Guide to RFID Tracking Systems in 2024

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 go over the five best asset tracking software for RFID tracking available in 2024 and show how RFID asset tracking can enhance operational efficiency in your business.

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 asset management software, which can be read and understood by your team.

Types of RFID tags

There are three main types of RFID tags used today that you may come across:

For any of these RFID tags to work, they must be 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.

Types of RFID readers

In terms of RFID readers, there are four main types you can get for your business.

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.

RFID Tracking Vs. Alternative Tracking Options

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, like the RFID readers mentioned previously, that you will need to consider when pricing a system, too. Here’s a quick breakdown of the sorts of costs you can expect for each component.

Note: Costs are approximate and can vary based on specific requirements, the merchant you purchase from, and market conditions.

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.

The 5 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 five options for 2024:

1. Wasp Barcode AssetCloud – Best for Comprehensive RFID Support

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 and, in total, has over 500,000 customers today, including Microsoft, Tesla, and Sony, reflecting its increasingly large 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.

2. EZOfficeInventory – Best for Businesses Starting Their RFID Journey

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.

Elsewhere in its software, EZOfficeInventory provides helpful tools like alerts, basic maintenance tracking, and reporting capabilities to streamline your RFID workflows.

It has also added a new tool to its offering called the EZO CMMS system. It expands beyond its core asset tracking functions to support greater maintenance management capability, which could make it a convenient all-in-one choice if this is something your business needs.

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

3. RFgen – Best for Companies Needing Flexible Label Printing

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.

Users can employ RFgen’s software to design and deploy barcode and RFID labels tailored to their specific needs, reducing errors and increasing efficiency in the 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. Better yet, RFgen is a certified reseller of Loftware enterprise labeling solutions and provides seamless integration and support should you be a Loftware customer.

And RFgen’s software has other perks too, including 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.

Overall, we’d say RFgen provides a streamlined in-house approach for businesses invested in barcode and RFID label design.

4. Itemit – Best for International Teams and Companies Needing a Global Solution

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.

Given this international outlook, Itemit is suitably protected with 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 deep customization options, Itemit compensates with its focus on ease of use, accessibility, and flexibility across global teams.

5. TrackAbout – Best for Tracking the Full Asset Lifecycle

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 TrackAbout 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 October 2024, TrackAbout introduced two key updates to its RFID tracking system. Continuous Scanning in TrackAbout Mobile 7, now allows users to efficiently scan and record multiple barcodes at once rather than scan them individually, which is a major timesaver. Similarly, syncing improvements in TrackAbout Web, mean that duplicate trip numbers no longer disrupt syncing processes.

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

Research Methodology