While many of us link RFID inventory management with the retail industry, there are a variety of other industries that this technology can be effectively utilised in. From manufacturing to healthcare and even e-commerce, this technology is extremely versatile and useful. In this article, we will discuss RFID technology and its varying uses.
What is Stock Monitoring Software?
Stock monitoring software is an important part of a comprehensive RFID system. It can be described as a computer-based system that allows one to monitor stock levels. Other components of such a system include tags, readers, scanners, and more. With this software, a system will be able to display stock levels to users and provide real-time information. It is also possible to automate a stock management system with this software.
RFID Inventory Management in Different Industries
There are a variety of industries that can make use of RFID inventory management solutions to improve the way in which they operate. Some of these industries include:
- Retail: Within the retail industry, stock management is extremely important. Not only does it indicate when stock is running low and needs to be re-ordered but it will also provide information on whether or not shrinkage is occurring. Always being well-stocked will increase sales and one will be able to put systems in place to reduce shrinkage if one knows it is occurring.
- Manufacturing: Within manufacturing, it is important to manage one’s raw stock and materials. If there is not enough material to manufacture a product, the production line will have to halt which can cause a manufacturing company to lose large sums of money and fall behind schedule. As RFID technology enables one to always keep close tabs on stock levels, a manufacturing company should never run out of raw materials required on the production line.
- Healthcare: The healthcare industry can experience dramatic negative effects if stock isn’t managed accurately. People in need of a certain medication and not being able to receive this medication due to stock mismanagement could cause them to suffer further. As RFID technology is able to provide real-time information on stock levels, a healthcare facility will be able to ensure that they are always fully stocked and can help patients efficiently.
- Food and Beverage: The food and beverage industry will be able to effectively track the distribution of their stock as well as manage stock levels across multiple locations. This is especially important when it comes to perishable items. Not only will this industry be able to track sales, but they will be able to prevent stock loss due to exceeding expiry dates. They will also be able to track when stock is close to its expiry date and run specials on certain products should they still be on the shelves.
- E-commerce: While a physical retail store can more easily see when stock is running low, e-commerce can easily run out of stock without the online store being updated to reflect that. This can result in a very bad customer experience, which will tarnish the brand’s name. An RFID system will enable e-commerce stores to manage stock levels across multiple platforms and will alert them when stock is running low so that they may make necessary arrangements.
Where to Find RFID Inventory Management Systems
We at Milestone Integrated Systems are knowledgeable in all things RFID. We have installed these systems in a variety of industries to find unique and tailor-made solutions to problems experienced with stock management.
Contact us at Milestone to find out more about our RFID inventory management solutions.