Locating the right item at right place and at the right time is made possible by Radio Frequency IDentification or RFID, as it's known commonly. There are numerous applications of RFID namely inventory tracking, asset management, supply chain management, and so on. This technology enables companies in optimizing the procurement, manufacture, distribution, sales, and tracking of products. Thus, integrating even the last mile of the retail chain with live area - whether it's a store shelf, or a factory floor.
Major retailers, consumer and industrial goods manufacturers across the globe believe that RFID helps them in improving the efficiency of their tracking and inventory management systems. RFID can help in counting, tracking, locating, and securing the objects, which move through supply chains, in an accurate and cost effective manner.
As per a recent market study RFID will continue to be a core element of various business elements throughout the year 2006. Market needs will be the key driver for the worldwide adoption of this technology. Nearly 85%-86% items in convenience stores and supermarkets currently have barcodes. Therefore, we can say that RFID is taking a giant leap and making headway in all sorts of markets. It's returning good turnover.
RFID vendors who're adopting a high pricing strategy will likely evolve their market position on account of enhanced performance and quality. While RFID market's current nascence doesn't necessarily imply a direct relationship between price and quality, this is a possible situation in developed market conditions. The increasing stress on performance within the end user segments will probably have a positive influence on vendors adopting this positioning focus. Mandates that require mere compliance will likely evolve and comprise performance demands in coming years.
RFID will offer competitive advantage in consumer goods, combat terrorism, other crime and also the threats of epidemics. This technology will also serve consumers and governments demanding enhanced service, quick information, condition monitoring, and so on.
For further information on RFID industry you can read the report " RFID Industry Analysis (2006)," published by RNCOS at http://www.rncos.com/Report/COM32.htm
RNCOS is an industry leader in the field of online business research. We specialize in industry research on various business verticals. To read our other reports, please visit us at our website: - http://www.rncos.com/Report.htm or email us at info@rncos.com.
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