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Radio Frequency Identification Technology - RFID

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Read "RFID: The Wave of the Future"

Respond to the following:

- What problems might occur with the full implementation of RFID technology in retail industries? Specifically consider the amount of data that might be collected.
- What factors make managing inventory more difficult for exporters and multinational companies?
- Why is inventory an investment?

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https://brainmass.com/business/technology/radio-frequency-identification-technology-rfid-584211

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RFID: Wave of the Future" :

• What problems might occur with the full implementation of RFID technology in retail industries? Specifically consider the amount of data that might be collected.

The article doesn't say exactly what might occur with the full implementation of RFID technology. However, it does reference how, "Barcodes help track inventory and can match a product to price, but they lack the electronic tags' ability to store more detailed information, such as the serial number of a product, location of the factory that made it, when it was made, and when it was sold."
A mega operation like WalMart would greatly benefit from such information for the ease of inventory management. In fact, even without RFIDs, many of their products are double-tagged where if the price tag falls off, the products are labeled with numbers or codes directly by the manufacturer. Imagine if they didn't have this and a price tag separated from a product, they would have no way of determining which of their 100,000 ...

Solution Summary

This solution answers 3 questions about 'RFID: The Wave of the Future,' addressing RFID tech in retail industries, managing inventory and treating inventories like investments.

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Radio-frequency identification technologies (RFID)

Radio-frequency identification technologies use active or passive tags in the form of chips or smart labels that can store unique identifiers and relay this information to readers. RFID tags represent the next big step forward from bar codes and retailers are using RFID to control theft, increase efficiency, and improve demand planning. Businesses are using RFID for everything, including preventing toilets from overflowing, refilling customer's drinks, identifying human remains, and combating counterfeit drugs. Develop two new products using RFID that can help you reduce expenses, increase profits, and create a competitive advantage for your business.

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