RFID Technology Industry Use Cases for Managing Assets
Asset tracking solutions help any industry that deals with high-value inventories or assets. Industries that deal with assets for critical support such as healthcare, manufacturing, mining, oil, and gas must have solutions for asset management. For businesses managing significant amounts of resources or maintaining equipment over a significant geographic region, using an asset tracking system significantly boosts their operations. Asset tracking solutions advance productivity and reduce unwanted expenses on materials that can no longer be used. RFID (Radio Frequency Identification) technology is one of the leading names when it comes to seamless asset tracking. Let’s take a look at several industries that use RFID to manage their assets.
RFID Use Cases
On average, 15 percent of hospital assets are stolen or lost every year. This leads to serious financial loss, which often happens because of an inefficient asset management system. Automating the asset management system in healthcare facilities can significantly improve access and minimize capital loss.
#2: Mining and Metals
The streamlined asset management system is crucial to ensure the safety of the mining and metal industry workers. The use of RFID in the industry also helps with several other operational advantages. There are different types of equipment used in the industry that should be monitored properly to evade deprivation. When the equipment needs maintenance, managers must have precise and real-time visibility for the accessibility of the equipment.
Asset tracking systems powered by RFID can significantly help the manufacturing industry, especially those that need modern MRO (Maintenance, Repair, and Operations) to ensure production uptime.
Having the swift ability to find the right set of tools, equipment, and parts in the right location has effectively prevented expensive downtime. Manufacturing units, especially those operating in the food and beverage industry, are extremely critical to look after the assets in maintaining human safety.
The capital base of the telecommunications industry includes fixed assets, making their management more critical. The widespread telecommunications substructure, like the fiber networks and towers, paves the way for the foundation of crucial communication systems across the nation. It is evident that interruption not only disturbs telecommunications but also leads to an expensive impact on other businesses and the customers related to it.
#5: Oil and Gas
When it comes to the oil and gas industry, MRO is a very useful component of oil platforms, refineries, and even high-value gas and oil environments. Failure to quickly recognize and mitigate the problems can put production and human lives at risk. Having consistently reliable network access can be difficult to secure in offshore or remote locations. This increases the necessity of off-network mobility solutions like batch mode, high availability, or even offline inventory.
Investing in RFID Technology
When businesses need a potential asset tracking system, investing in RFID technology offers room for expansion into other areas with growth in the business. The use of the system also helps in solving current and future challenges. Inventory control, mobility, and mobile app development are the three core areas of supply chain application that every business should look for. A combination of these three segments will create a holistic solution to manage different types of inventories using quality data and real-time movements.