RFID: Radio frequency identification, systems that use transponders to transmit significant amounts of data to a receiver; often used as part of a real-time locator system. This is used in transportation where we can exactly find the location of the goods when in transit. A lot of courier companies like DHL, etc use this to help customers track their consignment.
An advanced automatic identification technology such as the Auto-ID Labs system based on the Radio Frequency Identification (RFID) technology has significant value for inventory systems. Notably, the technology provides an accurate knowledge of the current inventory. In an academic study performed at Wal-Mart, RFID reduced Out-of-Stocks by 30 percent for products selling between 0.1 and 15 units a day. Other benefits of using RFID include the reduction of labor costs, the simplification of business processes, and the reduction of inventory inaccuracies.
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