RFID Technology helps industries to have Intelligent Asset Tracking System
Companies across a broad spectrum of industries rely on critical assets to drive their business. Manufacturing companies rely on equipment availability and uptime to keep production lines moving and meet production goals. Transport companies rely on fleets and containers for timely cargo delivery. Financial services companies depend on computer and networking systems to manage transactions and keep customer data secure.
And while the asset types across industries may be varied, there is still a common need for effective management. This is where RFID comes in the picture. This real-time technology takes asset management to the next level, providing unprecedented visibility, accuracy and security.
When businesses cannot locate tools and equipment at the time of need, the price is more than just inconvenience. Time spent searching for assets hurts productivity, thus reducing profitability. The inability to track equipment location, usage, service, and maintenance records causes companies to lose money on lease and service agreements.
With RFID technology, companies can automatically keep track of key assets as they move in and out of an area.
A good Asset Management system will improve return-on-assets (ROA) and other metrics by helping to lower and control the overall cost to do business.
RFID Asset Management Systems can record asset movements automatically, and enable accurate and real-time data to the organization to manage its assets with precise information instead of physical inventory.
- Lower overall asset base.
- Improved asset utilization.
- Increased productivity.
- More efficient purchasing and maintenance.
These results contribute to bottom line improvement. The outcomes provide a sustainable improvement in profitability without burdening employees with excessive controls or reporting responsibilities.
Effective Asset Management ensures employees always have equipment, tools, and other resources whenever and wherever they need them. Businesses can accomplish this task either by tightly controlling assets through meticulous record keeping and control procedures, or by purchasing and maintaining spare materials to provide sufficient safety stocks.
Case studies prove that it is much more cost effective to ensure asset availability by managing information instead of physical goods. Doing so relies on consistent data collection and is vulnerable to human error or indifference. If information is inaccurate or out of date, assets will unexpectedly be out of service, leading to costly productivity and replacement losses.