| Radio Frequency Identification makes use of radio frequency waves to capture data in small, lightweight electronic read/write storage devices called tags. Data is accessible through handheld and fixed-mount readers in real time, using RF signals to transfer data to and from tags even in the absence of line-of-sight.
With RFID technology, users can get real-time information on the status of assets (e.g. food trolleys, cargo bins & containers, movable assets). RFID-based systems provide efficiency and accuracy RFID can enhance firm-level competitiveness by:
Lowering Costs – RFID not only ensures accuracy of information, but also limits the amount of error-prone human interaction that is needed. With information that is updated in real-time, RFID can further reduce costs by allowing companies to decrease shrinkage.
Increasing Revenue –RFID tags allow companies to capture and track a variety of data on assets. This information aids in the development of accurate inventory forecasts.
Decreasing Working Capital – Because of the speed and accuracy of RFID, turnaround time on asset usage can be decreased while visibility of available assets is increased.
Reducing Fixed Capital – With RFID, schools can better manage fixed capital by tracking assets such as trolleys and cargo bins. This reduces the need for replacement due to lost items and cuts back on the amount of redundant equipment that are under utilised. Additionally, by increasing velocity, the same amount of work can be completed with fewer vehicles, further reducing the costs of these fixed assets. |
