By: Narasimha Kandade
We are in the middle of a new Internet of Things (IoT) enabled technological revolution and RFID has a big role in shaping this connected world. Using RFID technology helps to identify, track and monitor the objects attached with tags automatically in real-time. To say that RFID is almost a prerequisite for the IoT, would not be an exaggeration.
Businesses are implementing IoT solutions for real business benefits, using RFID tags, readers and antennas with IoT software for diverse applications like asset tracking, and asset utilization, smart supply chain, stock management, people tracking, smart retail, smart shelf, foot traffic tracking, connected healthcare, patient records, lab specimen tracking, tolling, parking solutions, and more.
Internet of Things (IoT) connected devices installed base worldwide from 2015 to 2025 (in billions USD)
New improved RFID tech
Since RFID technology has existed for two decades, it’s mistakenly called an “old” technology. However, the technology has evolved over the years with better hardware, tags and chip design that have enhanced readability and range. Today, UHF RFID is seen as the next level of RFID technology and sensors have seen a paradigm shift in the way they perform with much more accuracy.
Adopting RFID technology
The progression of any enterprise into a digital enterprise begins with a basic track and trace. RFID is best suited due to its reliability and cost-effectiveness. It helps connect assets, inventory, and people in real-time. This data can then form the bedrock to build intelligence at the back-end to enable organizations to refine their processes, improve efficiencies, identify resource and asset utilization, etc. There are immense intangible benefits that arise due to the availability of real-time data. Sales cycles get shortened and market intelligence can be gathered to help pre-empt or predict better sales. Inventory management helps immensely in cash flow management. Likewise, asset utilization data will help organizations plan their asset procurement better and save costs.
When it comes to connecting devices through which data transfer takes place, security is a huge concern. RFID technology has matured a great deal to address security concerns of enterprises, thanks to best in class chips like UCODE DNA, the data is encrypted, making it highly secure.
In short, RFID technology has all the key aspects to fulfill the needs of an organization to start building their connected world. There is no doubt that RFID technology is shaping how businesses are run. The chart below shows the global market projections for RFID.
© Statista 2019, Sources: MIG; Li & Fung Group
If you would like to know more and see how RFID solutions can bring a change to your business, call or mail us today.