“Various rental companies such as AV equipment rentals, home appliance rentals, costume rentals, etc. are using RFID tags for identifying and tracking objects for easy reconciliations.”
A rental asset organization is one that deals with renting out valuable and expensive tools & equipment to other businesses or entities. This is usually done as such equipment is often very expensive and not used frequently by a single business, therefore, it doesn’t make sense to invest in purchasing them. For example, Professional Camera Rental, Costume/Clothing Rental, Truck Rental, Home Improvement Equipment Rental, etc. These businesses require close monitoring of said equipment and tools to ensure proper inventory and rental activities.
The traditional methods such as using barcoding technology have proved to be ineffective as they require close, line-of-sight scanning of rental items and you have to scan each item one by one. RFID for Tracking Rental Assets is an innovative and affordable solution for such businesses.
So, let’s discuss the integration of RFID technology in Rental asset tracking operations.
What is the Importance of Tracking in Rental Assets Business?
Locating and Tracking the movement of assets is an essential part of the operation of these businesses. Due to the high value and the large volume of asset movement, any loss or misplacement of an item can result in a significant increase in cost to the operation.
That is why, these businesses use robust RFID systems to track the rental assets in and out of the premises. They also use them for managing the asset inventory in real-time.
How does RFID Help with Rental Asset Tracking?
These businesses have a storage facility that is used for holding the inventory of all the equipment and machinery. These storage facilities have RF antennas on all the entry and exit points that act as security gates. The antennas and readers are connected to the central system and the inventory management database.
The workers also utilize handheld RFID readers to manage the digital manifest of the incoming and outgoing supplies. The transportation workers also check the assets with tags while delivering them. These systems also allow the users to analyze the data collected during the operations, making chokepoints visible. It allows businesses to optimize their operations for improved efficiency.
Benefits of an RFID Rental Assets Tracking System
By now you have a general idea of what rental assets are and the important applications of RFID technology alongside them. So, let’s talk about all the benefits of integrating RFID for tracking rental assets.
There are many, but these four are the most important advantages that RF-enabled rental asset tracking operations enjoy over traditional practices of using barcodes and QR Codes.
(A). Precise Data Collection
In the digital age, one of the most important aspects of running a successful business is to collect as much valuable data as possible. Data allows businesses to analyze operations, and identify key weak points and points of revenue. With the help of RF technology, users can simplify the data collection process and even make it far more accurate and less expensive.
(B). Realtime Tracking
RFID with IoT integration allows every checkpoint to be connected and able to communicate with the central database in real-time. Meaning, the user can monitor the movement and location of all the assets. Greater visibility allows users to manage the business easily and run things in a streamlined manner.
(C). Automated Cycle Counts
Cycle counts refer to the system of constant checks& balances that are part of logistic operations that help a business confirm the items in the physical inventory. It is an essential part of inventory management. The only problem is that it requires regular checking of items in the physical inventory which can become insanely difficult with large volumes of goods when done manually. Thankfully, RFID makes this process significantly easier by either completely automating it or making it much more efficient and less time-consuming. For rental business such as AV rentals, RFID has proven to be quite significant from inventory management and reconciliation point of view.
(D). Streamline Service Schedules
Lastly, when you’re dealing with equipment and machinery that are going to be in repeated usage, maintenance becomes essential. Due to the wear and tear that occurs with repeated use, businesses have to focus on preventative maintenance and repairs, to make sure that their operations remain functional. RF systems allow businesses to easily maintain accurate service and maintenance records.
Frequently Asked Questions
Q1. Can RFID be used for asset tracking?
One of the primary functions of RFID technology is Asset Tracking and identification. These systems can be used for tracking applications throughout the supply chain.
Q2. What is RFID tagging of fixed assets?
In the case of fixed assets, these tags are used to make it easier for businesses to locate assets within the premises. In addition, they also help users in managing accurate repair & preventative maintenance records.
Q3. How to use RFID for inventory?
RFID (Radio Frequency Identification) technology can help industries automate inventory management by automatically tracking and logging the movement of assets/stock in and out of the inventory. It employs RFID tags, a reader, and an RFID software system for the same.