RFID inventory management
Inventory indicates to the materials and goods that a business holds for the ultimate motive of resale or repair.
Inventory management is a science typically about specifying the shape and percentage about stock items. It refers to the supervision of non capitalized inventories.
The inventory of a business is one of its major assets. It represents an investment which is firmed up until the good is sold or used in the generation of an item which is sold.
Mismanaged inventories can create crucial financial hazards for a business. Radio Frequency Identification is a technology which uses radio waves to automatically identify people without any manual interference. The data gathered is promptly updated or transferred to in the back end computer system.
Inventory managements engage an entrepreneur wanting to obtain and maintain a proper business assortment while handling, shipping, taking orders and related prices are kept in check. This system also involves procedures that include set targets and inventory requirements, report intended inventory status and operate all steps linked to the tracking and management of goods.
It could involve the control of materials moved into and out of the stockroom. It also may include the reconciling of the inventory balance.
RFID (Radio Frequency Identification) is a technology enables a business to identify individual components and products. It also helps to track them throughout the supply chain from manufacture to point of sale.
Chafon offers Inventrack solutions & why do you need to adopt and implement RFID Based Inventrack solution ?
There are several basic reasons for maintaining inventory:
1. Time: The time delays presence in the supply chain, from supplier to user at every stage. It is required that you maintain certain amounts of stocks to use in this lead time. Inventory needs to be maintained for consumption during variations in lead time.
2. Seasonal demand: demand can vary from time to time, but the capacity of the producers is fixed. It can lead to stock accumulation.
3. Economies of sale: Bulk purchasing, storing and movement come along with the inventory.
4. Appreciation in value: In some cases, some stock gains the needed value when it is kept for some time to enable it reach the intended standard for production or consumption.
All of these reasons can be applied to any product or any owner. To gather the above data & take a decision based upon the data analytics becomes a taime taking procedure which also involves substantial manpower working hours upon the unproductive assignements, Our solution not only offers advantage of automating the whole process but also mitigates loss of substantial manpower working hours but also loss or descrepency of data is abstained, and quick turn around can be observed to take business decisions.
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