Stock management refers to the processes of regulating, tracking, storing and ordering the inventory. It is also known as inventory control, inventory management or stock control. An organisation’s stock acts as a tie-up of capital. By managing stock effectively, it can free up capital. It is essential to understand what kinds of stock are available and what the demand is for each kind of stock. Maintaining reasonable levels of a stock helps balance the demand for surplus supplies against the need to reduce tied-up capital. Simply, RFID stock management is a novel methodology to keep all these processes automated.
Application of RFID in stock management
Each item in the shipments will have RFID tags or chips on them before arriving at the company warehouse. RFID alludes to a small tag-like electronic device consisting of an antenna and a chip. Chips can carry 2,000 bytes or less. A reader interrogates the tag by sending and receiving radio signals to and from the tag. By using special computer software, the reader collects and processes the information. It is possible to place readers throughout the warehouse or the factory to show when goods are moved. This includes both the pallets and the individual items.
RFID tags handle important information about each piece of that merchandise. Upon arriving at the destination, each RFID tag will transmit its data to the RFID readers in the warehouse. Throughout the receiving and storage areas of the facility, these readers are at strategic places to pick up the strongest signals.
Readers transmit data via electromagnetic fields and broadcast the information to a centralised warehouse management framework. The RFID tags allow the user to modify the information at any time and send it back to them for future recall. Using this technology, warehouse operators can perform tasks such as advanced inventory transactions and real-time counting of the assets. In this way, RFID stock management has revolutionised inventory control functions. With this technology, stock management is convenient, fast and precise.
Companies can deploy RFID to identify specific components and products within the stock management process. It can track them throughout the supply chain, beginning with production and ending at the POS or point of sale. Numerous applications of RFID in the inventory are elucidated here:
Goods receipt refers to obtaining and storing goods from many suppliers at once. So the act of storing and receiving appropriately at the beginning is critical to the process of stock management. With RFID stock management tags, manufacturers can assign a unique serial number to a certain range of products. This is to ensure that recalling is possible only for certain kinds of products. A warehouse must be proactive in the process of receiving and processing goods when they arrive.
It is helpful for facility managers to be aware of the location of stock in a warehouse. They also must know how much of a given asset there is in it. Besides, they need to recompile storage containers to allow for new stock. Or, they might need to coordinate certain zones as per the requirements of the clients. The RFID technology behind stock control provides the supply chain with smart insights. These, in turn, implement smarter processes, whatever the methodology of stock control is.
Any warehousing company strives to make sure that their customers know the timeframes and availability of their products. This is an important facet of business sustainability. With RFID, operators can ascertain an item’s history instantly. This allows them to track delivery times and anticipate periods of low availability.
Customisation and platform integration
Integrating contemporary RFID technology across multiple citadels such as desktop, web-based systems, mobile systems is convenient. It is possible to integrate RFID inventory tracking software with several ERP frameworks. This includes web services, FTP, XML, SQL servers, MySQL, Oracle, proprietary processes and WMS platforms. Thus, there is a concrete contribution of RFID to the knowledge management information in organisations. Besides, modern RFID systems enable operators to tailor their inventory management systems as per the specific organisational requirements. Thus, RFID stock management devices provide scalable solutions with particular area monitoring.
Benefits of RFID in inventory management
With RFID for stock management, you’ll gain precision, reliability, increased elevated sales figures and maximum customer satisfaction. The RFID stock management framework also permits you to see the current inventory levels. It also facilitates detailed information about the stock. This relates to the size, colour, model and quantity of the stock. Moreover, the tags increase security in the warehouse.
The application of RFID in stock management will increase regulation and visibility into the inventory. Using an RFID reader at the same time also reduces the counting time in inventory control. By using a handheld RFID reader, only one person is necessary to handle the stocktaking process. This is because the reader can scan multiple items simultaneously. Thereby, it boosts worker productivity, streamlines the inventory processes and reduces manual labour. As a result, organisations can orient their workforce on sales and customer services instead of on handling inventory. This way, the company also finds it useful to carry out the stocktaking process daily.
Faster scanning and improved visibility
It is possible to read RFID stock management tags from a distance. This is because they do not require any line of view like barcodes. As you can read them from any angle, you can see your inventory better. You can also see more frequently where your goods are.
Decreased labour costs
Labour costs in a distribution centre are responsible for 50-80% of its total expenditure. RFID offers benefits here as well. A few scans are all it takes to automatically count and verify without needing multiple employees. It is important to weigh the savings against the costs associated with investing in an RFID activated inventory.
Tracking of returnable assets
When it comes to companies using returnable fleets of assets such as containers and pallets, it can be a significant financial investment to protect. You can track these assets throughout the entire supply chain loop with RFID technology. This will also increase the visibility of the locations of inventory. As a bonus, this results in fewer thefts and higher returns.
Technowave’s innovation in RFID
Distributors, wholesalers and retailers always stock a wide range of goods. Technowave’s RFID stock management solutions enhance security and lend dimension to an automated stock control system. The RFID readers of the company can read tags from several metres away. In this way, including several tags at one time makes it possible to check an entire pallet load. Besides, overwritten tags make it possible for items to receive the updated information.
Technowave has ensured the utmost precision to its RFID technology. This can prevent understocking or overstocking of goods in the warehouse. This is especially important for items with a limited shelf life. Their products can reduce the claims, deductions and cost of inventory management. Overall, they can make the company’s supply chain more adaptable by saving energy and resources. Ultimately, it is all about enhancing organisational productivity.
RFID technology can help retailers set up inventory management without extensive training or expense. By installing an RFID inventory, stock-outs become unnecessary, regardless of the inventory size. It’s important to keep all your purchase histories, inventory check-ins, and inventory counts updated. Technowave’s RFID stock management solutions can automate all your laborious inventory management tasks. By utilising the company’s RFID solutions, your inventory is always in sync. So you can follow the sales process in real-time.