We can conclude that manual inventory is an inaccurate system that can impact an organization financially. Inaccurate inventory is one of the major challenges for Supply Chain Managers, whether businesses are missing inventory that should be on the shelves or has more products than they should have, they will suffer expenses. The data found in this research shows that main reasons why businesses need to stop performing manual inventory count are inaccuracy, time consuming, and expensive.
Inventory misplacement and inaccuracy are expensive. When items are misplaced they become unavailable for sale until found. Inaccurate inventory count leads to incorrect forecasting and material requisition. Manual inventory counts rely on employees’ memory …show more content…
Even tough that RFID is not a new idea, it has been used mainly by large retailing companies due to costs. Nowadays, with advances in technology, RFID is more accessible and if implemented it can provide several benefits because it has the ability to accurately and quickly scan many items at once without having to move or touch them, saving human resource operation time. Some of the benefits of item-level RFID tagging are reducing out-of-stock cost, increasing productivity, lowering inventory costs, reducing manual labor, generating data to maximize profits, reducing shrinkage, preserving brand integrity, consumer satisfaction, forecasting, efficient warehouse and backroom operations.
Many companies are taking advantage of the RFID technology to help other business become more efficient. The benefits of item-level RFID tagging is not exclusively to the retail sector, industries such as manufacturing, pharmaceutical, entertainment, food and beverage, gemstone, and even the alcohol distillers and wine makers are using it. This technology could reduce two of the most commons problems for any supply chain management; overstock or understock of …show more content…
• Smart cabinets for inventory and regulated access control. This cabinet can be used in the diamonds and gemstone industry, where theft and loss are easier due to the size of the item.
Hospitals can also use this technology to track drugs and expensive medical components such as pacemakers. The cabinet can help not only keeping track of the inventory, but also alert medical personnel of the expiration dates.
Alcohol and wine industry can use the tagging system not only to protect their product from counterfeiting, but also used with the cabinet to provide all the information for wine aficionados.
• Drones with RFID readers to perform the inventory scanning on a warehouse.
• Robots with RFID readers to roam the store and perform inventory, this will omit the need for employees to scan
Inventory misplacement and inaccuracy are expensive. When items are misplaced they become unavailable for sale until found. Inaccurate inventory count leads to incorrect forecasting and material requisition. Manual inventory counts rely on employees’ memory …show more content…
Even tough that RFID is not a new idea, it has been used mainly by large retailing companies due to costs. Nowadays, with advances in technology, RFID is more accessible and if implemented it can provide several benefits because it has the ability to accurately and quickly scan many items at once without having to move or touch them, saving human resource operation time. Some of the benefits of item-level RFID tagging are reducing out-of-stock cost, increasing productivity, lowering inventory costs, reducing manual labor, generating data to maximize profits, reducing shrinkage, preserving brand integrity, consumer satisfaction, forecasting, efficient warehouse and backroom operations.
Many companies are taking advantage of the RFID technology to help other business become more efficient. The benefits of item-level RFID tagging is not exclusively to the retail sector, industries such as manufacturing, pharmaceutical, entertainment, food and beverage, gemstone, and even the alcohol distillers and wine makers are using it. This technology could reduce two of the most commons problems for any supply chain management; overstock or understock of …show more content…
• Smart cabinets for inventory and regulated access control. This cabinet can be used in the diamonds and gemstone industry, where theft and loss are easier due to the size of the item.
Hospitals can also use this technology to track drugs and expensive medical components such as pacemakers. The cabinet can help not only keeping track of the inventory, but also alert medical personnel of the expiration dates.
Alcohol and wine industry can use the tagging system not only to protect their product from counterfeiting, but also used with the cabinet to provide all the information for wine aficionados.
• Drones with RFID readers to perform the inventory scanning on a warehouse.
• Robots with RFID readers to roam the store and perform inventory, this will omit the need for employees to scan