How to manage Assets using RFID tags?

Radio-frequency identification (RFID) is an emerging field that has attracted a lot of attention and has the potential to transform the asset management sector. This article will look at the present state of RFID tag usage, including the benefits as well as its effectiveness in asset tracking.

What is RFID tag

RFID tags have become a commonplace element of daily life, and the technology's popularity is growing. RFID tags are a sort of tracking system that searches, identifies, tracks, and communicates with assets and people using radio frequency. RFID tags are smart labels that can hold a variety of data, including serial numbers, a brief explanation, and even entire pages of data. For a high level of confirmation and authentication, certain RFID tags contain cryptographic security capabilities. Low frequency (LF), high frequency (HF), and ultra-high frequency (UHF) radio frequencies are used to identify RFID tags.

Benefits of RFID tags in Asset Management

RFID tags for asset management have a number of advantages, including lower labour costs and quicker scanning. Here are some ideas of how RFID tags can help with inventory management.

Improved visibility and scanning speed

RFID tags, unlike barcodes, do not require a "line-of-sight" scan, therefore they may be read from afar for faster inventory processing. They may also be read from any angle, giving you better insight into your assets and the ability to update and scan places more frequently.

Lower labour costs

RFID has the potential to save money. Asset check-in, accounting, and delivery verification can all be done swiftly and automatically with just a few scans, eliminating the need for many staff. These savings must be balanced against the expense of implementing an RFID tracking solution.

Returnable asset tracking

There is typically a large financial investment to preserve for enterprises that use a returnable fleet of assets such as containers and pallets. RFID helps you to monitor these assets across the supply chain and have a better understanding of where they are located. This has the additional advantage of increasing profits and decreasing theft and neglect.

Provides a Good Return On Investment (ROI)

RFID is a long-lasting and cost-effective asset monitoring technology when compared to other types of asset tracking. So much so that enterprises in the manufacturing, logistics, and retail sectors have had ROIs of up to 200 percent as a result of the low operating expenses.

RFID Tags vs. Barcode Labels for Asset Management

Prior to the introduction of radio-frequency identification, barcodes were the standard method of asset management and inventory tracking. It's no surprise that barcode asset monitoring systems are so popular because they're simple, inexpensive, and accurate. However, when scanned, barcodes must be in a visible line of sight, which increases the chance for errors. They are not durable and can be easily broken. Only one Barcode label can be scanned at a time. A barcode can only hold a limited amount of information.

An RFID reader can collect data from 40 RFID tags, but it can also scan several tags at once. Without being in line of sight, RFID tags can be gathered and stored quickly. RFID tags outperform barcodes because they have more data capacity and a longer signal range. RFID asset tracking solution is excellent for monitoring a manufacturing supply chain.

Is RFID Effective in Improving Asset Tracking?

When compared to traditional asset monitoring methods and manual inventory checks, using an RFID tracking system has been demonstrated to enhance inventory accuracy by up to 13% in some situations. RFID is a great business tool that helps manage supply chains, boost asset tracking in real-time, and increase earnings in a variety of ways. Manufacturing RFID-enabled tracking allows unique assets to be automatically identified, enhancing processes, efficiency, and speed of identification. Even in dangerous conditions, many unique tags can be read at the same time if the RFID setup is correct for the vertical needs.

Companies looking to implement an asset tracking software should conduct a thorough analysis of the differences between established technologies for asset control, such as barcode labels and tags, and newer solutions, such as RFID, to ensure that they will get a good return on their investment.