If your business is tasked with improving inventory control, then there are a number of options at your disposal. Some companies still run things like the 1970s; they have teams of people manually count inventory, hunt down misplaced items, and report on item locations. This approach takes a great degree of time, requires a lot of manpower, and companies waste money in the process. Today’s innovative companies invest in RFID for inventory control, a smart manufacturing practice that saves companies time and money.
What is Inventory Control?
Also known as stock control, inventory control is a process used to manage an organization’s various inventory levels. This could happen in the warehouse, or in other specified locations. Inventory control consists of item management from the time you unload them, stock them, and to the point they reach the customer. Inventory control also manages storage, movement and usage. The goal is to manage inventory levels to guarantee the right amount is in stock amidst purchases and returns. This strategy also enables supply chain improvements, and when done correctly and efficiently, it can save companies a great degree of time and money.
What is RFID?
Radio frequency identification (RFID) is a non-contact wireless technology utilizing radio frequency waves to transfer data from a tag to a reader. An RFID system comprises of antennas, RFID tags, and RFID readers.
How does RFID Improve Inventory Control?
When warehouse workers tag inventory items with RFID tags, they can automatically identify and track assets based on volume and quantity, location, and future movement as well as real-time movement. Identification technology is taken to the next level because, unlike barcodes, no line of sight is required to pick up and read the data.
RFID Technology Tracks Product Quantity
When supply chain managers and warehouse workers tag palettes or shipping containers, they have real-time information on how many units or products are in each bulk. Furthermore, when palettes or shipping containers are being moved from one location in the warehouse to another, or when they are being moved from the warehouse to the on-site storefront where they are unloaded and shelved, or to other holding areas. This real time information enables greater efficiency and enables operations to run with less manpower and therefore at a better overall cost of operations.
RFID Technology Creates Clarity for Price Fluctuations
The price tags on products fluctuate. From discounts applied to older goods to clear up stock in order to make room for newer products, to items that go on sale for the holidays, pricing is always moving. When workers use RFID inventory control technology, they can customize the data to reflect what the new shelf price will be, and when those items are to hit the retail shelf. In addition, RFID tags can be applied to goods on the store shelves that also have anti-theft features, and as each item is sold, the data goes to the warehouse letting teams know how much of the inventory needs to be moved back to the storefront.