To be successful in today’s business environment, a company must be able to perform certain fundamentals accurately and efficiently. These fundamentals include asset management, human resources management, financial analysis and inventory tracking among others. Inventory tracking is the collection and dissemination of product data, supplier information, shipping requirements and stock room data. A properly functioning inventory tracking system will provide employees and managers with the accurate and timely information they require. This can be achieved with RFID solutions.
A RFID inventory control system can help a company with new inventory management techniques such as Just-in-time (‘JIT’). Such techniques cut the use of company resources such as warehousing, equipment and personnel. However, these techniques require error-free environments and better control over inventory since the buffer zone to compensate for the errors is less.
Automated inventory tracking systems work by scanning a tag on the item. A RFID reader is used to read the tag and the information encoded by the tag is read by the machine. This information is then tracked by a central computer system. For example, a purchase order may contain a list of items to be pulled for packing and shipping. The inventory tracking system can serve a variety of functions in this case. It can help a worker locate the items on the order list in the warehouse, it can encode shipping information like tracking numbers and delivery addresses and it can remove these purchased items from the inventory tally to keep an accurate count of in-stock items. All of this data works in tandem to provide businesses with real-time inventory tracking information. Inventory tracking systems make it simple to locate and analyze inventory information in real-time with a simple database search.
Prevent shortages and production delays. Few things are worse than running out of parts and products right when you need them. To avoid costly delays in your manufacturing processes and customer order fulfillment, you should use inventory management software. It can help you know how much inventory you should keep on hand to meet demand.
Track inventory levels in real time. This goes along with the first advantage. Knowing how much inventory you have at all times is helpful because it lets you make smart decisions about when to reorder products. Inventory management software instantly updates your records when you buy and sell products, which is much faster than entering that information by hand.
Optimize warehouse organization. Speed is essential in having good customer service. Inventory management software makes your company move faster by improving your warehouse’s layout. You can group similar products together and position popular products in ways that make them easier to access when orders come in.