Application sold to an oil and gas company for inventory tracking
EDMONTON, Alberta, Nov. 25, 2020 (GLOBE NEWSWIRE) -- Visionstate Corp. (TSX-V: VIS) (“Visionstate”) is pleased to announce that it has sold an application for RFID technology (Radio Frequency Identification), which will be leveraged to enhance the growing suite of products under the Wanda smart technology platform, to a company in the oil and gas sector.
The RFID solution provides a company that rents equipment in the oil and gas sector with an ability to track and streamline inventory and product movement. Each product is tagged with an RFID tag and can be tracked using RFID readers as it enters and exits defined areas such as warehouses or supply rooms.
“Tracking critical assets is an important part of efficient operations,” says Visionstate CEO John Putters. “RFID tracking helps control inventory and accurately measure its use and consumption.”
Visionstate’s oil and gas client was challenged by the number of products travelling in and out of the main warehouse, especially since the product is rented to customers in remote locations. The RFID application addresses this problem by tagging products and tracking them through the sales cycle. This has improved inventory management and provides more accurate data for billing purposes based on the length of time the product was rented.
According to Grand View Research, the market for RFID application is expected to grow to $40.5 billion by the year 2025. Similarly, the IoT or Internet of Things market is also expected to grow significantly over the next several years as wider adoption occurs.
Visionstate IoT Inc., a wholly owned subsidiary of Visionstate Corp., is working on applying the technology to its proprietary Wanda solution which tracks cleaning activities in public facilities. Wanda, which is installed in hospitals, airports, office buildings, shopping centres and sports facilities across North America, provides detailed analytics to facility managers on the efficiency of cleaning and resource use.
“With RFID technology our capabilities in tracking the use of resources will be significantly enhanced,” Putters explains. “Not only can we use RFID to track the movement of physical resources, but we can also measure the amount of time frontline staff are involved in the cleaning of specific areas.”
Wanda already tracks cleaning activities and foot traffic. With the RFID technology in place, the return on investment for customers will be even greater.
About Visionstate Corp.
Visionstate Corp. (TSX-V: VIS) is a growth-oriented company that invests in the research and development of promising new technology in the realm of the Internet of Things, big data and analytics, and sustainability. Through Visionstate IoT Inc., it helps businesses improve operational efficiencies, reduce costs and elevate customer satisfaction with its state-of-the-art devices that track and monitor guest activities and requests. The footprint of its WANDA™ smart device now extends to hospitals, airports, shopping centres and other public facilities across and beyond North America. Through building up a collection of synergistic technologies, Visionstate Corp. will continue to innovate, reduce environmental impact and transform consumer experiences.
Issued on behalf of the Board of Directors of Visionstate Corp.
“John A. Putters”
John Putters, CEO