Asset management system RFID (radio frequency identification) keeps expanding its usefulness. Well established for inventory management, RFID is proving itself to be adaptable for an array of other applications, including document management, process supply management, healthcare equipment and personnel tracking, enterprise resource planning, and physical asset management.
Even workplace social distancing is now being supported by RFID wearable technology. Wristbands or badges equipped with RFID sensors warn wearers when they are standing too close to one another.
Now Cellr, an inventive Australian startup, is creating an RFID-based system that will prevent intellectual-property fraud in the wine industry. Like any brand identification, wine labels are considered intellectual property. Consumers expect that the wine is exactly what the label states. However, it’s all too easy for fraudsters to print counterfeit labels and apply them to bottles of inferior wine, essentially stealing the winery’s intellectual property and damaging its brand. Wine fraud is estimated to cost the industry some $7 billion annually.
The new fraud-prevention system utilizes NFC (near-field-communication) and RFID tags embedded in corks at the winery – a kind of “digital birth certificate.” Buyers use a cell phone app to check the provenance of the wine, verifying that the wine inside the bottle matches the label on the outside. (Marketers, take note: As an extra bonus, the combined NFC/RFID tags allow wineries to deliver promotional messages to buyers.)
And of course the RFID-tagged corks simplify wineries’ and retailers’ inventory management, just like RFID inventory systems in other industries.
It’s easy to see how this fraud-prevention technique can extend into other areas. Works of art with embedded RFID can be easily identified as the one-and-only original. Legal documents become tamper-proof if they are printed on paper with embedded RFID fibers. Designer apparel and accessories with embedded RFID tags can be quickly authenticated.
With RFID, questionable provenance is no longer an issue. The chain-of-custody is unbroken. Supply chain reliability improves. Brand trust is reinforced. Manufacturers and retailers are confident that brand integrity is protected, and consumers are confident that they’re getting what they pay for.
Deterring fraud is just one of the numerous applications of RFID. If your business has assets (and what business doesn’t?) there’s an RFID application that fits your asset management needs.
Now that businesses are cautiously reopening, RFID is being deployed in the form of wearables that help employees maintain social distancing and stay safe in reopened workplaces.
In the U.S. and Europe, RFID suppliers are creating bracelets and smart watches with embedded RFID chips that alert users when they are too close to one another. Ford Motor Company, for example, has been testing an RFID wearable in the factories where it produces ventilators and respirators. Workers wear an RFID-enabled smart watch that vibrates and issues a color-coded warning whenever they move too near.
The watches also send social-distancing data to supervisors so they can modify workflows for better distancing. Further, the data provides supervisors with workplace contact tracing. If an employee becomes infected, other employees who have been in contact with that person can be identified for testing.
A spokesman for Italian RFID tech company Engineering points out that RFID’s proximity and contract tracing technology lets businesses isolate only the infected workers and their contacts, rather than all the employees. If only a small percentage of employees have to be pulled off the line, production can continue with little or no interruption.
Employees at many companies are teleworking to reduce their risk of infection. But even when telework is enabled by document imaging and digital asset management, it isn’t practical for every type of enterprise. Manufacturing, scientific research, logistics – these all require workers to be in the same place at the same time. The “new normal” is going to call for new ways of doing business and new applications of existing technology.
RFID is a mature, robust technology, a proven risk reduction tool for asset management and security. This same technology can be applied to a different kind of business risk: an infected workplace. RFID is easy to adapt for the socially-distanced workplace. As RFID is protecting your staff, it’s also protecting your business from additional production slowdowns. RFID is part of the solution for a safer workplace during reopening, and into the future.
Speed is the name of the game when it comes to inventory and asset management, and RFID delivers the data faster than any other technology.
RFID is everywhere. Those plastic tags you’ve seen in retail stores; the small square metallic stickers on packaged goods; even your pet’s ID chip – those are all RFID tags. They store information about the item they’re attached to, and they deliver that information to an RFID reader’s screen.
Don’t bar codes manage information the same way? Not exactly. The key difference is in the way an RFID tag communicates with the reader. Bar code readers must “see” each bar code to collect the data. There has to be a clear sight line between the bar code and the reader. RFID readers, in contrast, don’t “see” the tag. They “hear” it, via radio waves sent by the tag. RF = radio frequency, ID = identification.
RFID readers can “hear” the signals from all the RFID tags in an area, all at the same time. Bar code readers, because they rely on “seeing,” can record only one bar code at a time. This video shows a bar code reader and an RFID reader in a head-to-head race.
Spoiler alert: The bar code reader is not going to be invited to the Kentucky Derby.
RFID technology has an application for every business sector.
