TermiKnowledge - Supply Chain, Procurement and Inventory Terminologies
RFID (Radio Frequency Identification) is an cutting-edge technological innovation which has made it possible to track inventory much more accurately than ever before. So, lets take a look at what RFID really is? RFID stands for radio frequency identification. It s an innovative technology which captures data encrypted in super-thin radio frequencies by a handheld reader and then tag them with information such as product serial numbers, product labels, customer bar codes, etc.
The great thing about RFID technology is that RFID can be read from further distances and this makes it extremely economical. Furthermore, RFID can capture all the relevant information simultaneously - from a vehicle to a piece of clothing. This also translates into increased productivity, lower costs and a better and more efficient supply chain management. RFID reduces errors and wastage of both time and money, which are significant in any organization.
RFID also has the potential to completely revolutionize the way in which businesses operate. Let's face it, the business world has become quite the cut-throat place these days. Everything must be tracked and monitored closely or else. Nevertheless, RFID and its real-time processing ability, coupled with other cutting edge technologies, such as GPS/RFID, will give any company the advantage they need to stay ahead in competition, while cutting costs and improving efficiency in every aspect of their business. All in all, the future looks bright for rfid technology and supply chain management and by implementing RFID into your organization you can be assured that you will be one step ahead of the competition.
