RFID Applications in Asset management:
Assets are important business tools, so basically if asset are safe the company flourishes and there will be enhancement in productivity.
- RFID Technology is used in tracking assets of critical value, there will low human interference so low margin of error.
- Increases the productivity of a company, as they can track the availability of the product and track the productivity of asset in a month or year.
- Improves the asset maintenance.
- It is more secure; as the tracking is based on RFID you can’t even loose a single unit of your asset.
- Increased Efficiency
- It reduces the operational cost; you don’t have to use more man power for managing the asset. Based on the RFID tag they will be placed at the right place.
Some examples of RFID Applications in Asset Management:
- Container yard
RFID Technology can be applied to manage any of the assets in these areas.
RFID Applications in Attendance management:
The management of work place attendance is an important aspect of supervision in the work place. Effective supervisory efforts will result in substantial savings and increase productivity.
Classroom Attendance management system:
The students are tagged with RFID tags; there is an interrogator at the school gate or at the entrance of each class room. Students passing through the gate or classroom are identified by the RFID reader. The data read by the tag is passed onto the controller in the server room and data will be stored in the database.
Employee Attendance management system:
The employees will be tagged with RFID tags; there will be a RFID reader at the gate of the company. Employees coming into the company are identified base on their RFID tags. Employee’s authentication is stored in the database at a central server. The database can be accessed by the controller.
Advantages of RFID in Attendance Management:
- Centralized collection of data.
- Efficient management of data.
- Increase in the productivity.
- Class and Department Allotment become much easier.
RFID Applications in Supply chain management:
Supply chain management has become increasingly complex demand for fast turnaround, comparative pricing, diverse product selection and availability and customization present big challenges for today’s manufactures. The effectiveness of supply chain management has definitely improved and total inventory cost has been lowered. It has also been noted from companies that there is a good percentage of customer satisfaction. RFID technology can also be used to increase throughput, reduce shipping errors, and cut labor costs.
How RFID and supply chain management system works:
- Reader triggers a signal
2. Antenna sends the signal
3. Tag responds.
4. Reader recognizes the tag and notifies the RFID middle ware.
5. The RFID middleware applies local business logic.
6. The RFID middleware possess filtered, clean information to the asset management application.
Benefits of RFID:
- Better inventory control
- Minimize product shrinkage
- reduce cost
- transmit data and remotely storing
Better Inventory Control:
This can be achieved by process of automation in shelving the product , cross-docking of product, and picking it,
- RFID updates inventory quantities
- It tracks inventory visibility
- Provides information of stock and avoids out of stock message.
The product shrinkage is a constant issue especially for high volume products, this can be easily controlled by RFID technology. RFID Technology is able to control the movement of goods which improves the security threat and also prevents theft.
You will get an accurate potential return on investment. RFID automates the data capture, by which we can cut down
- Labor operating cost.
- Reduce claims and deductions of products cost from customers.
- Out of stocks cost.
- Logistics cost
For example: Wal-Mart invested nearly $3 billion in the RFID Technology system and saved approximately $8.35 billion annually.
RFID Applications in Health Care:
- RFID tamper-proof wristbands on patients provide accurate identification for access control and security.
Examples: Use of these RFID wristbands has reduced the opportunities of baby-snatching and kidnapping in hospitals of United Kingdom. Almost Alzheimer’s disease uses RFID readers to lock down their doors and alarms if any patient is trying to wander through.
- RFID is used in tracking of Medical Dispensary, Blood bags, Laboratory samples. Use of this RFID Technology in Health Care saves the time and improves accuracy as it automatically records the movement of items and error free as the human intervention is low.
Examples: A children’s Hospital named Lucile Packard used RFID technology to track the location of the patients and makes sure that they won’t be removed without permission.
RFID Applications in Retailing:
A large amount of retailer’s even suppliers are currently using RFID Technology. Many retailers are actually using this technology in order to improve supply chain visibility as well as to reduce out of stocks.
RFID Applications in Payment systems:
There is actually significant growth and opportunities to strive contact less payments. Use of RFID Technology can actually avoid this.
RFID Applications in Security Access and control:
RFID automated access cannot be cost effective but it can be secured to use. It actually provides excellent security and even though that is probably a basic function but you can use it in providing time and attendant information in business for security purposes.
Cost of implementation of RFID Technology:
Implementation costs of RFID Technology can be as low as $15K for small vendors and up to $400K for large vendors. It is not fixed as it depends upon the size and number of facilities.
Where does the cost come from?
- Hardware requires – 44% of the cost.
- Existing Applications take – 22% of the cost.
- Intangibles take nearly – 21% of cost.
- Storage and Analytics takes – 13% of cost.
RFID Technology has limitless possibilities and its popularity is increasing too fast.