With the rapid advancement in technology, the scenario where individuals can make rapid purchases from any store, pick up their desired stuff from the shelves and move out without having to worry about the billing and payment of their purchases is not a distant dream anymore. In fact, with the constant inventions and launch of new technologies for the ease of customers, this is one possible reality which could very soon be a part of each and every individual's life. This technology which will come as a boon for every shopper is known as RFID. RFID technology is rapidly being embraced by major retail stores all over the country who use it for the purpose of inventory management. Various aspects of inventory management include several aspects, such as consolidating and integration of data. Post integration, this data is analyzed from various sources such as distribution centers and warehouses.
In the absence of RFID inventory management technology, the traditional methods of effective inventory management included the process of manual intervention which was considered to be extremely labor-intensive and time consuming. Moreover, there was also the added risk of some possible error which is altogether eliminated by the use of RFID technology which is computer-operated. By making use of RFID technology, the process of inventory monitoring is simplified manifold as well. The RFID technology makes use of replenishing system where this RFID technology places order for new inventory whenever the present stock in the storehouses hits the minimum limit. RFID technology even allow the mangers of a store to determine which certain products are far more in demand than the others, so that advance orders can be placed for them beforehand and a sticky situation of inadequate quantity of goods in stock can be easily avoided. This is the main reason why RFID technology is being extensively preferred by companies dealing in FMCG sector which relies entirely on the principle of adequate demand and supply of quality products.
On the other hand, the feature of Point-of-sale (POS) which RFID technology features can be extensively used in areas such as apparel industry or other sectors, which witness continuous changes in the trends and demands of the consumers. Yet another advantage of making use of RFID technology is in the aspect of inventory shrinkage.
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