One of the hardest things to do when evaluating an Asset Tracking RFID project is figuring out its ROI and how to calculate it over time. You may be very aware of the inconvenience of lost items, and the production line delays that might occur when you don’t have parts or tools or personnel in the right place at the right time. But how do you translate that into dollars and cents, so you can get the CFO to fund your RFID investment?
Over the years Entigral has developed a methodology for project discovery which naturally leads us to identifying which parts of your process have the most to gain from RFID Asset Tracking capabilities. You might have a problematic step in your process which could yield big savings, but then realize the cost of implementing RFID to solve the problem is rather complex, and would involve significant process re-engineering. The best successes usually come when you can augment existing processes with RFID, and don’t need to change much. If you do the “discovery” right, you’ll be able to quickly identify the low-hanging fruit.
Here’s an example of the ROI assessment that came out of the discovery process for one of our clients.