Retailers have a tough “to do” list. Every day, they must battle shrink; satisfy customer demands for product; manage inventory across multiple channels; deal with an increasingly complex supply chain; balance inventory to prevent costly out-of-
stocks and over stocks, and much, much more. Did we mention a tightening economy? rapid seasonal turnovers? and fluctuating demand? These and other challenges constantly threaten the retail bottom line, especially in today’s competitive, “lean and mean” economy when companies are required to do more with less.
In a recent study by RIS (Retail Insights) magazine, 63 percent of retailers surveyed said they
felt pressured to find greater efficiencies and profitability within their operations; 81 percent say they view new, enabling technologies as vital to this objective. It is no surprise to me that more and more retailers are adopting RFID to ease their biggest pain points. With its rapid counting capabilities, near-perfect accuracy, ability to deliver large amounts of data in real-time and high octane “enabling” power, RFID is all about solving problems – FAST.
Successful pilots have proven conclusively that retailers of every size can experience immediate operational efficiencies by leveraging RFID’s unprecedented capabilities. The tighter inventory management and heightened supply chain visibility flowing from RFID data capture can push profits upward quickly. In fact, most retail operations experience a sales lift of up to 14 percent following RFID tagging.
Clearly, each retailer has unique business needs, specific “keep you awake at night” problems to solve, plus their own priorities for addressing the most critical needs. And there must be a right fit between the retailer’s business case and RFID technology. Identifying the areas of greatest need and finding the right fit is territory each retailer must explore with an experienced RFID software integrator, such as Truecount, via a comprehensive assessment of the business, their existing processes and hierarchy of goals. Because RFID is an enabling rather than a replacement technology, Truecount RFID sits on top of the retailer’s existing systems, or processes, enhancing their capabilities to the max. As a result, the RFID is up and running quickly with little to no disruption to business flow.
We can’t list all of the benefits advanced item-level RFID delivers to end users—-there are too many—-but here are a few, based on recent deployments:
- RFID can count 20,000 items in less than 60 minutes, reducing the time for cycle counts by 96%, with overall improvement for all tasks relating to inventory management.
- Improved operational and logistical performance (resulting in a more agility and increased “speed to market” for the organization.
- Automatic receipt and acceptance of shipments.
- Reduction in the number of charge-backs created by errors in shipping.
- Improved asset tracking and labor productivity.
- Data capture on many items simultaneously, with no line of sight required
- Checking orders without opening cartons
- Automatic identification and counting of groups of pallets, cases or items in a single read.
- Duplicate orders eliminated.
- Identification of stores that do not have the right goods on the floor, or shelf, in the right sizes and colors, at the right time
- Pinpointing areas or stores with higher than average levels of
loss (shoplifting, etc..)
- Pinpointing dishonest or error-prone associates
- Fighting return fraud by alerting staff to whether or not items being returned for refund were purchased legitimately, or stolen.
- Ensuring consistent visibility and inventory accuracy through all stages of shipment and inventory movement.
- At the DC: enabling 100% inspection of incoming orders vs. the random 10% for non-RFID enabled goods
- Catching discrepancies early, leading to faster correction and getting items on the shelf faster.
See any that would help you and your team sleep better at night? If you are ready to learn more about how item-level RFID can ease your biggest headaches, contact Truecount for a complimentary evaluation. Email email@example.com or call toll-free: 1.800. 403.7118 ext. 32.
What’s keeping you awake at night? Let us know in the Comment section below.