How RFID Helps Businesses Improve Inventory Loss Prevention

How RFID Helps Businesses Improve Inventory Loss Prevention

Real-time information is crucial in business, and most companies need to rely on accurate data in order to run effectively. Among all the benefits that RFID brings to a business, one significant impact is inventory loss prevention. This benefit is integral for many sectors, as any loss of data or assets can be damaging.

For instance, aerospace RFID helps in identifying, tracking, and managing vital aeroplane parts, minimising errors and saving time amid the process. And the use of RFID is not only limited to the aerospace industry – but equally in other such sectors such as the retail and supply chain sectors.

Better theft prevention in shops

Retail stores are prone to having theft, and this leads to unwanted losses. Due to the intervention of RFID, inventory counts have become a lot easier, faster and accurate. Through item-level RFID tagging, retailers are able to tell the location of each product, and the exact quantities or numbers.

This accurate and real-time data helps to curb any theft that may occur inside the retail store. There may be incidents of staff or customers committing theft, and though it’s just a possibility – RFID retail helps to eliminate worries as every item in the inventory is tracked.

Tracking inventory in real-time helps to prevent any theft by employees, as any lost item will be detected immediately. It is even possible to track the exact exit point that the stolen item left the facility, thus, ensuring the inventory will be well-secured within the warehouse.

RFID equally ensures that the stock levels are accurate, and that no item exits the store without being purchased.

Improved loss intelligence in the supply chain

The use of RFID technology in the supply chain sector has become more popular over the past few years. RFID tags are placed on items and then tracked from the point of departure to the point of delivery.

Using item-level tracking and visibility ensures that the data stamps on items and their exact location are accurate. This will help improve the efficiency and accuracy of the distribution process. This is possible, as the status of the assets, whether it’s entering or leaving the distribution centres will be updated. Additionally, this helps to cut down on any shrinkage in this vital sector.

There are even specific technologies like the RFID smart trolley which can be specially customised to the set of tools a business owns. Other features include book records with a preset periodic update, access cards as well as security features to ensure protection against unauthorised use. This will help those in the supply chain industry to keep their tools safely, preventing loss and minimising any need for additional expenses on tools replacement.

Loss prevention with the help of RFID applies to many industries, with military RFID even seen to help government and military entities keep weapons and other such equipment secured. Hence, investing in RFID will help to better manage inventory.