is key to keep business moving, improve accuracy and free up staff time for more productive tasks.

How RFID technology keeps your inventory and sales on track

The ability to tag and track inventory from production to warehouse to store or direct to customer is a game-changer. A whole-of-supply chain view is facilitated by RFID inventory solutions that start at the point of production or manufacture.

RFID tags are affixed to products before they are shipped, often to intermediate distribution or warehouse facilities, on their way to company warehouses and/or stores, or direct to customer in the case of e-commerce sales.

Strategically-placed RFID readers are used throughout the entire supply chain to pick up the movement and direction of stock, providing real-time location and count data as stock moves from source to sale.

Tying it altogether is RFID software that provides a simple dashboard view of where all inventory is located (or easy integration to 3rd party systems) providing accurate counts for all stock items. RFID inventory solutions are proven to deliver greater than 99% inventory accuracy, helping ensure the right products are in the right place at the right time.

Making inventory tracking faster and easier

RFID technology is different to traditional methods that use serial numbers and barcodes. In particular, these methods require very close proximity to record individual stock items.

Some of the major benefits of RFID technology for inventory tracking include:

  • Many tags can be read at once without requiring close proximity or direct line of sight.
  • An entire room of inventory can be scanned within minutes.
  • Item level identification of each item
  • RFID can provide pinpoint location information.
  • Inventory and stock-take time is reduced considerably.

On track for omni-channel success

Omni-channel is the business model of all modern retail businesses. Managing a more complex retail environment with physical and virtual e-commerce stores is made much more efficient with RFID inventory management solutions. The ability to identify where inventory is located in real-time, as well as moving stock around to where it is needed (or likely needed) in the near future is one of the major benefits of RFID technology. Online sales, retail sales, ship-from-store and in-store pick-up are all made easier when there is complete visibility in real-time for all inventory.

Accurate inventory tracking to item level

Business can choose the level of inventory tracking, right down to individual items of stock. Receiving, picking and ordering can be automated as stock moves in and out of the supply chain while providing more control over shrinkage and stock loss.

Better reports, faster

Accurate data collection is critical to make better business decisions, faster. RFID inventory solutions improve reporting accuracy and stock management, while ensuring sales floor (or online store) replenishment for prompt stock turnover and increased customer satisfaction.

Streamline warehouse processes

Rapid movement of stock in and out of warehouses is critical for turnover, productivity and efficiency. Less time spent counting stock means more time spent selling and shipping it, along with reduced labour costs. And knowing exactly where all inventory is located in real-time allows an efficient omni-channel approach, streamlined from ship to store.

Slash out-of-stocks

Better inventory tracking with RFID technology can cut out-of-stocks by as much as 50%. This directly increases sales and helps keep customers satisfied and spending.

Hold less safety stock without risk

Safety stock that is held as a buffer in case manual stock counts are wrong is a drain on working capital. RFID inventory tracking solutions enable a reduction of inventory on hand while still meeting customer demand. This frees up working capital to invest in other areas of the business.

Cut inventory and stock shrinkage

Inventory tracking down to item level using RFID technology solutions can slash shrinkage and stock loss by more than 50%. This reduced replacement costs and eliminates the need for expensive and time-consuming audits.

Customised RFID inventory tracking solutions for every business

Inventory can be accurately tracked using RFID tags and technology solutions that are customised for different businesses depending on their specific needs and their particular circumstances. Using proven RFID technology and a combination of tags, readers and software, RFID solutions can be customised to suit the particular needs of every retail business.