What Is RFID Tracking? A Guide for Businesses in 2024 (2024)

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RFID asset tracking software offers a convenient way to track and manage your business’ valuable assets. The technology uses radio waves to remotely tag and monitor physical assets, reducing labor costs and preventing asset loss or theft.

In this guide, we’ll summarize what RFID tracking is, its benefits, its use cases within industries, and its approximate cost. We’ll then break down the six best RFID asset tracking software options available in 2024 and show how RFID asset tracking can enhance operational efficiency in your business.

Short on Time? Here Are the 6 Best RFID Asset Tracking Systems in 2024

1. Asset Panda – Best overall RFID asset tracking software
2. Wasp Barcode AssetCloud – Best for businesses prioritizing comprehensive RFID support
3. EZOfficeInventory – Top choice for businesses starting out with RFID
4. RFgen – An excellent option for flexible label printing
5. Itemit – Perfect for international teams that require a global solution
6. TrackAbout – Best suited for asset lifecycle tracking

To get a tailored recommendation, try our free and easy comparison tool.

What Is RFID Asset Tracking?

Radio frequency identification (RFID) is a wireless tracking system that uses radio waves to pinpoint and manage physical assets with unique identifiers. Unlike traditional barcode or QR code systems, radio frequency identification asset tracking doesn’t require a direct line of sight to perform accurate asset monitoring.

How Does RFID Tracking Work?

An RFID system typically comprises three main components:

1. RFID tags: These tiny microchips contain electronically stored information. With a built-in antenna, these tags emit radio waves, enabling remote communication with an RFID reader.
2. RFID reader: A specialized device that receives and interprets data from RFID tags. Readers can be fixed (mounted on walls) or handheld (portable).
3. RFID system: This is the technology responsible for filtering, processing, and transmitting the data captured from RFID tags to an asset management software, which can be read and understood by your team.

RFID tags

While an RFID reader and asset management software are straightforward products, there are three main types of RFID tags used today that you may come across:

• Active RFID tags: These tags have an internal power source (usually a battery) that allows them to transmit stronger signals over longer ranges.
• Passive RFID tags: These don’t have an internal battery; they draw power from the RFID reader’s signal to respond. These are more affordable but have shorter read ranges.
• Semi-passive RFID tags: These have an internal battery, but it’s used to power the tag’s onboard electronics and not for signal transmission. This type of tag offers a compromise between affordability and range.

For the system to work, RFID tags are attached to or embedded in assets you want to track. When you pass an RFID reader within range of the tag, it sends a signal to the tag, which, in turn, sends back its unique identification and any other stored data.

The data is then processed by the reader and transmitted through to an inventory management system or asset tracking software.

The Benefits of RFID Tracking

Why Do Companies Opt for RFID Tracking Solutions? RFID asset tracking offers companies numerous advantages over traditional manual tracking of assets or barcode-based systems.

• Real-time visibility: RFID systems grant continuous, near real-time visibility into the location and status of assets, promoting well-informed decision-making. You can see asset movements as they happen without waiting for manual updates.
• Improved accuracy: RFID reduces the potential for human error inherent in manual documentation and eliminates the need for line-of-sight barcode scanning. This heightened accuracy streamlines inventory management and audits.
• Increased efficiency: The Association for Automatic Identification and Mobility (AIM) reports that RFID can reduce inventory counting times by up to 96%. The ability to scan multiple RFID tags instantly, even without a clear line of sight, significantly speeds up physical asset audits and inventory counts. This automation boosts productivity and saves valuable time.
• Reduced labor costs: Automating a large portion of asset tracking through RFID frees staff to focus on higher-value tasks instead of tedious manual tracking processes that incur additional costs.
• Enhanced asset security: RFID tracking adds a layer of security to asset management. Tamper-proof RFID tags and alerts for unauthorized asset movement help prevent asset loss, theft, or misuse.
• Improved data insights: The wealth of data that RFID tracking generates provides actionable insights. Businesses can use this to improve asset use, optimize workflows, and identify areas for greater efficiency.

Here’s how RFID asset tracking generally stacks up against some common alternatives:

• Barcodes: While barcodes are a cost-effective asset identification method, they require line of sight for scanning, are more prone to errors, and can’t hold as much information as RFID tags.
• QR codes: Like barcodes, QR codes also require scanning in the line of sight. While they can handle more data than standard barcodes, RFID offers faster read times and often greater durability.
• GPS tracking: You can track assets without a reader, using realtime GPS tracking, however this is more expensive and requires integration with a power unit for reliability. This is best suited for high-value assets such as construction vehicles.
• Manual tracking: Reliance on manual methods is labor-intensive, slow, and prone to inaccuracies. It lacks the real-time visibility and data-driven insights of RFID.

