Last Updated on July 23, 2020 by Husain ParvezMoney is the lifeblood of business. Without money, in the form of capital or revenue, then it is difficult for the business to succeed in the long run.For many businesses, saving money by streamlining their processes helps enhance their profitability.One of the many ways that companies, especially in the manufacturing sector can help streamline their processes is by the use of the industrial robotic arm. It goes a long way in ensuring that production takes place cost effectively.Here are some ways in which a manufacturer can save money by using the industrial robotic arm.
You do not need a large manufacturing workforceThe manufacturing sector is facing large labor shortages, with companies not able to fill numerous positions.An industrial robotic arm, ensures manufacturing is done efficiently even with a smaller labor force. A robot will take up the task of a large team and carry it out faster and better. For example, a single collaborative robot can easily tend up to eight machines at the same time.With a smaller labor force, a factory is able to save on its labor costs and thus strengthen its financial position.
Robots are a good investmentWhen it comes to the purchase of robots, manufacturing companies can be sure that acquiring a robot is a good investment.When it comes to payback period, like you should analyze every investment, robots have a fast payback period. As a robot owner, you can expect to recoup your investment in about two years at the most. This is a good period to make back your investment, in a long-term project like a company.Additional returns that a factory could gain from the robot, is that it will help the company save money by using less space, electrical power and manpower.
Lower insurance and medical payoutsCollaborative industrial robots help manufacturers lower their insurance and medical payouts in their factories. This is as a result of the fact that collaborative robots have inbuilt safety modalities that ensure that the robots do not cause any injuries.With enhanced safety in the factory, workers will have fewer injuries caused by occupational accidents and fatigue. This in turn will result in the company having fewer injured workers going to hospital which then results in lower insurance or medical payouts. This also means that there will be fewer absenteeism at work which also reflects in the financial position of the company.
Needs less human monitoringAnother way that robots help save money in a factory, is the fact that they need less human monitoring. This means that human workers will be allowed to carry out their work and not have to hire more to take care of the robot which means more money.With the right setup, the robot can work continuously for a long time. This can allow the factory to enjoy an extra shift that is much cheaper as it is run only by robots. Without human workers to pay, and the cost of robots being low, the company saves money and helps improve profitability.
Precision and accuracyI am sure many of you are wondering how precision and accuracy can help a company save money.Precision and accuracy ensure that companies have little to waste during their production process. This means that the money used to purchase raw materials is put to good use.Further, precision and accuracy ensure that the final products meet their exact and expected specifications. This means that the company presents to its customers a high-quality product that they will love and become loyal to.This helps the company make more money and build its financial position.
ConclusionRobots, help manufacturing companies in lots of ways. Improving the financial position of the companies is one of the most important. Robots help to not only save money; they also help companies make more money and attract more customers to them ensuring that they companies are likely to make more money in the near future.
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