Industry executives and experts share their predictions for 2024. Read them in this 16th annual VMblog.com series exclusive.
How RAIN RFID Is Paving the Way for Greener Supply Chains
By Jeff Dossett, Chief Revenue Officer, Impinj
There has perhaps never been more pressure on businesses to be more sustainable than today – and for good reason. Climate change is a global crisis that requires our collective effort. As such, consumers and businesses alike are placing a renewed emphasis on sustainable supply chain practices. A growing number of companies are increasing their investments in sustainability initiatives as they work to reduce their overall waste and carbon emissions. However, many businesses are struggling to figure out the most efficient and effective path to minimize negative environmental impact.
The future of sustainability in the supply chain
New research has uncovered that 86% of supply chain professionals are concerned about meeting their companies’ sustainability or carbon-emissions goals. In the pursuit of advancing supply chain sustainability, many industry players are turning to IoT technologies, such as RAIN RFID, to bridge the gap between commitment and action. RAIN RFID is a passive, battery-free wireless technology that connects billions of everyday items to the internet today – with many, many more to come. RAIN RFID tags, which are attached or embedded into everyday items ranging from clothing to surgical instruments. To give a sense of the RAIN RFID opportunity, the same research study revealed that 21% of respondents believe RFID will have the greatest operational impact on sustainability initiatives. Empowered by real-time data, organizations deploying RAIN RFID solutions will be able to drive sustainability programs that are measurable and specific.
How RAIN RFID provides visibility
In short, lack of visibility prevents companies from being able to create strategies that maximize sustainability. RAIN RFID solutions help enterprises improve inventory management which in turn bolsters sustainability efforts. When supply chain experts are able to more accurately understand exactly where each product is, they can ensure that each item is available for sale, or in the case of food, doesn’t expire, ultimately reducing waste. With item-level tagging through RAIN RFID, retailers can quickly see how many of a certain item they have, what colors of that item are in stock, and more. Supply chain experts can also use the visibility provided by RAIN RFID solutions to ensure the right items, packages, or pallets are in the right trucks, reducing excess trips and therefore reducing overall carbon emissions. Not surprisingly, an EY teams study found that visibility throughout the supply chain was the top priority for supply chain executives in 2022.
The value of RFID today and in the future
RAIN RFID solution providers work with enterprises to create immense value across not only the supply chain, but also enhanced customer experiences, and more. For example, RAIN RFID solutions can be used to increase sustainability in healthcare organizations. Gathering, tracking and restocking medications takes an immense amount of time and resources. However, with RAIN RFID, healthcare organizations can access automatic and accurate data about their inventory and ensure that medications are used before they expire to avoid waste.
Another example of inventory visibility bolstering sustainability efforts can be found in the retail industry. Today, retailers can leverage RAIN RFID solutions to improve inventory accuracy, ultimately enabling the minimization of overstocking and unsold items. While some businesses may initially look to leverage RAIN RFID solutions in their supply chains, they will quickly be able to leverage an enormous amount of data to create more sustainable practices for everything they manufacture, transport, sell, and recycle.
Looking to the future
2024 is sure to present supply chain leaders a new set of challenges, including increased priority to improve overall sustainability. RAIN RFID solutions are the foundation upon which businesses can optimize efficiency, enhance customer experiences, and deliver improved end-to end supply chain sustainability.
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ABOUT THE AUTHOR
Prior to Impinj, Jeff served as CEO and board director of GOOD Worldwide Inc. Prior to GOOD, he was head of partnerships, corporate development and CFO of Porch.com, Inc. where he led the company’s Series B financing. Prior to Porch.com, Jeff held executive leadership roles at Microsoft, Yahoo!, and Demand Media (now Leaf Group, Inc.) with responsibility for revenue and strategic partnerships, as well as creating and delivering innovative content, software and digital experiences. Jeff is also an accomplished high altitude mountain climber who has summited Mount Everest twice. In 2004, he became the third Canadian in history to successfully complete the “Seven Summits,” climbing the highest mountain on each of the seven continents.