How Much Does RFID Asset Tracking Cost?

Active, passive and semi passive asset tracking comes in different price ranges with active the most expensive and passive the cheapest. There are other parts to an asset tracking system you will need to consider also when pricing a system. Here’s a quick breakdown of the cost of each component.

RFID Tag Costs

Active tags cost $25 and above with more advanced tags costing over $100 each. Passive tags are cheaper, costing between $0.25 and $5.00 per tag. Semi-passive tags meanwhile can cost anywhere from $5 to $20 per tag. For active and semi-passive tags, factors such as battery size can raise or lower the price.

Installation Costs

You can install most active and semi-passive tags yourself because they’re essentially ‘ready-out-the-box’ solutions. On the other hand, passive tags will require expert installation because they require certain connectivity tests, and they need to be connected to a central server, which will cost you a one-off fee. This installation fee is not clear in any of the systems we reviewed but it will be part of any plan or package you choose if you are implementing a passive tag system.

License and Maintenance Costs

Passive readers are generally larger and more complicated then active readers as they have features like larger cables and antennas. Over time these can become snagged, bumped and suffer general wear and tear which can lead to incurring maintenance costs down the line. Consider investing in training for all your staff on how the passive readers work, which could help you save on maintenance fees.

You’ll also need to consider the license charges that are used to cover most customer support and software upgrades. Some providers charge a one off license fee, while others charge a monthly fee which includes all maintenance, support and upgrades.

The Biggest Companies Using RFID Tracking Today

Major industry players leverage RFID technology to improve supply chain management, manufacturing processes, and asset tracking. Here are a few notable examples:

• Since 2005, Walmart has mandated RFID tags on all pallets and cases shipped to its stores by its top 100 suppliers.
• Amazon extensively uses RFID technology in its warehouses to track packages and optimize order fulfillment. The company has now begun testing the technology to enable customers in participating stores to simply walk out instead of waiting to pay at a checkout.

The Boeing Company employs RFID to track aircraft parts and tools in more than 25 facilities, improving maintenance efficiency and reducing errors.

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The 6 Best RFID Asset Tracking Systems in 2024

Finding the right RFID asset tracking software can help you effectively manage your valuable assets. After careful consideration, we’ve selected the top six options for 2024:

Compare prices from leading RFID tracking software providers. Get free quotes

Did You Know?

Without the help of asset tracking software, retail inventory is only correct about 63% of the time.

Asset Panda earns the top spot for its powerful RFID capabilities seamlessly integrated into its comprehensive asset tracking platform. Its focus on customization makes it ideal for diverse businesses that need to tailor RFID solutions to match their specific workflows and asset types, such as IT equipment, tools, vehicles, and more.

With a user-friendly mobile app and advanced features like maintenance tracking, Asset Panda offers an all-around asset tracking experience with robust RFID support.

One notable change for Asset Panda in 2023 was attaining SOC 2 Type II Compliance. This demonstrates a commitment to security, making it even more appealing for businesses that handle sensitive asset data within their RFID workflows.

While Asset Panda’s rich feature set offers excellent value, it’s more complex than necessary for basic RFID tracking needs, making a straightforward solution like EZOfficeInventory the most suitable in those cases.

Did You Know?

RFID technology can improve your inventory accuracy to 99.99%

Wasp Barcode AssetCloud stands out with its extensive RFID capabilities designed for large-scale implementations. If your organization has complex asset tracking needs that require a system as robust as your inventory, Wasp Barcode AssetCloud could be a wise investment.

Wasp surpassed 15,000 cloud-based software customers worldwide in 2022, reflecting its growing market presence. While the “Complete + RFID” plan is on the higher end price-wise, it offers features like Single Sign-On (SSO), unlimited locations, custom reporting, and work order management, which is essential for larger enterprises.

Unlike more basic RFID solutions such as EZOfficeInventory, Wasp Barcode AssetCloud is geared toward handling the challenges of RFID in complex and high-volume asset environments.

The software integrates with various enterprise systems, such as ERP and CRM platforms to streamline data management. Wasp Barcode AssetCloud supports a wide range of RFID hardware, including handheld readers and fixed portals, ensuring compatibility with your existing infrastructure.

