Maximizing Robot ROI
Return on Investment (ROI) is a calculation used to determine how long it will take a company to recapture the cost of an industrial robot. It is basically figuring out if and when an industrial robot will pay for itself through a combination of productivity and cost savings. Most robot ROI calculations involve determining the robot usage, current labor costs, total system cost, and labor associated with running the robotic system. These numbers are then entered into an ROI equation to determine the estimated ROI for a robot or entire robotic workcell. Most robot users can expect to earn their ROI within less than two years of purchasing their robotic system. Before purchasing an industrial robot, it is important to factor in the ROI to determine if robotic automation will be valuable for your operation. Calculating the ROI for the FANUC Arcmate 120ic allows potential buyers to estimate if they will see a return and when. Once an ROI has been realized, robotic users can enjoy bigger production savings and profit margins.
Optimizing your robotic investment can maximize your ROI either by speeding up the amount of time it takes to realize your return, increasing the return itself, or both. Below are four ways to effectively maximize robot ROI in order to receive the most value from your robotic system.
- • Buy Used - Buying a used robot can speed up the amount of time it takes to capture your return on investment. Used robots typically cost between 40% to 60% less than new robots. With a lower upfront cost, the less time it will take an articulated robot to pay that off. Used robots provide many of the same benefits as new robots that allow for a ROI. Automating with the ABB 6640 will provide higher productivity, error mitigation, production cost savings, faster cycle times, and higher quality just like a new robot. The less time it takes a manufacturer to capture their ROI the sooner they can be enjoying savings and higher profits.
- • Add Secondary Applications - One of the advantages of the FANUC M-20ia and other industrial robots is they are multipurpose. However, many users neglect this and use robots to automate one primary application. Automating secondary applications eliminates idle time for the robot, reduces labor costs even further, and allows for hyper productivity. Instead of using the M-20ia for only automated machine tending, manufacturing can be further optimized by having the robot automate a secondary process such as deburring. Secondary applications can increase your ROI.
- • Use Tool Changers - Manual tool changing can take up to several hours and creates long idle times that eat into productivity. When robot tooling needs to be switched, using a tool changer can significantly speed up the process. Using a robotic tool changer to switch tooling on the FANUC M-10ia takes less than a minute, preventing idle time, keeping cycle times fast, and productivity high.
- • Perform Routine Maintenance - Ensuring your robot remains in optimal condition by conducting regular maintenance will also maximize your ROI. Preventative maintenance prevents breakdowns, malfunctions, and premature wear to ensure your robot remains fully operational and productive. It is important to check your robot manufacturer’s recommended schedule for how often maintenance should be conducted.