WO2007086808A2

WO2007086808A2 - System and method for monitoring the status of an inventory item

Info

Publication number: WO2007086808A2
Application number: PCT/SG2007/000018
Authority: WO
Inventors: Oon Peen Gan; Ming Luo; Yi Zhi Zhao; Gak Chee Tan; Jing Bing Zhang
Original assignee: Agency For Science, Technology And Research
Priority date: 2006-01-24
Filing date: 2007-01-24
Publication date: 2007-08-02
Also published as: WO2007086808A3

Abstract

An inventory management and control system (10) and method for monitoring the status of an inventory item (12) where the inventory item (12) comprises a tag (14) for storing an identification code is disclosed. The system (10) includes a network of interrogation zones (22), each interrogation zone (20) comprising a reader (16) and at least one antenna (18), a middleware server (24) connected to the respective reader (16) in each interrogation zone (20), the middleware server (24) managing and controlling the network of interrogation zones (22), a monitoring server (26) connected to the middleware server (24), the monitoring server (26) processing data acquired by the middleware server (24), and a database server (28) connected to the monitoring server (26), the database server (28) storing data processed by the monitoring server (26), wherein the reader (16) is adapted to receive data from the tag (14) of the inventory item (12) when the tag (14) is within the interrogation zone (20) and is further adapted to transmit data to the middleware upon a respective request.

Description

SYSTEM AND METHOD FOR MONITORING THE STATUS OF AN

INVENTORY ITEM

CROSS-REFERENCE TO RELATED APPLICATION

[0001] This application claims the benefit of priority of US provisional application No. 60/761,456 filed January 24, 2006, the contents of which being hereby incorporated by reference in its entirety for all purposes.

FIELD OF THE INVENTION

[0002] The present invention relates to the field of Radio Frequency Identification (RFID) systems, and in particular, to an inventory management and control system adapted for monitoring the status of an inventory item where the inventory item comprises a tag for storing an identification code. It also relates to a method of monitoring the status of an inventory item where the inventory item comprises a tag for storing an identification code.

BACKGROUND OF THE INVENTION

[0003] Lean inventory management is important to many industries especially the retail sector. This is because availability of the right stock quantity at the right place and time can often improve business velocity and bottom line. To practice lean inventory, there is a need to track every item in the inventory. However, this is difficult to achieve using the manual stock taking process, which requires excessive labor and hours. Additionally, it is always a difficult challenge to track aging items without considering item level serialization.

[0004] Radio frequency identification (RFID) is widely accepted by industries to be the emerging technology for product identification. In fact, multiple RFID trials for warehouse applications are already underway in various parts of the world. [0005] A large of RFID applications today focus on pallet level and on warehouse. United States Patent Application Number 2005/0289032A1 describes a system for tracking a number of items borrowed or rented by customers including a chute reading identification data from each item as the item is returned through the chute by the customers. Data records associated with the returned items are updated to indicate the items are available, even before the items can be restocked. The time at which an item is returned may be compared with a time at which it is due, with an additional fee being added to an account of a customer borrowing or renting an item that is returned late.

[0006] United States Patent Number 6,407,665 describes an object tracking system for tracking removal of objects from a location and the replacement of the objects at the location. The system includes a RFID tag attached to each of the objects to be tracked and each tag has an antenna. When activated, the RFID tag of an object transmits a unique code identifying the object. A storage unit is provided at the location and the storage unit has a plurality of receptacles configured to receive objects replaced at the location. Each receptacle has an associate antenna for activating the RFID tag of an object in the receptacle and receiving the radio frequency transmitted code of the object. The antenna of the system can be capacitive plates for conveying the radio frequency transmissions through capacitive coupling or inductive loops for conveying the transmissions through inductive coupling. A computer-based controller is coupled to the antenna of the receptacles for receiving transmitted codes and determining based thereon the absence or presence and locations of objects within the storage unit.

