|Home||Internet of Things||Aerospace||Apparel||Energy||Defense||Health Care||Logistics||Manufacturing||Retail|
No Free Lunches With RFID
We must balance the cost of information with improvement in decisions and actions.
Issues of certainty, confidence, risk and chance all relate to the probability of people making correct decisions and taking proper actions. Understanding and quantifying the underlying value (and cost) of RFID-derived information has been central to the past decade's work at the Cambridge Auto-ID Lab, where we have developed tools and methods to address the value-of-information (VOI) questions associated with RFID use in manufacturing, logistics, retail, maintenance, asset management and recycling.
For example, "Would the cost of acquiring more accurate on-shelf availability information be less than the cost of having out-of-stock items, and losing potential sales and customers?"
This philosophy has been carried over into the lab's spinout company, RedBite Solutions, where establishing RFID value for the end user is paramount. The lab is expanding its research to examine VOI issues in broader distributed sensing and data-collection environments, in areas such as construction and airport operations, where RFID is just one of many data sources that must be considered.
While there is no "free lunch" in information capture and processing, we want to make sure the user gets a satisfying, low-cost/good-value meal!
Duncan McFarlane is director of the Cambridge Auto-ID Lab.
Login and post your comment!
Not a member?
Signup for an account now to access all of the features of RFIDJournal.com!
SEND IT YOUR WAY
RFID JOURNAL EVENTS
ASK THE EXPERTS
Simply enter a question for our experts.
|RFID Journal LIVE!||RFID in Health Care||LIVE! LatAm||LIVE! Brasil||LIVE! Europe||RFID Connect||Virtual Events||RFID Journal Awards||Webinars||Presentations|