CYBRA Corporation, the 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.
The survey results show an upward trend in the adoption of RFID technology. CYBRA's first RFID Survey was conducted in 2008, in which only 21% of companies stated that they use RFID technology. According to the new survey, some 54% of organisations are using, piloting, or already in the process of implementing RFID technology. This is a 157% increase in just four years. According to the recent survey, 81% of respondents expect to achieve their Return on Investment (ROI) in three years or less, up from 72% in the previous survey. These statistics reveal that a growing number of companies are increasingly investing in RFID technology and shortening their payback period.
Furthermore, of the respondents who claim they are already using RFID technology, 70 per cent are regular users or are in the implementation phase. This year's study also shows that only 19% 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 new survey include:
Of organisations that are not yet using RFID technology, 70% of respondents state that they have plans to implement RFID in the future.
- Of organisations that were either implementing RFID or evaluating the use of RFID, 74% 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%) and Improved Inventory Management (62%) remain the top two business drivers that determine RFID adoption.
- The key anticipated benefits of RFID adoption are improved inventory accuracy (42%), increased distribution centre efficiency (30%), and improved customer service (28%).
"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 organisations," commented Harold Brand, President and CEO of CYBRA Corporation. "They also reflect a growing realisation 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.