[0007] United States Patent Application Number 2003/0013459A1 describes a system for location-based recordal of user activity comprising a portable device for issue to a user, the device having an associated unique identifier, a plurality of detectors configured to detect the device and obtain the unique identifier of the device, wherein each detector is configured to log the location of user at the predetermined location upon detection of the device. The system further comprises a number of activity sensors directed to one or more of the locations, each activity sensor being configured to record activity upon detection of the device at the respective location. [0008] The prior art systems and methods only provide the capability to track the location of objects. In addition, the prior art systems store every location timestamp and purge the data in regular intervals, thereby having a possibility of losing critical information. In this regard, there is a need for a system and method to trace the history of objects in addition to tracking object movement. There is a further need for a system to count the inventory of objects, to detect aging inventory and to monitor stock levels in real-time. There is also a need to address the issue of accumulation of data in prior art systems. Therefore, an objective of the present invention is to provide an alternative system and method that advantageously avoids or at least reduces some of the above-mentioned drawbacks of prior art devices in an easy and economical manner.

SUMMARY OF THE INVENTION

[0009] In an embodiment of the invention, an inventory management and control system adapted for monitoring the status of an inventory item where the inventory item comprises a tag for storing an identification code is provided. The system includes a network of interrogation zones, each interrogation zone comprising a reader and at least one antenna; a middleware server connected to the respective reader in each interrogation zone, the middleware server managing and controlling the network of interrogation zones; a monitoring server connected to the middleware server, the monitoring server processing data acquired by the middleware server; and a database server connected to the monitoring server, the database server storing data processed by the monitoring server wherein the reader is adapted to receive data from the tag of the inventory item when the tag is within the interrogation zone and is further adapted to transmit data to the middleware upon a respective request.

[0010] In another embodiment of the invention, a method of monitoring the status of an inventory item where the inventory item comprises a tag for storing an identification code is provided. The method includes obtaining by means of a reader associated with an interrogation zone, an identification code from the tag of the inventory item when the tag is in the interrogation zone; storing the identification code in the reader; sending the identification code to a middleware server upon a specific request; processing the identification code by a monitoring server; and storing the processed data in a database server.

[0011] The following figures illustrate various exemplary embodiments of the present invention. However, it should be noted that the present invention is not limited to the exemplary embodiments illustrated in the following figures.

BRIEF DESCRIPTION OF THE DRAWINGS

[0012] Figure 1 shows a block diagram of an inventory management and control system according to an embodiment of the present invention;

[0013] Figure 2 shows a structure of an inventory item record according to an embodiment of the present invention;

[0014] Figure 3 shows a structure of an identity code of an inventory item record according to an embodiment of the present invention;

[0015] Figure 4 shows examples of a status field of an inventory item record according to an embodiment of the present invention;

[0016] Figure 5 shows a structure of a track record of an inventory item record according to an embodiment of the present invention;

[0017] Figure 6 shows a structure of a trace record of an inventory item record according to an embodiment of the present invention;

[0018] Figure 7 shows a structure of a location record of a track record or a trace record according to an embodiment of the present invention;

[0019] Figure 8 shows a structure of a reader timestamp of a location record according to an embodiment of the present invention; [0020] Figure 9 shows a structure of a middleware timestamp of a location record according to an embodiment of the present invention;

[0021] Figure 10 shows an inventory management and control system having units performing respective functions according to an embodiment of the present invention; and

[0022] Figure 11 shows interrogation zones where the units performing specific function in an inventory management and control system are implemented according to an embodiment of the present invention.

DETAILED DESCRIPTION OF THE INVENTION

[0023] Exemplary embodiments of an inventory management and control system and a method of monitoring the status of an inventory item where the inventory item comprises a tag for storing an identification code are described in detail below with reference to the accompanying figures. In addition, although the invention is explained based on the exemplary embodiments described below, it is to be understood that many other possible modifications and variations can be made without departing from the scope of the invention as claimed.

[0024] Figure 1 shows a block diagram of an inventory management and control system 10 according to an embodiment of the present invention. The inventory management and control system 10 is for the purpose of tracking the locations of inventory items 12 as they are moved within an enclosed area, for example a store. Each inventory item 12 has a RPID tag 14 attached to the packaging for storing a unique identification code. Every inventory item 12 has a unique identification code or serial number for differentiation between items in the same stock-taking unit (SKU). An emerging product serialization standard is the Electronic Product Code. The inventory management and control system 10 includes a plurality of interrogation zones. Each interrogation zone 20 includes a RFID reader 16 and at least an antenna 18. A network of interrogation zones 22 can be designed covering various strategic locations in the store 42 including exit and entrance 38, checkout 40. Interrogation zones can also be created along strategic boundary or paths 36 and at strategic spots 32. The system 10 also includes a middleware server 24 to manage and control the network of RFID readers 16 in the interrogation zones 20. Tags 14 transmit data to readers 16 when they are within the interrogation zones 20. Reader 16 can send data to middleware server 24 upon a specific request or when polled. Alternatively, the middleware server 24 can also request for the reader 16 to send the data. The system 10 also includes a monitoring or track and trace server 26 to process data in the middleware server 24 before storing the data in a database server 28. The monitoring server 26 provides information such as stock count, aging inventory and stock levels to an enterprise resource planning system 30 for streamlining inventory management.

