EPC-based RFID technology has made it possible to bring greater efficiencies to the processes that power the retail engine: inventory and customer satisfaction. The right amount of inventory keeps shelves optimally stocked and products move faster; customers are able to purchase the products they want, when they want them.
For retailers and suppliers the formula for success is readily getting the right product to the right place at the right time. The Electronic Product Code – EPC – powered by Radio Frequency Identification (RFID) makes it possible to see and control inventory in new ways as it moves through the supply chain and provides rich information on location and other key product attributes. This new visibility provided by EPC-enabled RFID solutions helps suppliers and retailers to get:
- the right product on the shelf in the right amount, preventing costly out-of-stocks
- in the right place to effectively merchandise and enable more effective promotions
- at the right time, ensuring the product is available when the consumer decides to purchase it
For suppliers, EPC-enabled RFID solutions facilitate more efficient processes that enable:
- Visibility of the whole process. From raw materials to work-in-process to order fulfilment to delivery to a retail partner.
- Faster reconciliation of shipments. Shipped goods are rapidly and accurately reconciled, goods are readied for sale more quickly and invoices are paid more promptly.
- Just-in-time production and delivery. Production schedules and inventories are better managed to correspond with customer demand, allowing just-in-time delivery, preventing supply bottlenecks and minimizing inaccurate deliveries.
And retailers can expect:
- Improved accuracy of inventory counts. Labor costs associated with storewide cycle counts are reduced as well as lost sales due to inaccurate inventory.
- Reduced safety stock in inventory. Reduce overhead of storage for provisional stock.
- Shrink reduction. Reduce product diversion, no matter where it occurs.
Why now? You can transform your business from the inside out by adopting EPC-enabled RFID solutions that benefit internal operations now while delivering near-term ROI. Then, transition to sharing data with your trading partners in the supply chain to position your organization for success in the future. Prepare a plan to detail benefits at the pallet, case and ultimately, item level. You’ll be surprised how simple it is to build a business case that quickly amortizes the cost of EPC/RFID technology.
For more information about how an EPC-enabled RFID solution can benefit your organization, please call +1 937.291.3300 or email EPCinfo@gs1us.org.
See the Retail and Consumer Goods Brochure