RFID Asset Tracking: Yesterday, Today & Tomorrowby Manya Verma Health care and lifestyle
Radio Frequency Identification (RFID) is the fastest growing technology in the field of asset tracking management and beyond. It achieved its important reputation during World War II when the British created a basic version of the RFID system and successfully tracked and identified aircrafts. Since then, RFID technology has evolved and benefited various business domains including inventory and asset tracking.
After its successful implementation during the World War II, RFID caught the attention of American researchers and they began implementing the simple form of aircraft RFID technology called Identification, Friend of Foe (IFF) till its first widespread application in Electronic Article Surveillance (EAS) to detect weather an item has been paid for or not. RFID since then has been proving its worth in asset tracking management.
The U.S patent for the first active RFID tag with re-writable memory, created a stir and many countries started investing in the technology for further variations and better ways to track assets.
In the early 90s IBM developed and patented UHF RFID systems that offered longer read range and faster data transfer. Walmart spent up to $500000000 on their initial RFID asset tracking system giving this technology its initial reputation of being an expensive investment.
RFID has recovered from its initial limitations now by providing low cost solutions and substantial return on investment (ROI) in a short amount of time. Companies have been able to achieve up to a 200% ROI with efficient RFID asset tracking and inventory management solutions.
By 2020, the demand for RFID is expected to grow to a 24.5-billion-dollar market. Its application will not be limited to asset discovery and data collection. There is an ongoing effort to implement the RFID asset tracking software to track the product from manufacturer to retailer and to ultimately the end consumer, bringing a revolution in the consumer goods supply chain.
Created on Feb 25th 2019 01:02. Viewed 555 times.