What is RFID Asset Management?

What is an RFID Asset Management System?

It's never been more cost-effective or so easy to automate asset management processes and ensure you have accurate and timely inventory information at your fingertips using RFID technology.

Radio frequency identification (RFID) technology is a domain in the field of computerized recognition that has been gaining traction over the past decade and is now considered a primary means to advance data management processes compared to previous data capture technologies such as barcode. A variety of RFID devices and related systems have been developed to satisfy a wide range of applications. The use of RFID tags to uniquely identify a person or object is now easily achieved. Devices are scalable and will work at longer distance intervals when using higher-level labels or battery-powered labels.

RFID technology has not only progressed in inventory control through distance and reading power, but also through label types; labels that work in humid environments, inside electronic devices, on clothing, inside screws, etc.

RFID offers a multitude of benefits for asset management. This technology begins with identifying each asset by implementing smart tags and later tracking the asset with the help of a specialized reader.

RFID Asset Management Systems start with a label that has a unique ID that cannot be changed or deleted from that label. A reader connects to one or more antennas that send radio frequency signals to the label. The label information is transmitted by radio frequency to the antenna and antenna to the reader. The data is then collected in the cloud and the reports are generated in real time.

Implementing an RFID-based asset management system is not easy because it requires time, effort, and money.

RFID systems have tags that fit on or on any item with UHF technology, allowing identification at distances of up to 10 meters from the reader.

Why RFID?

The big advantage of RFID is that this process is completely wireless, and tags or labels can be read remotely, without needing to scan barcodes or have line-of-sight access to a label. You can read an entire pallet or even an entire room of inventory in minutes, or even seconds, saving a massive amount of time and effort. With fixed RFID readers, you can even create a fully automated system that tracks inventory or assets as they move into, out of, and through specific locations. For example, you can place fixed RFID readers above doorways, in warehouse aisles, on a production line, or even at a loading dock, and any tagged or labeled items can be identified and tracked automatically as they pass by the reader.

When to use an RFID Asset Management System?

-There is no direct line of vision to the item; thus it is not possible to use a barcode label,

-It is necessary to read multiple labels at a time,

- Information needs to be updated and accessed in real time,

- or to simply improve the productivity of the asset management process.

RFID Technology is the best solution to streamline inventory and asset management because it guarantees a fast reading of each and every object and its locations in real-time.

RFID Analytics provides a new level of real-time operational intelligence that empowers companies to forecast future outcomes, prevent operational disruptions, and improve supply chain performance.

What are the benefits of an RFID Asset Management System?

-Accurate Data Gathering – The use of an RFID intelligent identification system will generate accurate real-time information and control of the material assets of your organization.
-Centralized Database: All asset information is centralized and accessible in a single database. No more questioning if you’re making informed decisions based on the latest information.
-Instant Location of Assets – Know where your fixed assets are located at any time.
-Facility Mapping – Gain instant, real-time access to a complete visual overview of the location of inventory assets, improving overall efficiency and saving time and money.
-Smart Investment – By having greater information and control over assets, it is much easier to determine which areas may need more funding or what inventories need replenishing.
-Faster Inventory – With the advantage of an RFID Asset Tracking System, you can inventory product up to 100 items per 1 second, making the management of goods a simple, fast, and easy task.
-Anywhere Access – Asset information is accessible anywhere there is internet access. Information can be stored automatically in the cloud, giving access to managers, owners, and those responsible for the goods so that inventory can be truly managed in real time.
-Integration with Other Platforms – An RFID System can integrate with other data platforms such as WMS, WCS, and various accounting systems to provide accurate and real-time data, enabling comprehensive intelligent business decisions.
-Customized Reporting – Customized dashboards and metrics are available to visually empower verifiable data-driven analysis that is key to achieve better business decisions.
-Real-Time Notifications: – Safeguard your processes by generating real-time notifications and initiating actions via alarms, video, PLC interface, and email when certain events occur or conditions are met.

What are the problems derived from poor asset management system?

It is very important to maintain exhaustive control of the properties, plant, and equipment to avoid the most common inventory problems.

Uncertainty in inventory: subpar or inaccurate methods of asset control can result in loss of assets, increased expenses, lack of necessary product or inventory, and/or replenishing items or equipment unnecessarily.

Excessive consumption of human and economic resources: It is clear that the traceability of fixed assets can be a real headache if you do not have the right system. Manual inventory of assets requires paying a team of people or re-assigning workers from your payroll to perform inventory functions, taking them away from vital administrative or income-producing rolls. Doing this several times a year is expensive and time-consuming.

Ignorance of the status or location of your assets: Some assets have a useful life that can be extended with proper maintenance. However, proper maintenance becomes very difficult when inventory processes are manual and sporadic, leading to the accumulation of dated or deteriorated goods.

Conclusion

By automating your processes with SmartX HUB RFID-IoT technology, you can cut daily operational costs by significantly reducing labor and error costs through process automation. SmartX HUB offers a scalable, customizable and straightforward platform, easily fitting into your unique business process. To make it even easier, SmartX HUB runs on any web browser and any Windows, iOS, or Android device.

SmartX HUB’s global presence, coupled with its deep industry and business transformation expertise, has proven that the methodologies and experience gained from thousands of worldwide engagements help clients achieve real business results and innovation quickly and cost-effectively.

Contact us to get more information on how we can help you overcome the challenges to your construction business or to check out a free demo.

How can we help you?

Contact us at the SmartX office nearest to you or submit a business inquiry online.

Let us know how we can help you solve your business challenges!

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