Tracking assets is critical to properly managing inventory levels and transactions. Therefore, an RFID Automatic Data Capture system offers big benefits for equipment rental companies when properly deployed.
RFID technology enables accurate inventory &Traceability
For rental companies, tracking assets is critical to effectively manage inventory levels and transactions. However, many firms still rely on outdated, error-prone systems that drive up labour costs and are unreliable in a competitive rental-service market with high customer demands. In this discussion, we examine how RFID can help and we introduce RFIDdirect’s Sensing Objects: Inventory tool for life-cycle management of assets.
What’s the objective for using RFID?
Here, we take a look at how RFID can help: Customer Scenario:
- Customer books on-line the rental of an asset,
- Customer drives to the geographical location indicated,
- To be then told the asset is not available.
Companies renting-out out high-value equipment have always needed a reliable way to track and manage both customer and item information. The problem is, for many companies, “reliable equipment tracking” means identifying, recording serial numbers and item descriptions by hand. This is labour intensive and produces data that has many inaccuracies due to human error/workload.
Why RFID can offer an advantage in ID & inventory management of rental assets
Also, in the rental industry, inventory management is often conducted by identifying numbers with a barcode label for registration of items. Barcode systems, indeed, offer an improvement over manual administration methods, but they’re still limited by line-of-sight requirements, one-at-a-time scanning, and labels that can easily get damaged or go missing. Typically, software records assets going out and returning – what we refer to as ‘administrative inventory’. This information can be made visible for on-line customers checking availability and for geographical rental locations. Unfortunately, administrative inventory is often not in line with real inventory (completed once a quarter or once a month, even annually!). Critically, here is the viability of having correct inventory with ‘frozen’ inventory potentially reduced to zero.
Common issues such as these are the reason more firms are turning to RFID for rental asset tracking. However, rental equipment comes in a wide range of configurations, making tag selection and mounting more complex than industries with more uniform assets. Still, an RFID system offers big benefits for equipment rental companies when properly deployed and your business is supported throughout the whole adoption process as RFIDdirect always provides.
Let’s take a look at the top five benefits of RFID for rental companies:
1 Automates Transactions
2 Increases Kit Accuracy
3 Improves Inventory Management and Utilisation
4 Streamlines Equipment Returns
5 Automates Cycle Counts
RFIDdirect designed and created: Sensing Objects: Inventory Tool: Inventory optimising application for customers holding stock, critical for their operation
To conclude, RFIDdirect’s ‘Sensing Objects – Rental tool – provides added value and smarter procedures for any rental business with:
- Data capture, accessible information,
- Scalable to cover your growth and changing demands
- Easy to use mobile platform
To find out more about how @RFIDdirect’s Sensing Objects: Inventory Tool can enhance rental inventory:
Call our sales team on +44(0)1352 752044