RFID Digital Inventory Management System Market Foreseen To Prosper High Growth Industry Innovations Forecasting

Inventory management is the support system for every enterprise. It defines the growth, survival, and success of the business. Poor inventory management can lead to reduced sales which in turn can result in low profitability or even loss to a firm. Major challenges faced by organizations while managing inventory include product misplacement, counterfeit products, and insufficient stock. RFID is the top available technology for efficient management of inventory. RFID technology enables the reading of products in real-time and helps to eliminate all the challenges faced while managing inventory. The products and items are equipped with RFID tags which stores data as well as information about the stock. Each product and item stored in the stock are monitored in real time and data regarding the same is displayed on the control center computer. The real time monitoring happens as a result of the transmitted signal to RFID tags from the RFID reader. Once the RFID tag detects the transmitted signal, data is sent to the RFID reader. The RFID tags are then scanned by the RFID reader and the control computer center then displays the information and status from each tag.

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The RFID based inventory management system consists of hardware and software. The hardware is typically the RFID reader, the RFID tags, and a host computer. There are two types of RFID tags: active RFID tags and passive RFID tags. The choice of the tag depends upon the requirement. The purpose of the software in the system is to display tracking data collected by RFID tags and readers in a meaningful way.

The RFID digital inventory management system has a number of advantages over barcode technology. First and foremost, with RFID technology in use, there is no need for an operator, unlike barcode where the scanning has to be done by a person with a scanner. Secondly, RFID tags cannot be counterfeited easily, hence providing a degree of security and product authentication. Moreover, RFID is ‘read only’ or ‘read –write’ and can be used in unreceptive environments.