In response to these tedious and error-prone annual counts, a growing number of businesses are turning to RFID technology. RFID will help automate counting, free up valuable staff time and get up to 98% inventory accuracy for your effort. It's a numbers game: cutting unproductive costs.
Some common unproductive Costs that RFID can help you with...
- Production Pitfalls: Losses can originate as early as the manufacturing phase, where items may be damaged, misplaced, or stolen before they even leave the factory floor.
- Transit Troubles: The journey from the factory to your warehouse can be perilous. Products can get lost, get damaged in transit, or fall victim to theft.
- Warehousing Woes: Even within the confines of your own warehouse, inventory can mysteriously disappear or be mistakenly allocated, resulting in costly discrepancies.
- Brand Dilution: Grey market sales can dilute your brand's exclusivity and integrity, undermining your carefully curated image.
- Spot Discrepancies: By comparing the authenticity of your products at various points in the supply chain, you can identify counterfeit items that may have infiltrated your inventory.
- Retail Risks: Losses can also occur once items have arrived at your retail locations. Theft, mismanagement, or even misplaced products on the store floor can lead to stockouts and unhappy customers.
Inventory visibility serves as a powerful tool to detect and combat distribution fraud by shedding light on irregular sales channels and unauthorized resellers. With a clear view of your supply chain, you can take proactive measures to protect your brand's reputation and revenue streams.
Conclusion: know your stuff
The world is ever-changing, and so is retail. For a successful retail business, you have to know at all times: Where are my products? How much do I have in stock? How can I make merchandise simply available to my customers?
Technology can help support sustainable and profitable business models. When retailers use RFID technology to improve inventory accuracy, they gain more than just better data; they gain the ability to match supply and demand. Ultimately, it allows retailers to have complete visibility of their supply chain and shows in detail which products are available at which exact location. This makes it simple to have products available anywhere, anytime.
See the complete Tom Viewegers LinkedIn post by