| The ability to track inventory in real time through solutions like RFID tags and advanced barcodes positions organizations to gather more detailed information about assets. |
| Location tracking is having a wide impact across a variety of industries and emerging as a disruptive trend moving forward. A recent study from Markets and Markets predicted that the asset management industry will rise at a compound annual growth rate of approximately 20.5 percent from the period of 2014 to 2020, generating $18.87 billion in revenues during that time. Real-time location systems, RFID functionality and broad IoT ecosystems are coming together to redefine location tracking, creating an environment in which sophisticated asset management practices are transforming a wide range of industries. Codes, including barcodes, can make the whole process much easier but it can still be quite time-consuming. Checking stock more frequently - a rolling inventory - avoids a massive annual exercise, but demands constant attention throughout the year. Radio Frequency Identification (RFID) tagging using handheld readers can offer a simple and efficient way to maintain a continuous check on inventory. See the page in this guide on using RFID for inventory control, stock security and quality management. |
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