Once there was a time when Barcode was the only option for asset tracking but now as the technology has evolved so much there are several asset tracking technologies available. Now the client wants only the best, here RFID comes into play. RFID has acquired a big market and lots of business verticals use this technology. Several other organizations are thinking of using RFID technology. Before using this technology there are several questions that come into mind such as how much an RFID system will cost us! What is the RFID tag cost? Will it fulfill all my requirements? Is it costly? In this blog, you will know the answers to all the questions. So, without wasting any time let us begin.

What is RFID used for?

RFID is a vast technology used in several industries such as pharmaceuticals, hospitals, hospitality etcetera. These industries use it in different ways!

Hospitals use RFID wristbands that are helpful in monitoring the health of patients and it provides valuable information on patient health status. It provides patient ID combined with the most powerful tracking technology. It helps hospital staff to curate solutions for each patient individually. The staff can also use this for billing.

The pharmaceutical industry has lots of costly assets and inventory such as medicines. Some of the medicines are so expensive if they are not maintained around a specific temperature then their effectiveness can be decreased. With RFID you can keep track of temperature & maintain around a temperature and ensure that they are safe from theft. Since there is lots of medicine, keeping count of them can be a difficult task. RFID can scan all these items within minutes. Also, the system will alert staff when the stock is low, so that staff can refill the stock.

The hotels and restaurants have lots of valuable items keeping count of them can be difficult for example a hotel has 50 rooms and each room has lots of assets counting them manually can be hectic and time-consuming. Keeping track of them is also important, with RFID you can get an accurate count of assets within seconds, for instance one of the staff members will go inside each room and all the asset present in the room will be counted within a minute. So, it saves time and manpower as well.

Mainly RFID used in two ways:

RFID scanner

‍RFID scanner scans the tag, and all the information is retrieved of the items nearby attached with the RFID tag. For example, if a room is filled with assets, then all you have to do is open the scanner and it will give you the number and information of all the assets present in the room. Or in warehouses, you just must walk with a scanner, and it will keep count and fetch asset information.

RFID gateway

‍The best use of RFID gateway can be seen in India’s toll plaza. There is an RFID tag sticker affixed on the vehicle and a bank account is linked which enables the travelers to drive through the toll plaza without stopping. It is a very time-saving process as the patrons do not have to pay cash or wait in a queue. There is an electronic toll collection (ETC) system. According to Wikipedia, “It employs Radio Frequency Identification (RFID) technology for making toll payments directly from the prepaid or savings account linked to it or directly toll owner.”

How does RFID work?

RFID innovation works on a label premise, on a thing a tag is attached, and radio waves track the tag. RFID has 3 main components - Reader, Antenna & Transponder (Tag).

Reader‍

A reader can be divided into two categories:

Mobile RFID

‍A mobile RFID reader interacts with an RFID tag to get the information. How does it work? This technology enables mobile devices with embedded micro-RFID readers to read RFID tags.  

Fixed RFID

‍As the name suggests fixed RFID is placed in stationary points such as the Tollbooth, Entry & exit points of the mall.  

Antenna

‍The antenna conveys a radio-frequency signal furnishing a way for communication with the RFID tag. When the RFID tag goes through the frequency field of the scanning antenna; it identifies the activation signal and can store the data to be picked up by the antenna.  

Transponders

‍These transponders are also known as tags. Transponders are making RFID innovations user-friendly and accurate. These transponders are more affordable to create, and they can be created small enough to fit on any item.

What are the advantages of using RFID?

Below we have given the advantages of using RFID:

1. RFID can read several tags in one second

2. It does not be scanned in a straight line

3. Tags have long-lasting durability

4. It has a high reading range of around 0-100 meters (about 328.08 ft)

5. Tags have more memory than barcodes

6. These tags can be reused & they are rewritable

Overall, it can save a lot of time, boost your productivity, and minimize the workforce as they do not have to scan one item at a time.

RFID System Cost

There is no direct answer to know RFID System cost as there are several types of costs involved such as purchasing tag cost, scanner cost & software cost.

Tag cost‍

RFID tags available such as passive high-Frequency tags etc. It is important to figure out which type of RFID tag you want to use. One can buy 4-5 nonmetal tags for 1 dollar approx. whereas one metal tag will cost around 1 dollar. Then there are Active RFID tags which are quite expensive. They might cost around 10 dollars per tag.

Scanner cost‍

RFID tag scanner will cost you somewhere between 1000 to 1100 dollars. A completely functional standalone scanner can cost you around 700 to 800 dollars.

Software cost‍

Without an asset management system, the RFID tag would be no good. An effective asset management software combined with RFID technology will make your assets and your organization more powerful. On subscription basis the complete package standard subscription will cost you approximately $1000 – 1200.  

The best option will be cloud-based asset management software such as Asset Infinity. With our support, you will not only get the best software at a cost-effective price, but we will also assist you in implementing the complete system and we will also provide 24*7 customer support.

Also read:  RFID Technology Benefits & Drawbacks: Active, Semi-Passive & Passive

Conclusion‍

Asset management software is essential with RFID to get an effective RFID asset management system. An RFID system can boost your business efficiency and save assets from theft & misplacement. This system can provide real-time information with complete accuracy. It provides valuable data on assets that assist in making crucial business decisions.

Overall RFID System Costs can vary according to the requirements therefore it is important to know what exactly your needs are & what problem it will be solving. An RFID Software System can improve the outcome and enhance your business productivity. Investing in RFID asset management software can be an icebreaker for your organization.

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