Redback Energy Services is a rental and service company for the oil and gas industry. They offer a wide range of services and rental equipment to help support the completion and production of natural gas and crude oil wells.
Maintaining the highest quality equipment is a top priority for Redback. Maintaining detailed maintenance records and equipment history is an important task for the organization. Along with that detailed item history is the need to track each of these pieces of rental equipment as they leave for a job site and eventually return to the warehouse.
On top of these asset tracking and management demands Redback is obligated to comply with the Sarbanes-Oxley Act requiring full physical inventories on a quarterly and annual basis. Along with the physical inventories, there is an obligation to account for 95-98% of the inventory value on the balance sheet.
Previous physical inventories were done manually by an internal team who were repeatedly confronted with human errors. Performing these tedious inventories were also very time consuming and required more than a week for the organization to reconcile.
— Previous manual inventories took more than a week to reconcile —
A2B Tracking’s RFID Asset Management solution provides Redback the asset visibility needed to maintain total visibility of their entire inventory. With the A2B Tracking RFID system, physical inventories that previously required a full week are now accomplished in 1 hour.
Customer shipments occur daily and all assets are now RFID scanned as they leave Redback facilities. This system accounts for 100% of the assets going to customers and ensures that upon return the same RFID scanning process occurs which immediately reconciles the equipment. The RFID system is capturing the equipment at such a high level of accuracy as items get checked-out and then back-in that the Redback team has a new-found confidence in their inventory.
“With A2B Tracking we are saving about $15,000 every month.”
— Bernie Lancaster, CFO at Redback
Total asset visibility is the new normal at Redback. The A2B Tracking RFID system has empowered the Redback team to easily manage their assets and improve their inventory accuracy to near 100%. Redback now knows exactly which assets are what location, for how long and when they are expected to return.
Redback Case Study
To learn more about the Redback RFID success story and to hear how the organization has been able to save approximately $15,000 every month using modern RFID tracking for rental equipment read the case study.
