RFID in Inventory Management: Opportunities and Applications
Detego is a software service provider for retailers who at NRF 2019 displayed their RFID- based inventory management artificial intelligence application and software. The software aims to provide retailers control over the access to digital connectivity through an RFID-based system. The solution is offered in a SaaS model with high inventory accuracy, consistent product availability, and cloud hosting at a low cost. Detego is being used in around 1500 stores proving it is cost effective and quickly adaptable on the market.
The core product comes with AI application from Detego which simultaneously benefits the customer and the retailer. The chatbots are integrated to give information about the product availability and product information; furthermore, the user looks into customer preferences and provides recommendations. The machine learning system allows the AI to consistently learn and adapt to the current trends and ever-changing dynamics of the retail sector. Planogram lets the user maintain the store with AI because manual maintenance is very tiresome and time-consuming. The refilling process is simplified, and the inventory requirements can be easily understood. The company has pioneered in Internet of Things (IoT) and has given great outputs that can be used in the fashion retail industry. The in-store lean edition adds long term value to the fashion industry by delivering accurate inventory report and constant availability of the product.
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The RFID tags are better than bar codes because these codes can be scanned in any orientation. In the distribution center, labor costs are estimated to be 80 percent of the activity, and by using RFID, the costs can be cut down while most of the tasks can be automated. The real-time update provides transparency in inventory and improves visibility. The scanners at doorway can provide accurate time and number of items dispatched with requiring a manual count. RFID can be affected by external factors disrupting the interface. The data collected from the tags requires a vast amount of storage to manage the data making it obsolete for smaller goods. With proper planning and foresight, the solution can optimize inventory management. The tools are provided to assist retailers in increasing sales; hence, they must be appropriately incorporated in businesses for positive results.
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