More than half of companies surveyed are implementing or piloting RFID technology, according to the CYBRA Corp. sponsored survey.
CYBRA Corp. developer of EdgeMagic integrated RFID control software and MarkMagic bar code labels, RFID tags, and electronic forms software has released the findings of its latest customer survey on RFID trends, which shows an upward trend in the adoption of RFID technology.
CYBRA’s first RFID survey was conducted in 2008, in which only 21 percent of companies stated that they were using RFID technology. According to the new survey, 54 percent of organizations report using, piloting, or are already in the process of implementing RFID technology. This represents a 157 percent increase in just four years. According to the recent survey, 81 percent of respondents expect to achieve their return on investment (ROI) in three years or less, up from 72 percent in the previous survey. These statistics reveal that a growing number of companies are increasingly investing in RFID technology and foresee a reduction in the payback period.
Of the respondents who state they are already using RFID technology, 70 percent say they are regular users or are in the implementation phase. This year’s study also showed that only 19 percent of respondents have no interest in RFID. These respondents are typically worried about high costs and don’t see evidence of ROI.
Other highlights from the latest survey include:
- Of organizations that are not yet using RFID technology, 70 percent of respondents state that they have plans to implement RFID in the future.
- Of organizations that were either implementing RFID or evaluating the use of RFID, 74 percent of respondents indicate that they will do it not only for EPC (Electronic Product Code) compliance, but also to improve product track and trace capabilities.
- Tracking products (67 percent) and improved inventory management (62 percent) remain the top two business drivers that determine RFID adoption.
- The key anticipated benefits of RFID adoption are improved inventory accuracy (42 percent), increased distribution center efficiency (30 percent), and improved customer service (28 percent).
"This year's RFID survey results are a clear indication that businesses are beginning to understand the benefits that RFID technology can bring to their organizations," said Harold Brand, president and CEO of CYBRA Corp. "They also reflect a growing realization that RFID investments result in a shortened return cycle than was previously believed."
As an incentive for clients and prospective customers to participate in the survey, CYBRA offered a chance to win the third generation Apple iPad. Bob McVay of Hamilton Beach Brands was the prize winner.