[0025] Figure 2 shows a structure of an inventory item record 32 according to an embodiment of the present invention. Each inventory item record 32 includes an identity code 44, a status field 50, a track record 52 and a trace record 54. The inventory item records 32 are stored in the database server 28.

[0026] Figure 3 shows a structure of an identity code of an inventory item record according to an embodiment of the present invention. Every inventory item 12 has a unique identity code 44 encoded in an RFID tag 14 attached to the inventory item 12. The identity code 44 is also reflected in the corresponding inventory item record 32 stored in the database server 28. The identity code 44 includes asset owner 80, asset type 82 and asset serial number 84 fields. The current invention can be applied to a wide variety of applications, for example in the retail, manufacturing, logistics, hospitality and biomedical sectors. The inventory item 12 can for example be, but not limited to a product from a manufacturer, a tool or part used in manufacturing, a carton, a pallet or a container in logistics, a CD in retail, a book in a library, a file in a law firm or court, a cylinder in a construction site and an x-ray machine in a hospital for example. As an illustrative example in retail, the asset owner 80 may be a name of manufacturer, the asset type 82 may be a product type and asset serial number 84 may be the product serial number.

[0027] Figure 4 shows examples of a status field of an inventory item record according to an embodiment of the present invention. The invention can be used in a variety of applications. The status field 50 may be different for different applications. As an illustrative example in retail, the status field 50 can include several status including "Available", "Checkout", "Pilferage", "Check-in", "Return" and "Servicing". The monitoring server 26 updates the status of each inventory item 12 according to a state transition diagram 56. When suppliers deliver inventory items 12 to a retail store, the status field 50 of each inventory item 12 is marked as "Available". The status field 50 is marked as "Checkout" when the inventory items 12 are sold. If inventory items 12 are detected at exit locations 38 but not checkout, the status field 50 of the inventory item 12 is marked as "Pilferage". When customers return the inventory items 12, the status field 50 of the inventory items 12 is marked as "Return". When inventory items 12 are sent for servicing, the status field 50 of the inventory items is changed to "Servicing". After servicing, the inventory items are ready for sale and the status of the inventory items is marked as "Available".

[0028] Figure 5 shows a structure of a track record of an inventory item record according to an embodiment of the present invention and Figure 6 shows a structure of a trace record of an inventory item record according to an embodiment of the present invention. Each track record 52 and trace record 54 contain a plurality of location records 56.

[0029] Figure 7 shows a structure of a location record of a track record or a trace record according to an embodiment of the present invention. The location record 56 contains several fields including location code 58, first timestamp 60 and last timestamp 62, reader timestamp 46 and middleware timestamp 48. The location code 58 corresponds to each interrogation zone 20 in the network of interrogation zones 22. The first timestamp 60 corresponds to a first RFID reader timestamp 46 captured at the interrogation zone 20 for the specific inventory item 12. The first timestamp 60 is not changed after it is created. The last timestamp 62 is the most recent RFID reader timestamp 46 captured at the interrogation zone 20 for the specific inventory item 12. The last timestamp 62 is updated whenever there is a new timestamp from the RFID reader. The reader timestamp 46 corresponds to the time when an identity code 44 of the tag 14 is captured by a respective reader 16 and the time is based on a reader internal clock. The middleware timestamp 48 corresponds to the time when data from a respective reader 16 is sent to the middleware server 24 and the time is based on a middleware server internal clock.

[0030] Figure 8 shows a structure of a reader timestamp 46 of a location record according to an embodiment of the present invention. Figure 9 shows a structure of a middleware timestamp 48 of a location record 58 -according to an embodiment of the present invention. Both the reader timestamp 46 and the middleware timestamp 48 are in the format of day (DD), month (MM), year (YYYY), hour (HH), minute (MM) and second (SS).

