The Role of RFID in Asset Management: Key Benefits and Best Practices
Across industries, asset tracking and management are improving thanks to the recent technological boom. Technologies like Radio Frequency Identification (RFID) are becoming increasingly popular as they make asset management much more convenient.
RFID technology uses electromagnetic frequencies to transmit asset information, including location and status. It has transformed how companies track, secure, and tally their assets. It is a huge step forward from spreadsheets, barcodes and other tedious manual methods with the possibility of error.
This blog discusses the role of RFID in supply chain and asset management, highlighting a few key benefits. It will also take you through some best practices for implementing this technology.
Benefits of RFID Asset Tracking
Irrespective of the industry, RFID plays a vital role in efficient asset management. It offers several benefits, some of which are listed below.
Automated Processes
RFID reduces manual labour by automating the tracking process, saving time and costs. RFID tags can be attached to individual items to keep track of them.
The check-in and check-out processes are also automated by fixing RFID readers at the entry and exit points of the facility. RFID tracking monitors and records incoming and departing assets. This ensures smooth movement of goods and streamlines operations.
Traceability
RFID systems allow you to trace items throughout their lifecycle. It documents everything from the asset’s purchase to departure from the facility. It also ensures that all the goods have passed the necessary checks and are compliant.
Enhanced traceability means the chances of goods being lost or misplaced are low, saving replacement costs. Thanks to real-time updates, organisations will always have reliable and current information on the location and status of items.
Security
RFID tracking allows organisations to track their assets at all times. So, if an item is moving into unauthorised areas, you will be alerted through notifications. This helps prevent theft.
Moreover, the database can also record who accesses the assets. This helps prevent unauthorised access and ensures compliance with protocols.
Saves Resources
RFID tracking reduces costs and saves a considerable amount of time. Automation helps reduce labour costs, while increased accuracy reduces costs due to human error. Moreover, better asset tracking and enhanced security reduce losses.
This technology also saves a lot of time. RFID allows you to make bulk updates in the tracking system. For instance, data from multiple items can be read and transmitted instantly during inventory, checkout, or other processes.
Best Practices for Implementing RFID Tracking
Here are some best practices to ensure successful deployment and ongoing efficiency:
Conduct an Audit
Before adopting RFID technology, assess your current systems and identify areas where RFID could change positively. Also, conduct a thorough audit of your assets and identify assets that need to be tracked.
Define Your Goals
It is necessary to outline your goals, motivations, and objectives. What are you hoping to achieve by implementing RFID tracking? Answering this question will guide your RFID deployment plan.
Choose the Right RFID Tags
Choosing the right RFID tags and readers for your organisation is very important. Some factors to consider include your environment, type of asset, compatibility with your RFID system, and durability. You can try different tags and readers to see what works best for you.
Tag and Reader Placement
Make sure to place tags in consistent, accessible positions for unhindered reading. Place RFID readers in optimal positions for tag detection. Avoid proximity to materials that can interfere with RFID signals.
Monitor and Optimise
Track metrics like efficiency gains and Return on Investment (ROI) to identify areas for improvement and optimise your RFID implementation.
Bottom Line
Undoubtedly, RFID tracking is a game-changer for asset tracking and management by improving accuracy, visibility, and overall productivity. However, while implementing this technology, organisations need to employ certain practices to maximise the benefits of RFID.
Consider the solutions provided by Quinta to optimise your supply chain operations and unlock new levels of efficiency.