▶ Read more: What is The Best Asset Tracking For Construction in 2023?

EZOfficeInventory is an excellent choice for smaller businesses or those new to the world of RFID asset tracking. Its user-friendly interface and intuitive features offer a smooth onboarding process, getting you up and running with RFID without unnecessary complexity.

EZOfficeInventory also provides helpful tools like alerts, basic maintenance tracking, and reporting capabilities to streamline your RFID workflows.

In January 2023, EZOfficeInventory launched its EZO CMMS system, expanding beyond its core asset tracking functions to support greater maintenance management capability.

Compared to solutions like Asset Panda, EZOfficeInventory doesn’t offer the same level of customization and depth of features, making it a less overwhelming option for businesses wanting a straightforward approach to RFID tracking.

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RFgen distinguishes itself with integrated barcode label design and printing capabilities, making it an excellent fit for organizations heavily reliant on customized labeling for asset tracking, such as those in the manufacturing, warehousing, and logistics sectors.

RFgen’s software allows you to design and deploy barcode and RFID labels tailored to your specific needs, reducing errors and increasing efficiency in your asset identification process.

With support for a wide range of label printers and materials, RFgen ensures your labels are durable and long-lasting, even in harsh environments. RFgen is a certified reseller of Loftware enterprise labeling solutions and provides seamless integration and support.

The software also offers robust inventory management features, such as real-time tracking, automated replenishment, and detailed reporting, making it a comprehensive solution for companies with complex labeling and tracking requirements.

Compared to solutions like Asset Panda, which rely on integrations with third-party labeling providers, RFgen offers a more streamlined in-house approach for businesses invested in barcode and RFID label design.

Did You Know?

Manufacturers and distributors who implement RFID technology into their supply chain see an 80% improvement in shipping and picking accuracy

Itemit is an ideal solution for teams with operations spread across multiple locations or those working internationally. This cloud-based system offers GPS capabilities, a user-friendly mobile app, and support for both handheld and fixed RFID readers, providing the versatility needed for managing globally dispersed assets.

Itemit’s multi-language support and global partnerships make it well-suited for international operations. It offers worldwide shipping of RFID hardware and has offices in multiple countries to assist with implementation. The software is designed to handle various currencies, time zones, and units of measurement, making it easy to manage assets across different regions.

Itemit also offers advanced security features, such as role-based access control and data encryption, ensuring your asset data remains secure and compliant with international regulations.

While it lacks the deep customization options of software like Asset Panda, Itemit compensates with its focus on ease of use, accessibility, and flexibility across global teams.

▶ Read more: RFID Tracking vs Bluetooth Tracking

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TrackAbout excels in supporting the complete asset lifecycle, from initial acquisition to eventual disposal, making it a strong choice for industries with high-value returnable assets, such as oil and gas, industrial equipment, and medical devices.

Its focus on maintenance tracking, repair features, and reporting tools makes it a valuable aid in maximizing the lifespan of tracked assets and getting the best return on investment. Plus, TrackAbout’s mobile-first design and offline capabilities ensure seamless asset tracking even in remote or disconnected environments.

In 2023, TrackAbout made significant improvements to its product range, including implementing Single Sign-On (SSO) for seamless login, launching quarterly user webinars, and adding features that align with the food and beverage industry’s requirements.

Compared to a provider like RFgen, which prioritizes label printing, TrackAbout emphasizes long-term asset management and performance optimization.

▶ Read more: How to Keep Track of Tools: Our Handy Guide for 2023

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Research Methodology

To arrive at our selection of the best RFID asset tracking software in 2024, we followed a careful methodology focusing on these key factors:

• RFID functionality: We prioritized software with robust RFID support, including compatibility with various RFID tag types (active, passive, semi-passive), ease of integration with RFID readers, and the level of customization available within RFID workflows.
• Scalability: We considered whether the software could grow alongside businesses, from smaller operations to larger enterprises with complex tracking needs.
• Features and integrations: We looked for software with valuable features like maintenance management, reporting, alerts, and integrations with other systems, which enhance RFID asset tracking capabilities.
• Ease of use: To ensure accessibility for different business types, we favored software offering intuitive interfaces and streamlined setup processes.
• Pricing and transparency: We evaluated pricing models and accessibility to information to help businesses make informed decisions based on their budgets and required features.

Expert Verdict

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