Every business has a need for speed, because time is money. The less time it takes to collect information about assets, the more time you have to spend on your organization’s primary mission. RFID streamlines your workflow, improves inventory accountability, and monitors assets. Turbocharge your business with RFID.
The benefits of digital asset management (DAM), including RFID, are a hot topic these days. RFID applications are available for any sort of business. But owners and managers of organizations in the service sectors, from finance and law to healthcare and education, may think RFID is just an inventory tool for the retail and logistics sectors.
If you think your enterprise couldn’t benefit from RFID, think again.
Asset Tracking – Ever notice how there are never enough chairs in the conference room? Furniture, laptops, and other work tools have a way of wandering from their assigned locations. RFID tags keep tabs on the location of these peripatetic items, as well as providing information on their age and condition. Office and facility managers can easily identify aging furnishings that need repairs or replacement, and pinpoint the location of every physical asset. Plus when inventory time comes, the RFID system can deliver a document listing the assigned value of each item currently in the facility, making financial reporting quicker and simpler. What is does it cost your business to update capital inventory records by hand?
Personnel Tracking – In busy public settings like hospitals or schools, knowing the location of key personnel can save time, or even save a life. RFID-enabled personnel badges keep track of people’s movements and current whereabouts so no time is wasted when someone is urgently needed. RFID personnel badges work with an institution’s security system to manage access to restricted areas and maintain safety. And in emergency situations, an RFID system can tell first responders who is inside and where they are. What is the dollar value of RFID-managed security and safety?
Document Tracking – We always advocate converting paper documents to digital documents via a well-planned imaging program; imaged documents are secure, shareable with teams, and save the real estate costs of large file rooms. But in many offices there are documents that need to be retained as paper even if they have been imaged. Paper files are easy to lose or misplace (one of the advantages of imaging), but with the addition of small, inconspicuous RFID tags, the location of a file can be tracked throughout an office. Doorway RFID readers monitor the movement of files from one room to another, and files can be located with a quick look at the tracking record. PricewaterhouseCoopers estimates an average of 25 extra hours to recreate a lost document; how much would that cost your business?
Keep in mind that RFID, unlike bar codes, doesn’t require direct sight lines to record and track business assets carrying RFID tags. Once items or personnel are assigned their unique RFID tag, doorway readers track their movements automatically as they pass from one room to another. And inventory updates can be as simple as walking into a room and pressing a button on an RFID reader. You’ll instantly collect data on all the capital assets the room contains; no need to look through cabinets and underneath furniture to read bar code IDs. RFID is a timesaver, and like its other benefits, that translates into money.
RFID systems come in many shapes and sizes, and can be scaled up or down to suit your organization’s needs. When you start adding up the costs of lost documents, lost equipment, and lost time, it’s clear that you shouldn’t miss out on the benefits of RFID.
The IRS is acting like Oprah, and small businesses across the U.S. are benefiting. Thanks to Section 179, the IRS is handing out a $1,000,000 deduction to every small business that puts qualifying equipment and/or software into use before the end of the year. Rather than depreciating equipment over the course of several years, Section 179 allows businesses to deduct the full price of equipment in Year 1, up to $1,000,000. That’s an enormous tax benefit.
And it gets better: Even if you finance the equipment rather than paying for it up front, you still qualify for the deduction. Leases as well as purchases are included in this rule. You don’t have to hand over a pile of cash in order to reap the Sec. 179 benefit.
Almost any tangible business-related product qualifies for the deduction, including:
Tangible personal property used in the business, or equipment with a partial business use
Some improvements to existing business-only buildings, including security systems, HVAC, and roofing
There’s one small but essential thing to remember: The new equipment must be placed into service by December 31.
With only a few weeks left in the year, that deadline may seem like an insurmountable scheduling problem. Luckily, many business-equipment vendors offer quick-ship programs for their clients who want to take advantage of the Sec. 179 deduction. If you’re planning an equipment acquisition in the first quarter of next year, why not buy it now, put it into use before the end of this year, and get the money the IRS put under your seat?
It happens every year around this time – the season for end-of-year tax deductions. The Section 179 tax rule gives businesses an opportunity to write off as much as $500,000 in new and used equipment costs. Equipment or software purchased and put into service by December 31st is deducted from your business’s gross income – it’s as simple as that. And depreciation boosts the total tax reduction even more.
The tax experts at Section179.org provide in-depth information on this valuable tax strategy, and the calculator from Crest Capital shows the savings.
The key phrase in Section 179 is “put into service.” With only a month left in 2016, many kinds of business equipment simply can’t be delivered and put into service before the end of the year. The good news: There’s a wide variety of high density storage, RFID systems, and modular furnishings on a quick-order program. Talk to your tax advisor, then talk to your local storage professional to find out which new and efficient storage systems can help your business qualify for this attractive deduction. Don’t waste a minute!