Ensuring RFID’s Bottom line Payoff
How do you ensure RFID’s bottom line payoff?
by Barry Barcode
Radio Frequency Identification systems, or RFID for short, are becoming ever more popular throughout the world over the traditional standard barcode systems. Many companies have started to mandate that their suppliers implement RFID technology in their processes as part of their supply chain compliance program. RFID is expanding across all market sectors and applications, including health care, pharmaceutical, manufacturing, warehousing, logistics, transportation and retail.
The implementation costs (such as hardware, engineering consulting, opportunity and material costs) of RFID, however can be high; much higher than that of the traditional standard barcode systems. But, the rewards and benefits RFID can offer can be much higher as well. Therefore, it is imperative that if you have RFID systems, you maximize their potential so you can fully redeem your implementation costs and reap the rewards on your bottom line.
- supplier compliance
- expanding markets and opportunity potential
- increased productivity
- data collection and tracking
- data integration
In regards to data collection and tracking, with RFID data can be collected and shared via supply chain portals. Data can also be easily collected internally through multiple areas throughout the process, allowing companies to easily gauge production flow issues, address problem areas, and identify product or stock levels. Gathering this data and turning it into valuable quantifiable information, companies can use it to make timely supply chain decisions and dramatically impact their business.
Since RFID provides unique serialization for a product, load or pallet, companies are able to utilize the RFID data gathered as an electronic Proof of Delivery (ePOD) for their tracking and tracing delivery of their shipments. With this, companies can easily link their accounting processes to it and invoices are immediately sent out speeding up the accounts receivables payment timeframes, and thus improving their cash flows.
With RFID, data integration is also that much better and accurate. It is captured in electronic format and does not require human intervention or line of sight, unlike with traditional barcodes. This provides more accurate data, with less labor costs. As well, the storage size is greater and data can be modified or updated as required, providing more flexibility and potential.
For further information on RFID and to learn more about your options on your barcoding and labeling needs, call us as (800) 643-2664 and immediately talk to one of our friendly representatives; or chat us up on Facebook, Twitter, Google+ and LinkedIn!