According to Automate UK’s recent Industry Insights Survey 2024, 81% of industry workers identified automation as a key concern in 2023, with cost being the most significant barrier to adoption.
While the cost of implementation may have been a valid concern in the past, the reality today is quite different. The benefits in terms of cost and risk savings are becoming increasingly evident, and solutions are more affordable than ever.
Using data from Domino’s Waste Calculator, we found that for an average manufacturer, waste from manual label creation could amount to over $100k per year – a significant loss easily mitigated through simple coding automation.
In addition, the cost of automated solutions, including robotics and automation software, is decreasing. According to EY, the average price of an industrial robot has halved over the past decade and is expected to continue dropping. Moreover, those investing in automation can expect to save money on operational expenditure: a recent survey by Bain found that companies allocating at least 20% of their IT budget to automation in the past two years achieved average savings of 22%.
If cost is still an issue, many providers, including Domino, will now offer options for upgrading lines and implementing new technology with no capital expenditure. Flexible finance plans and contracts can help spread the cost as part of operational expenditure, making it more affordable for smaller businesses.
Of course, it’s not necessary to make all changes at once: small incremental developments can not only help spread the cost but also provide justification for further investment, as we will discuss in Myth #6.