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Inflation is the hot topic these days. A perfect storm of bad weather, a pandemic, armed conflict, and supply chain breakdowns have put a price squeeze on consumers and businesses alike. There’s plenty of blame to go around, but finger-pointing isn’t a solution. Instead, smart business leaders are looking to their own operations for ways to mitigate inflationary pressures.

One of those solutions is technology, in the form of better information, increased efficiencies, less waste, and speedier actions. RFID technology in particular addresses these needs, and it’s a tech solution that already exists in many operations. From logistics and retail to healthcare, pharma, public safety, and education, RFID counts objects and tracks their movements with unmatched speed and accuracy.

Here’s how RFID combats inflation:

  • Accurate information – RFID’s inventory accuracy approaches 98%, far above any handcount. With accurate information, over-ordering is eliminated, saving time, storage space, and money at a time when conserving funds is exceptionally important. With RFID, a pharmaceutical manufacturer, for instance, doesn’t have to contract for extra warehouse space and over-order in case their inventory isn’t accurate.
  • Increased efficiencies – RFID tracks supplies from manufacturer to storage to user, creating an early-warning system for potential stock shortages. Managers can adjust their order timing to account for uncertain supply chains, keeping adequate supplies on hand for operations at all times. Hospitals, for example, can keep a steady supply of medications flowing from their in-house pharmacies into the hands of patients.
  • Less waste – RFID provides aging information as well as quantity and location. Whether a business is working with perishables like foods or drugs, or longer-lived items like durable equipment, using operational inventory in a timely manner prevents waste. Return on inventory investment stays high, and inventory losses (and costs) stay low.
  • Fast actions – RFID is constantly monitoring an inventory’s quantity, location, and age and delivering actionable data. Managers can react quickly to any opportunity, whether it’s incoming supplies or outgoing products.

Inflation is, in part, a consequence of actions out of our control. RFID puts you back in charge of the things you can control. Use its data to manage better, and stand up to inflation.

 

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