Robotics: Knowing the future can help your business thrive

In Robot arm in a factorya previous blog, I wrote about how businesses are more likely to see long-term success when they continually develop new product offerings before their old ones grow stagnant (this blog can be found here).  This is particularly true for manufacturers, who can create highly-customized products.

Suppose that you were a plastics or metal manufacturer in the year 2000, when about 5% of the world’s population had cell phones.  And suppose that you received an inside tip that in just ten years, over 90% of the world’s population would own cell phones.  Armed with this knowledge, you might have been inclined to change your business model to supply components to cell phone manufacturers or their vendors, so that you could share in their success.

I believe that the field of robotics is poised to grow exponentially the way that cell phones did.  If so,  manufacturers have an opportunity to benefit from this growth.  They can develop relationships with robotics manufacturers or their vendors, find out what they look for in a supplier, and ultimately become that supplier.  This strategy could offer a manufacturer the opportunity to grow exponentially.   I encourage manufacturers to get involved in the growing field of robotics – the possibilities are endless.

For more information about which fields of robotics are currently growing the most rapidly, please contact Jeff Holmberg at 952-979-3113.

About the Author: Jeff Holmberg, CPA, CMA

Jeff Holmberg, CPA, CMA is a manager at Froehling Anderson specializing in R&D Tax Credits and business valuations.