The researchers from the University of Cambridge studied different countries’ data and found that using robots at a low level has a negative effect on profit but on higher levels using robots can increase profit rate. Researchers found that there is a U-shape phenomenon in using robots which is the relationship between reducing costs, developing new processes, and innovating new products.
Although many businesses initially accept robot technology to cut costs, the ‘process innovation’ is quickly imitated by competitors, and therefore at low levels of robot adoption, businesses are more focused on competitors than they are on creating new products. To increase revenue, new items can be developed using the technology when adoption rates rise and robots are fully included in a company’s processes.
Robots have been used widely in the industry since the 1980’s most importantly where they can carry out physically demanding, repetitive tasks.
The researchers then conducted a series of interviews with an American manufacturer Chen of medical equipment to learn more about their experiences with robots. They discovered that implementing robotics into a firm is difficult because doing so is expensive.
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