With automation becoming the face of this tech generation, right from IoT to AI, everything is adopted by businesses globally. Many industries have recognized RFID (Radio Frequency Identification) technology. A report by Statista states, by the year 2025, the market revenue of RFID technology will grow to almost 41.3 billion dollars.
So, the world’s oldest technology is being used in its new form, along with the IoT and other types of technologies. One can find its extensive use in Manufacturing, Supply Chain, Gaming, Healthcare, etc. industries too. So, here’s a brief about RFID that you must know before acknowledging its benefits for businesses.
What Is RFID Technology?
The Radio Frequency Identification technology consists of the tags or chips, reader, and scanning device to read the chip installed inside a product. The light RFID chips are installed to labels and stickers of general goods purchased. These are passive tags and do not require a transponder.
Whereas, active RFID chips store a sufficient amount of data and use their power supply to become active. They can send and receive the data without a reader, and these tags are as big as books and have a broad signal outreach.
These RFID tags make the work more comfortable, as details of goods passed through transponder are automatically stored. The businesses no longer have to use Barcodes to store single information on every product.
Let us now see how RFID technology proves beneficial for the businesses and transforms it.
Efficient Technology Free Of Errors
As there is no human involvement while reading the tags and transponder helps in collection of data, so there will be no human errors. This technology is quite efficient as it frees up the employees to carry out other tasks too. Even the data stored is accurate since transponders used are automated, and there is no manual process involved.
No Security Compromise
With RFID technology, there is no more product counterfeiting or thefts, as the security of the available products is not compromised. The tags provide accurate data about the availability of the products in the warehouses or storage units. If there is any laxity or shrinkage in the products, the business owners will come to know.
Get Real-Time Data Updates
Another benefit of RFID technology is that you get to know about user data in real-time. The data can also be related to products/services. Real-time updates through RFID help you to understand the data of products and the amount of product that needs to be restocked. Like, if we take the example of gaming/gambling industry. They use RFID technology with the chips issued.
The casinos have noticed that bettors bet too little, and they rarely bet with the cash. So, RFID chips were introduced in the casinos to keep an eye on the bets of the players. The players can find the casino from sites like this to bet using these chips. With the issuance of these chips in casinos, the owners can know bet being played on each table in real-time. The chips provide real-time data as they are available in different sizes and colors too. Many Gambling Authorities also legalize them.
Track The Visibility Of The Assets
If you have plenty of stock lying in your supply store or big warehouse and a product gets misplaced or remains undelivered, then the RFID tracker can help you with it. The asset tracking visibility has been made easier with the RFID technology. It allows employees to read the location of the product from anywhere, and they can get intimated about the live statuses of the products.
This reduces the unnecessary cost and supports the proper utilization of resources. Like, if the item was to ship and due to manual mistake, it kept lying in the storage house, then the RFID technology can easily track and help business employees to ship it immediately.
No Burden or Rework
The transponder helps in storing all the data related to the particular product. It allows employees not to scan every Barcode and type the product details. So, RFID technology has considerably eased out the burden. Moreover, manual processes caused rework if the wrong information is entered. But, RFID has made the employees quite productive as they can help with the core business and not waste time on filling out the product details only.
RFID technology is providing significant impetus to the businesses by helping them to store the details in the correct format. There is no room for mistakes as the product information is seamlessly saved in the database. Moreover, this technology also helps with the detection of any misplaced products, thefts, etc. It will help in mitigating the losses and support with increased productivity. RFID technology is the face of today’s generation, as it is one step ahead of saving the barcodes manually.