RFID (Radio-Frequency Identification) and AIDC (Automatic Identification and Data Capture) technologies are expected to continue to see widespread adoption and growth in various industries in the future. These technologies have a wide range of applications, including inventory management, supply chain tracking, and asset management. They are also increasingly being integrated with other technologies such as the Internet of Things (IoT) and artificial intelligence (AI) to create more advanced and efficient systems.
Additionally, the decreasing cost of RFID and AIDC technology is making it more accessible to smaller businesses and organizations. Overall, the future of RFID and AIDC technologies looks promising as they are expected to play a significant role in improving efficiency and automation in various industries.
RFID implementation in businesses: Cost
The initial implementation cost of RFID can be high, particularly for larger systems or for those that require a large number of tags. However, the cost of RFID tags has been decreasing over time, making the technology more accessible and affordable for many businesses and organizations.
For example, the cost of UHF (ultra-high-frequency) RFID tags has dropped significantly in recent years. According to a study by RFID Journal, the average cost of a UHF RFID tag dropped from $1.00 in 2005 to around $0.20 in 2020. Another study by VDC Research Group, suggests that the average price of UHF RFID tags dropped from $0.38 in 2018 to $0.27 in 2020.
In addition, the cost of RFID readers and other hardware has also decreased over time. This has made it more affordable for businesses and organizations of all sizes to implement RFID technology.
It's worth to note that, the cost of implementation of RFID systems also depend on the scope of the project and the specific needs of the organization. A small company with a simple inventory tracking system will have a much lower implementation cost than a large company with a complex supply chain tracking system.
RFID as an alternative to other AIDC technologies: Applications
RFID is considered as a versatile technology that can be used as an alternative to other AIDC (Automatic Identification and Data Capture) technologies like barcodes, QR codes, smart cards, BLE etc. in many modern business scenarios as follows:
Inventory management:
RFID can be used to automate inventory tracking and management. RFID tags can be attached to products or assets, allowing for real-time tracking and monitoring of inventory levels. This can help businesses improve inventory accuracy, reduce stock outs, and increase efficiency. According to a study by RFID Journal, RFID technology can help businesses achieve inventory accuracy rates of over 98%.
Supply chain tracking:
RFID can be used to track products and assets throughout the entire supply chain, from production to delivery to the customer. This can help businesses improve visibility, increase efficiency, and reduce costs. According to a study by the RFID Research Center, RFID technology can help businesses improve supply chain efficiency by up to 25%.
Asset management:
RFID can be used to track and manage a wide range of assets, including equipment, vehicles, and tools. This can help businesses improve asset utilization, reduce downtime, and increase efficiency. According to a study by the RFID Research Center, RFID technology can help businesses improve asset utilization by up to 30%.
Retail:
RFID technology can be used to improve customer experience in retail stores. RFID technology can be used to track inventory levels in real-time, allowing retailers to ensure that products are always in stock. RFID can also be used to track customer behaviour, allowing retailers to better understand their customers and improve the shopping experience.
Healthcare:
RFID can be used to improve patient safety and care by automating the tracking of medical equipment and patient information. RFID technology can also be used to improve the efficiency of hospital supply chains by automating the tracking of medical supplies and equipment.
To conclude:
RFID technology has a wide range of applications in modern business scenarios, and it is expected to continue to play a significant role in improving efficiency, reducing costs, and increasing automation in various industries.
- Last updated on Feb 22, 2023