Today firms are taking steps to meet competitive challenges and to take advantages of new opportunities. Especially important in this context will be the adoption of new technologies. Firms that innovate will be the most successful in this process. The Banking Finance and Insurance sector is also not far behind in this race towards adopting new technologies. They are ready to automate their existing processes to smoothen their workflow there by increasing efficiencies and serving customers better.
RFID technology has led to a revolution in document tracking. It is especially useful in scenarios where the documents are of high value to the organization and the loss of which can impact profitability heavily.
2. Inventory Management: Property documents as well as items like gold against which Bank extends credit facilities to the borrowers are stored in vaults across the country. There is frequent movement of documents to and from these vaults. Thus there is a need to periodically conduct a check to ensure that the documents are in safe custody. This is a manual process that takes a day to take the stock of the documents.
3. Person Identification: Access to the value has to be controlled by identifying the persons who have moved files from and into the vault.
Effective Document Tracking Mechanism: It enables easy location of files and assets and automatically tracks the documents eliminating the manual errors and time taking procedures.
Improves Inventory Management: Even a semi-skilled person can take stock of large number of documents in a day using handheld readers. This not only enables stock taking on a more frequent basis but also gives significant productivity.
Frequent stock taking possible: As stock taking activity is done on a more frequent basis, asset location and quantity becomes more reliable which in turn helps tremendously in purchase decisions.
Automated tracking of assets: It encompasses automated tracking of fixed or capital assets, engineered assets such as process instrumentation, IT assets, or reusable containers.