Carl Brown, founder and President of Simply RFiD, TikTok wonder, and RFID expert, hosts a weekly online roundtable “Transforming Inventory Accuracy.” This roundtable brings up to six top retailers together to discuss how accurate inventory enables today’s omnichannel supply chains – and, how to get there from here.
Quarterly inventories are obsolete. To compete today, inventories must be done daily or weekly.
Before RFID, the only choice was manual barcode counts that took days and were only 75-85% accurate (Source: Gartner Contemporary Retail Report, November 2021). Still, when RFID became viable around 2008, the value of RFID wasn’t there because the concept of how to use a global accurate inventory didn’t exist. Omnichannel and e-commerce are driving requirements for retailers. Store inventory must be connected to the web and it must be accurate.
This weekly roundtable explores the best practices for achieving 99% levels of inventory accuracy. “Store managers often think they have 95%+ accuracy – but, how do they know? Once RFID goes in, the truth is closer to 70%,” says Carl Brown. “That’s normal. It’s impossible to measure without RFID – in this roundtable we discuss how to move from the unknown to the known, in an open format of sharing best practices and outcomes.”
