Inventory Management, Shrinkage Concerns, and Related Corrective RFID Strategies

Abstract

RFID-based solutions are essential inventory management tools, supplying more information than the standard barcode that help eliminate the potential for inventory stock-outs and reducing theft-based inventory shrinkage. A relatively detailed discussion of these techniques is included in this chapter by addressing some of the many concerns of inventory shrinkage. As is evident from the empirical section of this chapter, although RFID may be perceived as a cutting-edge business solution, RFID systems and its implementations still prove to be a difficult process to implement and achieve. Many companies have avoided the idea of introducing RFID systems, possibly due to being overwhelmed with the new technologies. However, its impacts on reducing inventory shrinkage are fairly clear and decisive.