Top 5 Benefits of Using RFID Tags and Barcodes to Track and Manage Your Inventory

November 23, 2020
3 min read

Today, many organizations look for ways to increase the speed and ease of data collection in every facet of their operations. One way businesses can do so is by leveraging a combination of barcodes and RFID tags to make asset tracking and managing, as well as data collection, simple and quick. By combining barcodes and RFID, you can improve the speed and accuracy of your processes, such as locating, retrieving, and accounting for any of your assets. When productivity is improved, your resources can be allocated to other revenue generating activities.

The Benefits of Using RFID Tags and Barcodes

From raw materials, to work in progress, to manufactured goods, to purchased supplies, it’s important for you to gain full visibility of your assets. Businesses that don’t have accurate information could carry excess inventory, higher labor costs, and disorganized storage spaces. Using RFID and barcodes can result in better data leading to asset utilization expansion, increased inventory turns, faster billing cycles, and reduced storage space and labor costs. Replacing manual data collection activities with RFID tags and barcodes can result in these other benefits as well:

Increased Asset Visibility

Having better visibility of your assets allows you to know what is in your inventory as well as the location. The result: reduced product search times, improved inventory stocks, and enhanced manufacturing control. Another benefit of increased asset visibility is that your order and shipping accuracy increases. Your orders ship complete, error-free, on time, and your customer is satisfied.

Real-time monitoring of assets

The real-time scanning of your assets can help streamline inventory movements, control costs, and manage your assets while using fewer resources in a shorter time. But how? By making sure that the product is moving profitably and quickly to meet demand and reduce inventory costs, while reducing labor costs by eliminating manual steps.

Improved Productivity

Your shop floor will run like a well-oiled machine. As raw materials are received, barcodes are scanned along with bin locations so you can easily find them. Throughout production, work in progress tags are printed with updated quantities. As production is complete, finished good load tags are created to streamline the job to a warehouse. When your customer requests a delivery, each pallet tag is scanned and loaded onto the truck and a customer invoice is generated. From start to finish, assets are tracked and managed across your shop floor.

Real-time reporting of assets

With a fully-integrated ERP system, job costing, order processing, and schedule boards are seamlessly visible across your organization. Also, when combined with an ERP system, you can quickly locate any asset, track its history from acquisition to disposal, and reduce audit times.

Reduce shrinkage and loss

Full visibility into your assets leaves little room for error and you can ensure that all assets are accounted for to mitigate risks like counterfeiting, theft, or recalls. Not only will it cost you time and money to fix these mistakes, but it could also result in fines, or a loss of a customer.

Manage and Track Your Inventory in Real-Time Across Your Shop Floor

Track your raw materials, work in process, manufactured goods, and purchased supplies in real-time using the latest scanning technologies of wireless RFID tags and/or barcodes. Advantzware’s Sharp Shooter and WIP tags provide you with full visibility across your organization with a seamless, fully-integrated process that tracks your job costing, order processing, and schedule all in one place. We can help you with the implementation process to enhance the functionality of your existing ERP system to empower better decision-making overall.