Many people have asked the author if there is an indicator that quantifies the return on investment of RFID technology in warehouse inventory management. Unfortunately, as far as I know, no. In recent years, the author has been proposing to many organizations to sponsor research on how to judge the value of RFID technology in warehouse management. In this way, we can create an ROI calculator in the warehouse management field like the RFID apparel retail industry return on investment calculator.
Almost all warehouses have the same workflow procedures. Accept the goods; check the goods and put them away; check the goods according to the order and deliver them to the store or factory. The author believes that we can find a way to quantify the benefits of RFID.
For example, we can study the time it takes for employees to use manual inventory or scan barcodes to accept items, and compare it with the time it takes to receive items using RFID technology. We can calculate the time it takes employees to find items using barcodes and the errors that occur in the process. Similarly, we can also compare the time spent using RFID technology and the error rate.
How much time does it take for employees to use barcodes to determine whether the items they find are what they need. What about RFID technology? What is the error rate of delivery using barcode technology? What about RFID technology? How much loss will these errors cause? You can even calculate if possible. Loss due to lost, stolen or damaged items.
We can create a calculator to allow the company to enter the labor cost, the quantity of goods received, the value of the goods and other parameters. The company can also estimate the system cost based on the number of RFID tags, readers, etc. required. The author believes that we can create an evaluation tool, which will be of great help to enterprise RFID system selection.
Of course, for those items that have not been RFID marked before entering the warehouse, we also need to calculate the time and cost of tag attachment, which is a big challenge. This makes it difficult for us to calculate accurate ROI data. If we can quantify the benefits of RFID in the warehouse management field, vertically integrated vendors can work together to encourage suppliers to mark items on the manufacturing side. Suppliers can also judge whether it is worth using RFID systems based on quantitative data, which will help the RFID industry to quickly and widely spread.
Just as the Auburn University laboratory did in the retail industry, I believe that soon the quantification of RFID systems in the warehouse management field will also make progress.
Unfortunately, RFID companies often waste a lot of money on meaningless things. A few years ago, two RFID solution providers spent $60,000 to promote in newspapers. Unfortunately, these articles did not convince any company to deploy the technology. The money and preparation work can be said to be completely meaningless. If the money can be spent on the quantification of benefits, I dare to say that the results will be completely different.
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