Modern businesses are speeding up and creating a very competitive market. If you want to stay ahead in this competitive edge then you have surely developed your business with any specific and incredible tool. There are many aspects of a business that together decide the efficiency and productivity of the business. There is a supply chain that contains every aspect like assets’ location, movement, status, production rate, delivery, customer feedback, etc. Although the business industry is one of the leading industries in the global market, total revenue in the Business market is projected to reach US$2.60bn in 2022. Total revenue is expected to show an annual growth rate (CAGR 2022-2027) of 11.20%, resulting in a projected market volume of US$4.62bn by 2027.
There are many business challenges too that can affect business productivity and efficiency. To resolve all business challenges, there is something that requires incredible tools. We can see that technology is providing benefits to every sector so it can also prove beneficial to the business sector. Among all technologies, RFID technology can be the one that can solve almost all challenges related to modern businesses. RFID technology has a good global market size too as this technology has benefited many sectors. The global RFID market size is projected to reach USD 40.9 billion by 2032 from USD 15.8 billion in 2023; it is expected to grow at a CAGR of 11.1% from 2023 to 2032.
RFID technology generally comes in the form of tags that can be attached to the products and give every minute detail about the products. This is just incredible as having proper information about anything helps to solve every problem with ease. RFID solutions can allow businesses to increase visibility, accuracy, and efficiency at critical positions throughout the supply chain and help them overcome emerging challenges in a changing landscape.
In this article, we will see the role of RFID solutions in overcoming modern business challenges. We will also see some top RFID-based solutions examples that have been used to overcome the challenges for very long in various sectors worldwide.
What are RFID Solutions for Modern Businesses?
Generally, Radio-frequency identification uses electromagnetic fields to identify and track tags attached to objects automatically. An RFID system consists of a tiny radio transponder called a tag, a radio receiver, and a transmitter. The software based on RFID technology to operate the tags can be referred to as the RFID solutions. In businesses, RFID can enhance various aspects with its data-collecting ability via tags. It can enhance supply chain, inventory management, security enhancement, accuracy, increase visibility or transparency, etc. These all aspects of enhancement directly increase in efficiency and productivity of the business.
Also Read: Inventory Management With RFID Tags In Manufacturing
How can RFID Solutions Solve Modern Business Challenges?
As mentioned earlier, RFID technology generally links with tags, which are attached to the products. These tags need to be scanned to get every information related to the products. Businesses can track their product’s shipment, delivery, quality, defect, and security, and supply everything with the tags. Since every tag has its unique identification number there is very little possibility to create confusion among the tags. Each tag consists of barcodes that can be scanned through a barcode scanner.
Benefits of RFID Solutions for Modern Businesses
RFID technology has various benefits for modern businesses as there are a few key benefits mentioned below.
Inventory Management and Tracking of Assets
At a large scale of production, there can be confusion in counting the number of products. However, with RFID asset tracking solutions, businesses have exact details about the number of products prepared and delivered. If any products reach any wrong site then that could also be tracked using the RFID tags. This overall enhances inventory management and also enables the tracking of assets every time, everywhere.
Saves Time
The traditional way of recording data or filling data is to time which decreases the productivity of the business. With the RFID asset management solutions, every detail about the products is automatically filled in the sheet via scanning of a barcode. This saves the time that employees could focus on more complex tasks. This overall enhances the efficiency and increases the productivity of the business.
Improved Availability and Data Accuracy
RFID technology’s automation facilitates the electronic collection and uploading of data. When working with huge volumes of data, mistakes like data duplication, transcription errors, and missed entries can be avoided via electronic data transfer. Additionally, RFID may be utilized with cloud computing, allowing for real-time data updates on the location and status of every item for every employee in the company.
Boosts Quality
Quality is one of the most important aspects in any business as bad quality products or services grow disbelief in the customer. Where RFID solutions for IT operation can detect defects in the products before delivery. This enables them to fill the defect of the product and deliver a good quality product to the customer. This overall boosts the quality of the product and company too.
Also read: How to Integrate RFID With Inventory Management
Challenges with RFID Solutions for Modern Businesses
We have seen a lot of benefits with RFID solutions for modern business challenges but there are some cons too of implementing RFID solutions. Here are a few challenges mentioned below.
- The cost of implementation could be a challenge as RFID solutions take too much capital in the initial stage.
- Tag durability and lifespan can be another issue as mishandling of products could easily damage the tag which takes a lot of cost to repair.
- As RFID tags are used to contain information or data that sometimes could be a concern for cyberattacks. Useful data can be stolen which results in loss to the company.
Read our trending blog: Using RFID for Inventory Management: Pros and Cons
Final Thoughts
RFID technology is a vital tool for logistical applications and is being utilized by a variety of sectors to optimize production processes and supply chains. Even though this technology isn’t particularly new, numerous novel applications are now being investigated. We have seen various benefits of this technology for modern business challenges. Overall this technology is worthy in almost every aspect and it should be implemented across the world in every modern business organization. We have provided you with the details about the RFID technology and we are also very glad to tell you that we provide one of the best RFID solutions services.
Interested in enhancing your business with RFID? Connect with Aeologic Technologies for cutting-edge solutions.
