The evolution of RFID asset tracking technology and implications for the future
Radio frequency identification technology (RFID) can be traced back to second world war. The first application of RFID was initiated by the Germans to detect fighter planes. As more countries realized the benefits of this innovation in the 1960s, RFID was developed even further. Soon, what started as a war weapon became widely accepted by the general population. The economy progressed to using electronic surveillance article tags to check for theft in the packaging departments. After the success of this operation, RFID tags became popular within the mass markets.
Fast forward to 2018, RFID is one the most extensively used mechanisms by the commercial business sector. The use of this technology has rapidly increased due to its unbeatable benefits for warehouses and asset tracking. For this reason, RFID is being adopted by the retail sector and is expected to have a market worth of $14.9 Billion by 2022. According to research, RFID improves inventory accuracy from 70% to 98%. Given the rise in efficiency due to smart asset tracking, the wise move would be to invest in this technology. RFID is budget-friendly, as it is less expensive as compared to printed codes and helps cut down unnecessary costs. The next big business trend is undoubtedly radio identification and it is here to stay. Continue reading