RFID tracking: an indispensable tool for industries
RFID (Radio Frequency Identification) tracking reflects one technology that has significantly impacted on a range of industries from retail to healthcare and the overall supply chain. As environmental consciousness about the overall supply chain grows, businesses are under increasing pressure to adopt sustainable practices and to supply accurate information on resource usage and waste, enabled by RFID tracking.
The retail industry
Through using RFID technology, retailers have been able to collect and access information related to their inventory, reduce the likelihood of shrinkage and improve the overall customer experience.
RFID tracking uses tags which contain electronically stored information and are attached to products. These tags can be automatically read by RFID readers without line-of-sight scanning required. They represent a step forward from conventional methods of inventory management which includes barcodes and manual scanning that may be more time-consuming and therefore less cost-efficient compared with RFID technology.
Stock accuracy is crucial for retailers to keep tabs on through stock data. Data that is inaccurate or skewed in any way can lead to overstocking or understocking, which may lead to profit loss. Traditional inventory management methods include barcodes and manual scanning, but may be more time-consuming and therefore less cost-efficient compared with RFID technology.
The technology has also been harnessed to address shrinkage, which can be caused by theft, administrative errors or even supplier fraud. Shrinkage impacts profitability and can lead to losses. RFID tracking can address this by providing better control over inventory and improving security measures.
One company familiar with the advantages offered by RFID tracking for the supply chain is Wiliot, who earlier this year announced a new food safety initiative facilitated through the adoption of ambient IoT technology. Ambient IoT refers to an ecosystem of IoT devices connected through a wireless sensor network using low cost sensor nodes.
The new initiative will see the integration of ambient IoT data and technology into safety and compliance platforms owned by iFooDs and Trustwell. In the announcement, Steve Statler, CMO of Wiliot said: “Empowered by the unprecedented capabilities of the ambient IoT, the entire food industry can move beyond QR codes, advance shipping notices, and electronic documentation to a new traceability paradigm that is infinitely faster, entirely real-time, and drastically reduces the cost of manual labour and technology infrastructure.”
Healthcare
Asset tracking facilitated through RFID tags has brought benefits to the healthcare industry, “emerging as indispensable instruments for healthcare institutions,” Charlie Green, Senior Research Analyst at Comparesoft wrote in an exclusive piece for IoT Insider.
Patient safety is a top priority in healthcare, and RFID tags can be used to track patients, medication and equipment through real-time monitoring. However, IoT-enabled asset tracking in healthcare does invite challenges including security and privacy attacks, interoperability and managing a continuously growing network of devices, according to Green’s article.
“The integration of IoT-driven asset tracking systems in the healthcare sector holds immense potential for transforming patient care, operational efficiency, and cost savings. However, the adoption of these systems is not without challenges. Healthcare organisations must navigate the complexities of data security and privacy, interoperability, device management, and cost considerations,” he wrote.
A sustainable supply chain
RFID tracking has wider implications for enforcing sustainability across the supply chain by allowing businesses to optimise their resources and reduce the waste.
Efficient resource utilisation, for example, is a critical aspect of sustainability where RFID tracking can make a big impact. By providing precise data on the location and status of assets, RFID enables better planning and utilisation of resources. This includes everything from raw materials and components to finished products and transportation vehicles.
In the manufacturing sector, RFID can track the use of raw materials and ensure they are used efficiently, minimising waste. Similarly, in logistics, RFID can optimise the use of transportation resources by improving route planning and load management. This leads to reduced fuel consumption and lower greenhouse gas emissions.
RFID tracking has proven itself to be a valuable asset in applications from asset tracking to inventory management, and the possibilities for RFID tracking are opened up when integrating it with technologies such as blockchain come into the equation. Blockchain can provide a fixed record of transactions, ensuring the authenticity and accuracy of RFID-generated data.
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