RFID is a valuable technology for tracking inventory in the supply chain. It can synchronize information and physical flow of goods across the supply chain from manufacturers to retail outlets and to the consumers at the right place at the right time.
RFID can track returned goods through the supply chain and prevent counterfeit. It also helps to reduce out-of-stock items. RFID is invaluable for improving inventory management and supply chain efficiency.
Radio Frequency Identification (RFID) promises to transform supply chain management by providing detailed information on the flow of products throughout the entire value chain.
The current challenges facing RFID adoption include: management commitment, dual systems, cost challenges, legal and patent challenges, operational automation, selection of hardware and software and technology support for adoption.
In 2014, the world RFID market was $8.89 billion, up from $7.77 billion in 2013 and $6.96 billion in 2012. This includes tags, readers, and software/services for RFID cards, labels, fobs, and all other form factors. The market value is expected to rise to $27.31 billion by 2024.