Asset Management And RFID Solutions
Case Study 14
By The Custella Team
An Industry Perspective: Manufacturing
Challenges In Asset Management
As the global economy continues to grow businesses are continuously looking to decrease operational costs whilst drastically improving the efficiency of business operations. Companies in the manufacturing industry are faced with a host of problems from managing inventory to ensuring that they increase their ROI, the struggle to find workable solutions to their ever increasing needs is a daunting task.
From questions arising that pertain to the suitability of all the new technological advances hailing from IoT to robotics and the like, managers are seeking features that would assist them with asset management while also working to address their other needs. Some common challenges faced in the industry include:
- Inventory management
- Visibility and Traceability
RFID (Radio Frequency Identification) has become commonplace industrywide as a means of asset management as the system has made it possible to trace different products with greater timeliness and accuracy throughout supply chains. This automated solution can work to the benefit of businesses spanning across retail to construction through to manufacturing and beyond by addressing some of the numerous challenges that they face.
An RFID Solution
When it comes to the optimization of operations, the utilization of the latest technology can be beneficial in offering a practical solution. One such way RFID technology is used to assist with asset management is the tagging of reusable assets such as tools and machines. However, RFID solutions in asset management also assist in:
- Streamlining asset tracking that allows for increased traceability of i.e containers and the goods inside them
- Controlling Inventory by making it easier to conduct inventory counts
- Location and visibility – allows real time location updates offering increased visibility of goods within a supply chain
A white paper written by Rockwell Automation has referenced that RFID in manufacturing can help reduce downtime. In being able to manage both the scheduled and unscheduled maintenance of assets such as machinery this can cause manufacturing performance to be positively impacted.
Eric Carson, a production director at a manufacturing company was facing the challenge of outdated data. This was greatly impacting his ability to produce accurate reports in order to assist with planning production. However, in adapting RFID for his inventory management to assist with warehouse monitoring he was able to receive real time information.
“I was able to avoid costly delays as a result of outdated information. In fostering better asset management with the integration of RFID technology, I could set up APIs and data integrations that provided real time access to production data. Information was readily at my fingertips, when I needed to see in real time where an asset was or when I needed to check on the production status of an order. I was then able to take better inventory counts and be aware of what was in need of replenishment”
An asset management feature that incorporates RFID technology can go a long way in assisting various industries to achieve their goals. From maximising asset utilization to reducing downtime and increasing operational productivity there are numerous benefits of adopting such a feature.
There is no doubt that the utilization of the latest technology can go a long way in ensuring businesses continue to have a sustained competitive advantage. In adopting an asset management feature that uses RFID technology into a company’s business model, businesses will be able to reduce the capital costs such as labor and procurement costs. In addition to increasing the efficiency by being able to have real time visibility that allows the close monitoring of processes to ensure that if necessary quick action can be taken to solve issues that may arise.
All in all, such a feature can go a long way in assisting business to achieve their business strategy and enhance their asset management.
Custella, a mobile and web application with an asset management feature that uses RFID technology assists companies to increase asset visibility and better manage their inventory whilst also saving on both time and costs.
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