Reading into RFID Trends
CYBRA Corp., developer of the award-winning MarkMagic™ bar code labels, RFID tags, and Electronic Forms software and EdgeMagic integrated RFID control software, just released the findings of its latest customer survey of RFID trends. The survey results mirror the industry trend towards increasing adoption of RFID technology.
An analysis of the results of an RFID survey of more than 100 companies conducted by CYBRA Corp. showed that 34 percent of organizations are using, piloting or already in the process of implementing RFID technology. This is a 21 percent increase over a previous RFID survey conducted by CYBRA in 2008.
Other highlights from the survey include:
- Of the organizations (regardless of their industry) that were either implementing RFID or evaluating the use of RFID, 80 percent of respondents agree that they will do it not only for electronic product code (EPC) compliance, but also because they realize they will maximize their profits.
- Improved inventory accuracy (60 percent) and EPC compliance (55 percent) remain the top two business drivers that determine RFID adoption. Of those who cited EPC compliance as a driver of RFID adoption, (24 percent) also cited item level tagging as a current initiative.
- The top key anticipated benefits of RFID adoption are improved inventory accuracy (29 percent), increased profits (26 percent) and an overall increase in efficiency (24 percent).
- The payback period, or return on investment, of the anticipated RFID investment was less than two years (44 percent). Respondents assert that the reason for this time frame is because RFID can reduce labor costs; software, tags and hardware are now less expensive; and inventory accuracy can be greatly improved.
- Only 8 percent of respondents answered that they will not be using RFID at all. These respondents state that their reasons are that they are worried about high costs and that there isn't enough evidence of a return on investment. This is down from 2008, where 15 percent of respondents answered that they are not using RFID and will not be using RFID in the future.
- As an incentive for clients and prospective customers to participate in the survey, CYBRA offered a chance to win an Apple iPad2. Keith Shumaker of the J.M. Smucker Co. was the prize winner.