Alastair Stewart explains why only 100% accuracy in near-real time is acceptable
Research has shown that inaccurate data costs businesses around 30% of their total revenue. Indeed, according to Gartner, the average cost of poor data quality on large corporates is anywhere between $9.7 million and $14.2 million annually and at the macro level, bad data is estimated to cost the US more than $3 trillion per year.
Small difference big consequences
Inaccurate data, however, has much wider reaching consequences and could even impact life as we know it. At least this is what American scientist Harry Lear believes. He claims to have solved the centuries-old debate over the true value of PI, the mother of all mathematical calculations that sits behind our understanding of the solar system and the wider universe.
The crux of his thinking is that if NASA were to apply what is believed to be the true value of Pi (3.144605511) versus the erroneous value of Pi (3.141592654) this miniscule discrepancy could mean the difference between Asteroid Apophis crashing straight into planet Earth or missing it by 32 thousand km.
Given the profound impact this 0.1% difference could potentially have on our planet, why is the commercial world willing to accept 85% accuracy levels when it comes to tracking and counting valuable assets?
Accuracy inventory is fundamental to all supply chain management processes
In supply chain management, accurate inventory data is the single most important source of information for any organisation regardless of industry sector. Without this invaluable information, it’s impossible to plan and forecast correctly. Accurate inventory data enables businesses to analyse logistical processes and performance, identify shortfalls, take decisive action against the bullwhip effect and associated replenishing processes, which can be very costly, to increase efficiency and throughput.
The vast majority of fixed reader RFID systems currently used for inventory management and asset tracking are simply not up to the job as far as accuracy is concerned because they’re unable to track and count every single tagged item. Unaccounted for inventory is the single biggest bugbear any supply chain process manager faces because the associated revenue losses caused by this data accuracy shortfall impacts productivity, profitability and ultimately the bottom line.
We don’t accept 85% as being accurate
PervasID does not accept 85% accuracy levels for RFID tracking and we don’t think our clients should either. The digitization of manufacturing and supply chain processes means that IoT, robotics and other AI driven processes are becoming increasingly prevalent. The smallest discrepancies will therefore have the most profound consequences, and not just operational ones; public safety and security will also be compromised.
To overcome RFID accuracy challenges that blight organisations regardless of industry type, we’ve developed unique passive RFID fixed reader technology that detects and counts tagged inventory items with 99.9% accuracy levels, even in difficult to read situations, such as on densely packed pallets, metal cages or industrial toolboxes.
We’re able to achieve these unprecedented read rates by using sophisticated signal processing techniques, along with our award-winning RFID technology to continually move the location of RFID dead spots. As a result, we’re able to interrogate areas up to 20m comprising densely tagged items with a single passive RFID reader, thus make sure every tagged item is detected and read in a matter of seconds.
Accounting for industrial assets in record time
Our hyper-accurate passive RFID technology has been tried and tested in a range of real-world environments and our unmatched accuracy levels are having a positive impact on industrial supply chain processes. For example, our fixed RFID reader systems have enabled a global industrial manufacturing company to streamline safety-critical operations by reducing the time needed to track the entire contents of an industrial toolbox from 15 minutes to less than 6 seconds.
Our technology produces a complete record of what items have been removed, when they were removed, by whom, and completes the process in reverse when said items are returned. Not only does this provide detailed audit trail on the whereabouts of key equipment at item level, it facilitates the necessary precautions to make sure equipment is not left in situ, which could have disastrous consequences.
Accurate tracking means accurate results
Other markets are also benefitting from the world’s most accurate RFID tag reading capabilities. Retailers are using our fixed reader RFID systems to accurately track all inventory at item level, from the warehouse, to goods in, to different departments within the store, right through to the point of sale, providing insightful and actionable information on every aspect of the stock management process.
In healthcare our unique passive RFID tracking expertise is changing the landscape of asset management. Because we’re able to track and account for medical supplies and other high-value assets at item level and in real time, healthcare establishments don’t need to carry surplus stock to compensate for lost/misplaced supplies. As a result, a cash-struck sector that is constantly having its purse strings tightened is able to optimise available resource through slicker and smarter processes.
If your inventory pain points are inaccurate information, poor tracking or large area coverage, our hyper-accurate passive RFID fixed reader systems and our worldwide network of strategic channel partners are able to solve your problems.
Contact us today to find out more.