[0031] As an inventory item 12 is moved from one interrogation zone 20 to another within the network of interrogation zones 22, the identity code 44 from tag 14 is captured by the respective readers 16 at both source and destination interrogation zones. The respective reader 16 timestamps each reception of identity code 44 based on its internal clock. The identity code 42 and reader clock timestamp 46 data are stored in the reader 16 internal memory and subsequently sent to the middleware server 24 upon a specific request by the reader 16 or when the reader 16 is polled. The middleware server 24 also timestamps every data from the reader 16 based on the middleware server internal clock. The inventory item identity code 44, reader timestamp 46 and middleware server timestamp 48 are processed by the monitoring server 26 and stored in the database server 28.

[0032] Monitoring can be implied to mean track and trace. Tracking refers to a series of records comprising of last known (or latest) timestamp of every location that the inventory item 12 has been moved to. Tracing refers to the history of location records in temporal sequence from the last known location.

[0033] The track record 52 contains a unique set of location records 56 such that one cannot find two or more location records 56 with the same location code 58. When an inventory item 12 is moved to a new interrogation zone 20 for the first time, the monitoring server 26 adds a new location record 56 to the track record 52. In subsequent visits to the same interrogation zone 20, the monitoring server 26 does not add new location records 56 in the track record 52. Instead, it updates the last timestamp field 62 of the specific location record 56 with the most recent timestamp. The location records 56 in the track record are also never deleted unless the inventory item record 32 is removed. The inventory item record 32 refers a physical inventory item 12 and it has a track record 52 that comprises one or more location records 56. It might be common for industry to write-off physical inventory items 12 for a number of reasons for example non-functional, obsolete and discontinued. In these cases where a physical inventory item 12 is no longer an asset to the owner and there is no requirement to track the inventory item 12, the inventory item record 32 in the system should also deleted too. When an inventory item record 32 is deleted, the corresponding track record 52 and location records 56 will usually also be deleted. For a physical inventory item 12 that is active in the environment and the system keeps inventory item record 32 for tracking purpose, it is a requirement to prevent deletion of location record 56 in order not to lose information. With this arrangement, the track record 52 of an inventory item 12 shows the most recent timestamps for all the interrogation zones 20 visited by the inventory item 12. The most recent interrogation zone 20 visited by an inventory item 12 corresponds to the location record 56 with the most recent timestamp in the track record 52.

[0034] The trace record 54 contains a set of unique location records 56 such that it is possible to find multiple location records 56 with the same location code 58 but not the same last timestamp 62. The trace record 54 is for the purpose of tracing the history locations of every inventory item 12 in the inventory. The monitoring server 26 stores every interrogation zone 20 visited by each inventory item 12 up to the present interrogation zone 20, and adds a new location record 56 in the trace record 54 for every new interrogation zone 20 visited if the new interrogation zone 20 is different from the last recorded interrogation zone 20 in the trace record 54. The monitoring server 26 updates the timestamps of the most recent location record 56 if the inventory item 12 is identified to be at the same interrogation zone 20 as the most recent location record 56. This can happen when the inventory item 12 is stationary at an interrogation zone 20 and continuously being identified by the RFID reader 16. With exception to the most recent location record 56 in the trace record 54, all other location records 56 cannot be modified once added to the trace record 54. However, the old location records 56 can be deleted when the number of location records 56 grows beyond a user-defined limit. The location records 56 in the trace record 54 correspond to the interrogation zone trace of the inventory item 12.

[0035] It is possible for no read to occur due to radio blind spot and other environment interferences. In this case, inventory items 12 affected cannot be identified in the interrogation zones 20. This is particularly so for a stack of inventory items 12 in which inventory items 12 in the topmost layer can be identified but not those in the middle and bottom layers. Usually inventory items 12 at the middle and bottom layers cannot be removed unless those at the top layer are removed first. As such, those inventory items 12 in the hidden layers are unlikely to be identified. The inventory management and control system 10 is designed to update the location records 56 only if RPID readers 16 can identify inventory items 12 in an interrogation zone 20. If no read occurs, the location records 56 are not updated. This does not cause any error in tracking if the inventory item 12 remains in its present interrogation zone 20. An error occurs if the inventory item 12 is moved to another interrogation zone 20 without being identified. The inventory management and control system 10 reduces this error by employing a network of interrogation zones 20 such that inventory items 12 that fail to be identified at one interrogation zone 20 is likely to be identified at other interrogation zones 20. As the granularity of the interrogation zone network 22 grows, accuracy of tracking also increases.

