David Morey 
Radio-frequency identification (RFID) technology is worth considering if you’re a small business owner. It’s for more than just large enterprises since corporations of all sizes can benefit.
Since RFID uses radio frequencies to identify and track tags affixed to objects, it’s a good idea for businesses that want to optimize inventory management and fine-tune operations.
According to one source, the global RFID market was worth an estimated $15.8 billion last year and could grow to $40.9 billion by 2032. MarketsAndMarkets adds that the expected 11.1% compound annual growth rate from 2023 to 2032 is due to higher demand for RFID technology at manufacturing businesses, the availability of cost-effective RFID systems, and a growing need to enhance inventory management.
Considering the potential benefits of using RFID technology, you’ll want to look at five reasons to take the plunge. You’ll see that it’s the sort of investment that keeps giving.
1. Track Assets More Easily
Using RFID technology will simplify asset tracking and management. Your small business can keep tabs on everything it owns in a way that would be hard if done manually. It’s always been true that working smarter rather than harder is the way to go. You can do that with RFID tech. It will level the playing field by giving your small business tools to operate more efficiently.
2. Lessen Workload Across the Workforce
Another reason to invest in RFID technology is that you’ll make inventory management more manageable for staff. Managing your inventory manually means staff won’t be able to work on other essential responsibilities. RFID technology will automate processes and make your workers more efficient and productive.
3. Tap into Real-Time Data
Yet another reason your small business should invest in RFID technology is that you’ll have real-time data available as needed. Since this technology helps track and manage inventory, you’ll always know where your assets are. You will need more confidence with manual inventory management. It’ll be easier to keep tabs on things with the right technology.
Real-time data means real-time access, and that’s a plus for businesses of all sizes.
4. Cut Down on Costly Errors
Doing inventory management manually will save time. That would be bad enough, but skipping RFID technology can also increase errors that frustrate customers, make things harder for employees, and cost you money through inefficiency and time spent fixing mistakes.
Automating inventory management will lower the error rate and keep your business functioning efficiently. Instead of spending time correcting errors, your employees can focus on core duties.
5. Safeguard Your Assets
Getting an RFID system means you’ll be able to safeguard your inventory. While businesses don’t want to entertain the notion that workers can commit theft, the reality is that worker theft costs companies approximately $50 billion annually. Meanwhile, around one in five small business owners have had their workers steal from them.
So, instead of burying your head in the sand, you must recognize the potential issues and take proactive measures to protect your inventory from outside and inside threats.
An RFID system makes sense. You’ll know in real-time if workers try to steal your products, making it easier to track down the perpetrators and nip their nefarious plans in the bud.
As you can see, there are good reasons to consider buying RFID technology. The good news is there are various options, such as picking up an RFID insertion machine. It’ll make leveraging the benefits of the technology more convenient.
Before deciding on the solution to invest in, consider your options so you can make an informed decision for your small business.
