This week’s guest blog is prepared by Joe Pleshek, the CEO at Terso Solutions.
As RFID becomes entrenched in the retail industry, the technology is enabling monumental changes throughout retailing.
By improving inventory accuracy levels from a clearly unacceptable range of 65 to 67 percent to 99 percent or better, retailers are able to reduce costly out of stocks by keeping more products on the store shelves when customers want them.
The improved inventory accuracy enabled by RFID technology is allowing retailers to sell to consumers like never before. The strategy of omni-channel retailing – where a shopper buys a product online or from a mobile device and has the option of same day delivery or picking up the order at a nearby store – could not exist without the highly accurate inventory that RFID provides.
In a way, the same theory applies to the healthcare industry, although we haven’t come up with any flashy new terminology just yet. But healthcare providers are very excited about the options provided by RFID, both from an operational efficiency standpoint, and from a patient safety standpoint.
While retailers usually lose a sale when a customer comes across an out of stock item, the consequences of not having the product available in healthcare can be far greater. There is simply no room in healthcare for out of stocks in an operating room, where millions could be lost – not to mention human lives – if a product is unavailable when needed.