Using RFID Technology To Improve Stock Visibility & Accuracy
91% of businesses are forecasted to use RFID technology for inventory management systems by 2028, according to Zebra Technology's Vision Study.
The question is: why is RFID technology proving to be such a valuable tool for inventory management processes?
This blog will explore the impact of RFID technology on stock visibility and accuracy, while highlighting one particular case study where RFID has delivered transformative results.
1) RFID Technology For Inventory Management
2) How One Multinational Retailer Transformed Stock Accuracy Using RFID Technology
3) MiTEQ: Specialists In Real-Time Location System Integration
RFID Technology For Inventory Management
Supply Chain Dive's article on RFID in Manufacturing stated that "maintaining high levels of inventory visibility in the warehouse and also on the production floor is critical to keeping operations moving efficiently".
Addressing the limitations of barcode scanning, RFID technology enables workers to scan multiple tags, without line-of-site, both remotely and simultaneously. RFID technology represents a more immediate, accurate way for businesses to track inventory, providing systems with a greater level of detail about inventory changes. These benefits mean that organizations utilising RFID technology can run with a lower inventory, reduce their wastage, and improve the entire sales and shipment process for their teams.
Businesses can take one of two approaches to deploying an RFID solution for inventory management:
Tagging at item level i.e. each individual unit
Tagging at bulk shipment level i.e. an entire pallet of goods
Which approach you take will depend upon several factors. We recommend discussing your objectives with the MiTEQ team, who have experience helping businesses deploy real-time location systems.
How One Multinational Retailer Transformed Stock Accuracy Using RFID Technology
After trialling an RFID inventory management system across a subsection of its business, one multinational, multi-sourcing, multi-channel retail company committed to a roll-out across 750 stores.
The Vision
This retailer was looking to improve customer service and transform inventory management. They needed to make significant improvements to their stock accuracy in order to compete with other omnichannel offerings.
Their Senior Vice President Global Retail said that, “next to the right RFID features, [they] were looking for a user-friendly solution".
The Solution
In the end, this retailer integrated RFID readers and inventory management software within their existing operations, directing stock information back to their ERP system from SAP and achieving as much as 97% accuracy. On top of this, they integrated point-of-sale with their new inventory management system, enabling them to track sales and returns and use RFID for electronic article surveillance, to prevent losses and enable full item-level visibility throughout the store.
"We now offer a better shopping experience. Our customers can decide when, where and how they want to shop and get the product delivered with the same quality experience" - Senior Vice President Global Retail
MiTEQ: Specialists In Real-Time Location System Integration
MiTEQ specialise in the integration of real-time location system solutions. We can advise you on the most appropriate technology solutions for your specific business, then support the full lifecycle of a project - from consultancy, through trials, to deployment and support.
Interested in improving stock accuracy and visibility for your business?