[0036] Figure 10 shows an inventory management and control system having units performing respective functions according to an embodiment of the present invention. The inventory management and control system 10 provides several functions including "aging inventory reporting" function, "stock level monitoring" function, "purchasing" function, "excessive stock alert" function, "pilferage inventory reporting" function, "item checkout processing" function, "item tracking" function, and "item tracing" function, "supplier order taking" function and "stock counting" function.

[0037] The "aging inventory reporting" function provides a listing of inventory items 12 older than a user specified age limit. It accepts a user input for age limit in terms of days and shows a detail listing of inventory item identity code 44, description, current interrogation zone 20 and last timestamp 62. The "aging inventory reporting" function also allows floating point input for age limit for example 0.8 day. The "aging inventory reporting" function makes it easy to manage product expiration and recall. Products, which have expired, can now be easily recalled since their locations are now available.

[0038] The "stock level monitoring" function monitors the stock level of every stock and shows those stocks with quantity which falls below a certain user defined minimum level and those stocks with quantity staying above a certain user defined maximum level. For stocks below the minimum quantity required, the "stock level monitoring" function activates a notification to re-order for example to the enterprise resource planning (ERP) to alert the "purchasing function". For stocks above the maximum required, the "stock level monitoring" function activates a notification to warn of excessive stocks, that is to alert the "excessive stock alert" function. The "stock level monitoring" function is particularly useful in preventing stock-out and reducing aging inventory. With this alerting "stock level monitoring" function, the purchasing department of the store is now better informed to make quicker and more appropriate re-order decision and most importantly based on actual status of stock availability. With the "excessive stock alert" function, inventory management is further streamlined to reduce aging inventory by preventing re-ordering of stocks already in excess. By monitoring inventory flow with time consideration, the "stock level monitoring" function also provides an insight on inventory dynamics with details on slow moving as well as fast turning stocks.

[0039] In "purchasing function", the purchase order can be generated and transmitted to suppliers.

[0040] In "excessive stock alert" function, a notification can be sent by system to users when stock levels fall below the minimum quantity threshold level or above the maximum criteria quantity threshold level.

[0041] The "pilferage inventory reporting" function provides an interface to signal a security alarm when unpaid inventory items 12 are detected at exit locations 38. The "pilferage inventory reporting" function shows a listing of pilferage inventory items 12 and interrogation zones 20 or locations in separate display window. It also activates the alarm system to alert security guards.

[0042] The "item checkout processing" function provides a method to process checkout function. As an illustrative example in retailing, the method involves cash payment transaction, security code disable, receipt printing for example.

[0043] The "item tracking" function shows a listing of all inventory items 12 with identity code 44, description, current interrogation zone 20 and last timestamp 62. The listing can also be modified to show inventory for a specific product type. For every inventory item 12 listed, the user can choose to show the inventory item movement history on a graphics map display of the store layout. The "item tracking" function provides an animated graphical map display and plots on the map the movement history by drawing lines and animated direction arrows. The map display also shows the current interrogation zone 20 or location of an inventory item 12 using a blinking icon. The map display area is also clickable, allowing users to click on any point of the map display to show stock listing at that interrogation zone 20 or location.

[0044] The "item tracing" function refers to the system capability to provide users the information (location and time) for all inventory items 12. For example, in stock auditing, a human would use the physical stock take with the system stock take. A specific inventory item 12 may be selected by a person and the system indicates the last known location. If not physically found, the person can obtain the previous location from the trace function to physically locate the inventory item 12.

[0045] The "stock counting" function of the inventory management and control system 10 provides a real-time update of the stock count for all different types of inventory items 12 in the store. The "stock counting" function also displays a breakdown of stock count by locations. In "stock counting" function, the system will provide real-time quantity information of every stock present in the tracking system. [0046] Figure 11 shows interrogation zones where the units performing specific function in an inventory management and control system are implemented according to an embodiment of the present invention. Inventory items 12 received from suppliers are received in a receiving area 86 and each inventory item 12 is tagged with an RFID tag 14. The received inventory items 12 are based on a purchase order from the purchasing department 98 to the supplier. The "supplier order taking" function is being utilized in the receiving area 86 to verify that the stocks received match the orders in the purchase order. The RFID tagged inventory items 12 are then displayed in the showroom 88 for sales. "Aging inventory reporting", "item tracking" and "item tracing" functions are utilized in the showroom 88 and provide useful inputs to the sales team to manage and streamline sales activity. When a customer places the inventory items 12 in the self-checkout station 90, the inventory management and control system 10 utilizes the "item checkout processing" function and automatically identifies the inventory items 12, processes payment, and updates the interrogation zones 20, last timestamp 62 and the status field 50. Unpaid inventory items 12 detected at the exit locations 38 are alerted via a security system 92 and the inventory management and control system 10 utilizes the "pilferage inventory reporting" function and updates the inventory item status field as "Pilferage".

