A spool or reel for retaining continuously wound material may include a central barrel and spaced apart flange members extending from the central barrel. The flange members may incorporate a retaining member comprising the curved channel terminating at the first and second holes fashioned in an inner face of the flange members. The flange members may also incorporate one or more holes or apertures for use with associated sensors where the holes or apertures include a rim to circumference for easy detection by the associated sensors. The flange members may further comprise label platforms that securely receive labels that are to be affixed to the spool or reel.