An upward trajectory of Asset Management across industries
We are in exciting times for the development of RFID asset management solutions. RFID Asset Tracking has been trending in many industries, as companies are looking to adopt predictive maintenance capabilities to manage their assets. As RFID tag costs are decreasing and RFID tags are becoming more customisable, they become more accessible to companies who wish to utilise RFID technology to manage their assets. 30 years ago, it was only restricted to the large institutions. Currently, there is a lot of potential for the future of RFID Asset Tags. RFID Asset Tag Management cuts down on the inaccuracies of manual recording, allowing companies to save costs. As the “Next Big Thing”, here are some trends to show that RFID Asset Management is becoming increasingly prominent in the industrial scene.
Proliferation of Asset Tracking
In the past, only large capital assets were being tracked. Recently, more companies are tracking all of their assets, regardless of whether they are capital assets. As RFID asset tracking becomes more ubiquitous, its benefits have trickled down to many smaller companies and institutions. RFID asset tracking software is being used by smaller organisations as accountability of their assets is required from them. As assets rise in value, they become increasingly valuable and need to be counted, regardless of its size. More than tracking physical assets, companies are beginning to track intangible Intellectual Property (IP) assets such as database files, security clearances and access times.
Increased Accessibility to RFID technology
As places such as schools, clinics, and businesses begin to track laptops, medicinal tools, and electronics, Asset tracking have become universal. The costs to track assets have dropped tremendously. Price reductions have been significant for asset tags where the average price of industry-standard metal asset has gone down from over $3.00/tag to under $1.00/tag. In addition, asset tags are becoming smaller as well, allowing them to be easily implemented.
Adopting RFID Asset Tracking also allows it to be uploaded to the Cloud at a much cheaper cost. The rapid movement of asset tracking software to the web has made it more secure, accessible and easy to learn compared to standalone software which can incur costs up to $1000 and requires manpower and time to familiarise themselves with the software.
Accuracy of RFID Asset Tracking
With RFID technology, assets can also be tracked in remote locations across geographical boundaries. This would prevent asset leakage and allows assets to be fully accounted for. According to Boeing, 4 million aircraft parts are being sourced from over 20,000 suppliers. Aviation companies have complex supply chains that require the mass movement of assets on a regular basis. Having an RFID asset tracking system allows for close supervision and accountability for these assets.
Predictive Maintenance Capabilities
Assets often require regular system maintenance, given the fast turnaround that they experience. With the utilisation of RFID asset tracking systems, companies can leverage on predictive maintenance capabilities and arrange maintenance scheduling to make their operational processes more efficient and reduce the room for error.
Riding on the upward trajectory of RFID Asset Management, Xerafy’s RFID solutions are well-positioned to add value with its RFID solutions, providing companies with predictive maintenance capabilities and reducing costs, time and manpower incurred in manual asset tracking by automating the asset tracking process. HAECO, one of the world’s leading independent aircraft engineering and maintenance companies, rode on the trend of RFID Asset Management, running a pilot project that saw an asset tracking solution trace 3,200 tools using handheld RFID readers.
How can Xerafy play a part in the rapidly rising trend of RFID asset management? How will the rising trend of asset tracking continue to impact businesses and consumers? Leave a comment below or drop us an email at email@example.com