[0047] At the stock taking area 94, the inventory management and control system 10 utilized the "item tracking" and "item tracing" functions to perform a stock take of the available inventory items 12. Corporate plan is also input to the stock take area 94. Corporate plan refers to the sales strategy that most enterprises should have. These are targets on amount and types of sales. Thereafter, the inventory management and control system 10 utilized the "stock counting" function at the stock counting area 96 to provide a real-time update of the stock count for all different inventory items 12 in the store. The "stock counting function also displays a breakdown of stock count by interrogation zones 20 or locations. Then at the purchasing department 98, corporate plan is also input. In addition, the "stock level monitoring" function monitors the stock level of every stock and shows stocks with quantity which falls below a certain user defined minimum level and stocks with quantity which stays above a certain user defined maximum level. For stocks below the minimum quantity required, the "stock level monitoring" function activates a notification to re-order for example to the enterprise resource planning (ERP) 30 to alert the "purchasing function". The output of purchasing department 98 is a purchase order to be sent to suppliers. For stocks above the maximum required, the "stock level monitoring" function activates a notification to warn excessive stocks that is to alert the "excessive stock alert" function. The "stock level monitoring" function is particularly useful in preventing stock-out and reducing aging inventory. With this alerting "stock level monitoring" function, the purchasing department of the store is now better informed to make quicker and more appropriate re-order decision and most importantly based on actual status of stock availability. With the "excessive stock alert" function, inventory management is further streamlined to reduce aging inventory by preventing reordering of stocks already in excess. By monitoring inventory flow with time consideration, the "stock level monitoring" function also provides an insight on inventory dynamics with details on slow moving as well as fast turning stocks.

[0048] The user interface of the inventory management and control system 10 includes a main window including a top menu bar, a map display area, an item listing area and a stock count area. The menu bar includes options to display item listing by product category, to show item location tracing on map, to display stock count distribution at all locations, and to show stock levels monitoring.

[0049] The aforementioned description of the various embodiments has been presented for purposes of illustration and description. It is not intended to be exhaustive or to limit the invention to the precise form disclosed, and obviously many modifications and variations are possible in light of the disclosed teaching. It is intended that the scope of the invention be defined by the claims appended hereto.

Claims

CLAIMSWhat is claimed is:

1. An inventory management and control system adapted for monitoring the status of an inventory item where the inventory item comprises a tag for storing an identification code, the system comprising a network of interrogation zones, each interrogation zone comprising a reader and at least one antenna; a middleware server connected to the respective reader in each interrogation zone, the middleware server managing and controlling the network of interrogation zones; a monitoring server connected to the middleware server, the monitoring server processing data acquired by the middleware server; and a database server connected to the monitoring server, the database server storing data processed by the monitoring server wherein the reader is adapted to receive data from the tag of the inventory item when the tag is within the interrogation zone and is further adapted to transmit data to the middleware upon a respective request.

2. The inventory management and control system of claim 1 , further comprising a planning system connected to the monitoring server for streamlining inventory management.

3. The inventory management and control system of claim 1 or 2, wherein the database server comprises an inventory item record.

4. The inventory management and control system of claim 3, wherein the inventory item record comprises the identification code; a status field; a track record; and a trace record.

5. The inventory management and control system of any of claims 1 to 4, wherein the identification code comprises information of the inventory item, the information comprises asset owner; asset type; and/or asset serial number.

6. The inventory management and control system of claim 4 or 5, wherein the status field comprises information of the status of the inventory item, the status comprises a status selected from the group consisting of "available", "checkout", "pilferage", "servicing" and "return".

7. The inventory management and control system of any one of claims 4 to 6, wherein the track record comprises at least one location record.

8. The inventory management and control system of any one of claims 4 to 6, wherein the trace record comprises at least one location record.

