Knowing where your inventory is and how much of each item you have is the crux of retail businesses. This is especially valuable as retailers shift away from just-in-time ordering. Many brands have moved toward an entirely or partially closed-loop supply chain due to recent shortages, stockpiling high-value items to reduce stockouts. With this new direction, many retailers who choose these new inventory management methods require new ways to monitor and manage their goods.
Streamline and modernize your inventory management by deploying a cloud-based solution that connects your entire team to the knowledge they need right on the sales floor.
Why Choose RFID Inventory Tracking?
When you track by the pallet, container, or item, you have complete visibility into your inventory and can make more informed decisions. A recent study suggests that upwards of 70% of retail companies have already started a transition to monitoring and managing their supply chain digitally. To stay ahead of your competitors, you also need to embrace the tools and solutions that will make your organization more profitable and organized.
Furthermore, while supply chain issues still linger from the global pandemic, businesses can adopt technology to give them visibility into their inventory holdings. By implementing technology like RFID inventory tracking, you can reduce stockouts, breakage issues with fragile merchandise, and over-ordering. With data storage capabilities, you can easily communicate additional information via one tag so that every step of the supply chain knows the necessary details about the products tracked.
RFID inventory tracking also expedites inventory management with the ability to scan more items faster than traditional barcode scanning methods or pen-and-paper inventory counts. RFID is also valuable for tracking inventory in stores and between stores, or between e-commerce fulfillment centers and stores. It allows retailers to locate items that a customer wants and save the sale with ship-to-store or delivery options.
Using RFID tags also gives retailers a way to do stock counts easily. At the end of the day, an employee can walk the aisles with a reader and count what’s left and print an order to replenish the floor which helps increase revenues because the things that people want are there the next day. Additionally, RFID can positively impact every step of inventory management including receiving, put-away, picking, staging, packing, and shipping.
The Challenges With Other Systems
Paper-based tracking systems are the status quo for many businesses that manage their retail inventory, but these types of tracking systems are becoming obsolete quickly and are hard to maintain. You can minimize the labor needed to keep track of your inventory management when you adopt an RFID solution.
Performing audits is another time-consuming process for accurate inventory management, made more fallible when you only use paper-tracking processes. Take the grunt work out of audits when you deploy an RFID retail inventory tracking and management system with software that makes product audits a matter of a few clicks.
Cycle counts in retail are inescapable and cumbersome. Scanning barcodes by hand can take hours for several employees to complete. RFID solutions are easy to implement and turn cycle counts into a painless process that keeps your inventory in check and reduces labor costs associated with typical management chores.
For retailers who have made changes to their inventory strategy to include holding more stock or over ordering, new technology is needed to manage the required added space in their warehouses and distribution centers. Companies that rely on manual tracking processes or have a legacy inventory tracking system will struggle to keep up with dynamic changes, reorganize stock, and create effective production planning schedules. You can avoid these issues when you adopt RFID technology in your warehouse, distribution center, and in your retail locations.
ViziTrace as Your Single-Source Solution
For all these issues and more, ViziTrace rollouts are the answer. Once our solution is implemented, you will have near real-time information that keeps your processes streamlined and organized from every point of your inventory operations, including the sales floor and the reporting office.
While many solutions can take months to deploy, our team has performed completed deployments for most of our clients in less than 60 days. Our project managers coordinate status calls at regular intervals to keep the project on track and at, or under, budget. We know that any downtime at your facility is costly, and work with you to plan, execute, and support a project as flawlessly as possible.
What’s more, our tools can be customized to your needs with custom reporting and configurable tagging. We can create an RFID tag to fit your needs, no matter how big or small. The capabilities of RFID retail inventory tracking outshine even the best manual systems. When you choose RFID, you’re saying yes to better visibility, better planning, and more ROI for every part of your business.
Our team of experts is with you every step of the way when you choose to embrace RFID inventory tracking tools. We help you roll out your project effectively and then support the entire lifecycle of your devices. Ready to learn more? Contact us today.