Prompted by the technological boom of the Internet of Things (IoT), Radio-Frequency Identification (RFID) has become a must-have tracking technology for organisations that rely heavily on their assets. From tracking airline luggage to improving retail security, the ability to connect physical assets to data collection tools like Asset Tracking Software has proven nothing short of revolutionary.
RFID asset tracking has proven to be a ‘go-to’ technology as companies strive for complete management of their revenue-critical assets. With benefits that include reduced labour time and real-time location tracking, it’s no surprise.
What Is RFID Asset Tracking?
In its most basic form, RFID asset tracking is a method of automating the process of managing and finding physical assets. It works by loading data onto an RFID tag and attaching it to a relevant asset. This information can range from name, condition, amount, and location.
An RFID reader can capture the stored data by using the RFID tag’s repeatedly pulsating radio waves. Eventually, it will be collected in a sophisticated asset tracking system where it can be monitored and acted upon.
Benefits Of Using RFID To Track Your Assets
A rise in consumer and stakeholder expectations has reinforced the need for asset-heavy businesses to implement effective asset tracking solutions No matter what size, type, or industry your business is categorized in, all objectives are relatively similar when it comes to the management of assets. You need a tracking system that is going to:
- Reduce costs
- Increase asset visibility
- Maximise workplace efficiency
- Improve customer experience
The three key benefits of RFID tracking include:
Reduces Costs and Labour Time Through Automation
The use of RFID for asset tracking, whether in transit or in warehouses, enables businesses to monitor the movement of goods automatically. This eliminates the need for manual tracking methods like spreadsheets, effectively reducing employee labor time and human intervention.
Provides a Good Return On Investment (ROI)
The relatively low cost of the tools required to deploy an effective RFID asset tracking software makes it accessible to businesses of all sizes. RFID allows not only large companies with multiple locations and warehouses to install RFID, but also small and medium-sized businesses (SMBs).
Reduces Loss and Theft of Assets With a Real-Time Locating System (RTLS)
Businesses can triangulate the exact location of their assets by deploying multiple RFID readers and antennas. Resulting in real-time and accurate location data. RTLS not only helps to reduce replacement costs, but it also helps to reduce the manual process of locating assets and wasting hours.
Other Types Of Asset Tracking Technology To Consider
With 8 billion tags bought in 2017 alone, RFID is a well-known asset tracking technology with a track record of increasing inventory accuracy to 95% or better. However, there are other forms of asset tracking to consider:
This was the first asset tracking technology. It is very cost effective while also being effective and dependable. The issue with barcodes is that they must be properly aligned in a straight line with scanning devices in order to be scanned and retrieve information. If the Barcode tag has been tampered with, the scanner will be unable to scan the Barcode and retrieve the associated data.
GPS tracking was originally used for fleet management. GPS tracking enables you to track your assets anywhere in the world. It efficiently monitors your assets and inventories. One disadvantage of GPS tracking is that it consumes a lot of energy and is ineffective for indoor tracking.
The Internet of Things (IoT) depicts a network of physical objects, also known as “things” in this context. These objects or things contain sensors, software, and other technologies. It always provides real-time asset information.
How RFIDs Are Providing A Holistic Approach To Asset Management?
When a company owns multiple identical fixed assets, it is all too easy to make mistakes by creating duplicate asset records or failing to dispose of the correct asset when identical assets are dismissed.
How Technowave Can Help You Choose The RFID Tag?
When deciding which type of asset tracking system is best for you, you should consider what type of system is commonly used in your industry.
With easyTrack Asset Management, you can use our built-in designer to create your own RFID stickers and scan RFID using offline asset tracking mobile apps to get all asset related information.