9. The inventory management and control system of claim 7 or 8, wherein the location record comprises a location code; a first timestamp corresponding to a first reader timestamp captured at an interrogation zone for the inventory item; a last timestamp corresponding to a most recent reader timestamp captured at the interrogation zone for the inventory item; a reader timestamp; and a middleware timestamp.

10. The inventory management and control system of claim 9, wherein each location code corresponds to each interrogation zone in the network.

11. The inventory management and control system of claim 4, wherein the track record comprises a plurality of location records wherein the location code of each location record is unique.

12. The inventory management and control system of claim 4, wherein the trace record comprises a plurality of location records with the same location code where the last timestamp of each location record is unique.

13. The inventory management and control system of claim 1, wherein the request is automatic or manual.

14. The inventory management and control system of any one of claims 1 to 13, further comprising a counting unit adapted to compute stock count of each type of inventory item.

15. The inventory management and control system of claim 14, wherein the counting unit is further adapted to display a breakdown of stock count of each type of inventory item by interrogation zone.

16. The inventory management and control system of any one of claims 1 to 15, further comprising an aging inventory unit adapted to provide a list of inventory items upon a specific user defined age limit.

17. The inventory management and control system of any one of claims 1 to 16, further comprising a pilferage unit adapted to signal a security alarm when the inventory item is detected at a specific interrogation zone without being checkout.

18. The inventory management and control system of any one of claims 1 to 17, further comprising a stock monitoring unit adapted to monitor stock level of every stock.

19. The inventory management and control system of any one of claims 1 to 18, further comprising a tracking unit adapted to display information of the inventory item.

20. A method of monitoring the status of an inventory item where the inventory item comprises a tag for storing an identification code, the method comprising obtaining by means of a reader associated with an interrogation zone, an identification code from the tag of the inventory item when the tag is in the interrogation zone; storing the identification code in the reader; sending the identification code to a middleware server upon a specific request; processing the identification code by a monitoring server; and storing the processed data in a database server.

21. The method of claim 20, further comprising generating a reader timestamp data by timestamping each reception of the identification code by the reader based on an internal clock of the reader.

22. The method of claim 21, further comprising generating a middleware server timestamp data by timestamping each reception of the identification code and reader timestamp data by the reader based on an internal clock of the middleware server.

23. The method of claim 22, further comprising storing the reader timestamp data in the reader.

24. The method of claim 23, further comprising sending the reader timestamp data to the middleware server upon a specific request by the reader.

25. The method of claim 24, further comprising processing the reader timestamp data and the middleware timestamp data by the monitoring server.

26. The method of any of claims 20 to 25, wherein the processed data comprises an inventory item record.

27. The method of claim 26, wherein the inventory item record comprises the identification code; a status field; a track record; and a trace record.

28. The method of any of claims 20 to 27, wherein the identification code comprises information of the inventory item, the information comprises asset owner; asset type; and/or asset serial number.

29. The method of claim 27 or 28, wherein the status field comprises information of the status of the inventory item, the status comprises a status selected from the group consisting of "available", "checkout", "pilferage", "servicing" and "return".

30. The method of any of claims 27 to 29, wherein the track record comprises at least one location record.

31. The method of any of claims 27 to 29, wherein the trace record comprises at least one location record.

32. The method of claim 30 or 31, wherein the location record comprises a location code; a first timestamp corresponding to a first reader timestamp captured at an interrogation zone for the inventory item; a last timestamp corresponding to a most recent reader timestamp captured at the interrogation zone for the inventory item; a reader timestamp; and a middleware timestamp.

33. The method of claim 32, wherein each location code corresponds to each interrogation zone in the network.

34. The method of claim 32 or 33, further comprising adding a new location record to the track record when the inventory item is moved to a new interrogation zone having a new location code.

35. The method of claim 34, further comprising updating the last timestamp in the location record in the track record when the inventory item has the same location code.

36. The method of claim 35, further comprising deleting the location record in the track record when the inventory item record is removed.

37. The method of claim 32 or 33, further comprising adding a new location record to the trace record if the location code of a new interrogation zone is different from the previous location code corresponding to a previous interrogation zone.

38. The method of claim 37, further comprising updating the last timestamp in the location record in the trace record when the inventory item has the same location code.

39. The method of claim 38, further comprising deleting the location record in the trace record when the number of location record exceeds a user-defined limit.

40. The method of claim 20 or 24, wherein the request is by the reader or by the middleware.