RFID and its business impact

RFID (Radio Frequency Identification) is an exciting technology that has revolutionized many facets of businesses around the world. RFID as a technology is not something new, use of radio-frequency for identification started during the time of World War II. The use of RFID in its current form is a result of advancements in technology as well as exploration of possible uses of RFID in business.

The scope of this project would be to evaluate the impact of the technology on businesses as well as the impact of businesses on development of the technology.

The first major breakthrough in terms of usage of RFID in business can be credited to the retail major Wal-Mart which used the technology in inventory control and management. One major aspect of this project will be to bring out the usage of RFID in other areas of business which currently are not as famous as the Wal-Mart case.

RFID is a technology that is finding new areas of application everyday and as such new breakthroughs in the technology have their seed in an underlying demand for it, RFID is no exception. We will study the impact RFID could create on the betterment of various industries and daily life.

Another module of our project will consist of studying RFID as a business. Currently, the world is excited about the possibilities that RFID promises in the future but having a business of manufacturing RFID devices on a large scale is still seen as unprofitable.

Although RFID had helped in the development of numerous industries and improved various aspects of their operations but it has its own flip sides as well. In our initial reading and research we came across some shortcomings and fallacies of RFID. Thus in the light of all the upsides and downsides of this technology, we will be assessing the future and possible uses of RFID in business and general context.