Radio-Frequency Identification technology ensures better efficiency, effectiveness, and productivity. Hence, companies develop a much higher competitive advantage and customer satisfaction when RFID technology is employed. When all is said and done, the result will eventually lead to more sales opportunities and better sales productivity.
More importantly, implementing RFID technology ensures product authentication by helping prevent counterfeits, which can be a serious risk when it comes to revenues. Not only that, but it also has the ability to detect counterfeits on the spot. In addition, adopting RFID increases network visibility, and that itself will prevent any out-of-stock situations. That way, all items will be guaranteed a sale.
RFID allows for effective end-to-end supply chain supervision. RFID data gathering delivers dependable, real-time inventory reports, allowing businesses to stay updated on stock availability and the mobility of essential assets. Efficiency in supply chain operations directly relates to elevated revenues.
RFID technology enables retailers to smartly track and manage inventories. Replacing missing inventory is a key source of lost revenue in retail. RFID asset tracking identifies when objects have been lost or discarded. Companies can use triangulated RFID systems to quickly find missing material, minimizing the obligation of spending money on replacements.
Electronic asset tracking systems reduce shipping mistakes, improve product quality, and reduce the requirement for excess stock, all of which benefit any manufacturing business. Dependable asset tracking and management improves production operations by increasing process transparency, thus eliminating the expenditures on product supply that is greater than the demand. Another reason why this decreases costs, thus increasing revenue, is that fewer shipping mistakes equates less money spent on fixing those mistakes.
To monitor high-use or costly devices, medical equipment tracking systems have been employed in hospitals and various healthcare institutions. RFID tracking that is automated can be connected with current device monitoring databases, which benefits medical staff who are responsible for handling and managing said devices. Additional RFID uses in healthcare include inventory tracking and patient monitoring, all of which act as a revenue booster.