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Asset Valuation With RFID

A return on an investment in the technology can be achieved from improved quality and accuracy, the ability to perform frequent inventory counts and other benefits.
By Carlos Ribeiro

In this way, external-audit or asset-evaluation companies can carry out quality- and inventory-verification processes remotely, requiring fewer labor hours and much lower travel expenses. These outside firms have the advantage of monitoring, in real time, each restocking or movement of assets at the company, and can trigger a remote audit action to curb any deviations.

Another advantage is that an operations manager can not only inventory the assets, but also manage them—for example, controlling the processes of sending assets out for maintenance, loans, custody or discarding. RFID, in this case, ensures an integrated and updated view of information in a single system.

Tracking assets via RFID in this way is only the beginning. Once the foundation is established, a company can proceed with implementing fixed reader portals and alarm systems, in order to control the flow and movement of every asset, using an internet interface and mobile applications or data collectors.

Another possible step, following the inventory rollout, is to customize RFID tags for special business cases. This includes fixing processes, protection against chemical attacks and tag recording.

With an RFID system in place, a company can import an existing list or create a new one, execute physical consolidation, evaluate the results, and carry out asset management daily using, for example, a smartphone connected to a small reading device. The answer to the question, "Can I take inventory with RFID technology?" is "Yes, in a simple, practical and integrated way."

Carlos Ribeiro is the CEO of SmartX of America.

USER COMMENTS

Michael Smith 2016-12-20 11:05:59 AM
Good article Mr. Ribeiro, I understand the value once the RFID tracking system is in place, but is there still not a need for a professional baseline inventory and deployment of the tags and RFID technology at the beginning.

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