Enhancing Supply Chain Management

Sep 28, 2023

The RFID Kanban System market is expected to reach US$ 1.6 billion in 2022, with a CAGR of 18.1% from 2022 to 2032 to reach US$ 8.4 billion. The mobility of RFID technology has long been a major selling point in the industry. The benefits will rise if cloud-based data storage becomes a typical feature of RFID devices.

To increase stock accuracy, replenishment, and product availability, data on the cloud may be accessible in real time. Cloud services may improve efficiency and accuracy throughout the supply chain, making warehouse employees, IT specialists, and other key business members more efficient.

Aside from materials and technology, industry leaders will continue to innovate new ways to leverage RFID Kanban system characteristics. These technologies will be more valued for their ability to provide integrated solutions spanning several applications and platforms, rather than simply tags.

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Key Takeaways:

‘Supply chain and inventory management using cutting-edge technology and AI will pave the way to a better future for prominent RFID kanban systems manufacturers, leading to enhanced market growth,’ remarks an analyst at FMI.

Continuous R&D initiatives and new product development, growing cases of stock-outs, over inventory, clerical errors, and growing demand for real-time asset and inventory tracking are expected to significantly boost demand over the next six years. Furthermore, the cost incurred due to medication expiration coupled with increasing demand for FIFO system and implementation of lean inventory management is anticipated to increase market growth at a rapid pace. Kanban system works on the traditional Japanese kanban system which literally means signboard which is a scheduling system for lean just in time production.

In RFID kanban system colored cards are replaced with RFID tags which automatically send a signal with the help of software, which is integrated with the hospital information system to purchase department regarding inventory replenishment. Moreover, it has been estimated that RFID kanban systems can reduce inventory levels by nearly 33% and eliminate the risk of stock-outs. Healthcare facilities have installed RFID Kanban systems in order to provide efficient and proper patient care. For instance, healthcare organizations have installed Stockbox and RFID Tagging to improve patient outcomes by enabling hospitals and other medical facilities to keep the right quantities of medications and pharmaceutical products in stock.

RFID Kanban Systems: Competitive Landscape

New technologies and increasing technological innovations in the market will benefit manufacturers. Strategic partnerships can allow a company to expand its operational capabilities. Business expansion can be made smarter and more dynamic to reduce security breaches and power outages.

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Key Segments Covered In The RFID Kanban Systems Market Report

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