At IAM Robotics, we go the extra mile for customers and prospects, and that starts right when you engage with us to evaluate automating your operations. We’re thorough in explaining our robotics solutions and in answering your questions, but sometimes the best proof is in seeing the possibilities. That’s why we use the Monte Carlo method.
IAM Robotics uses the Monte Carlo method to determine outcomes for robotics deployments— like the possible ROI from using automation so we can recommend the best solutions for your business. It’s part of our Simulation Opportunity Assessment for Robots (SOAR), giving you valuable investment insights. Other robotics companies don’t take the time to gather data like this for customers, opting instead to skip the value assessment entirely or hire third parties to crunch the numbers. We’re devoted to discovering how—and how much—robotics could help streamline your everyday. Learn more about Monte Carlo simulations and how IAM Robotics uses them to determine the value of robotics for your operation.
What is a Monte Carlo Simulation?
A Monte Carlo simulation is a risk analysis technique for decision making that’s based on computerized mathematics.
Have you ever wondered, what if I choose door A instead of door B? These simulations are designed to show every potential outcome that could accompany a decision, all while calculating the impact of risk in uncertain conditions. Know the consequences of opening that door before you even turn the handle.
In Excel, a risk analysis is based on a series of formulas using variables paired with one specific value. With Monte Carlo simulations, we express each input as a range of values that will occur in the future.
It’s useful in business because repeated analyses help decision makers. Monte Carlo simulations determine scenario outcomes, with probabilities for each. A company, for instance, might want to do economic modeling for new products or applications. By showing consequences for everything from midline to radical decisions, the owner(s) and manager(s) get the information they need about project payback and internal rate of return (IRR) to react accordingly.
How It Works
Monte Carlo simulations can be complex. Luckily, spreadsheet add-ons like @Risk can automate most of the hard work. In any given scenario, multiple factors can be uncertain. Monte Carlo simulations model and predict situations with unknown variables (stochastic systems) to create clearer pictures of the possibilities. The computer continuously builds models of possible results by creating probability distributions with (at least) dozens of inputs. These distributions substitute a range of values for factors with uncertainty to simulate potential results.
In seconds, the system calculates results with random values. The more uncertainties are involved, the more intricate the simulation is. One simulation could require up to hundreds of thousands of calculations.
Monte Carlo Simulations in Action at IAM Robotics
At IAM Robotics, we understand that diving into robotics is challenging. Your organization has to consider everything from the cost of the robots themselves and size of your operations to the infrastructure and labor changes robotic deployments bring. So the investment needs to make sense for you, right?
Our engineers don’t just craft our robotic solutions, they help our prospects and customers determine the right automation path via the SOAR process. Monte Carlo simulations allow us to model how or even if AMRs could positively impact your organization’s future by looking at ROI.
Our goal is to help determine robotic solutions to meet customer goals. And here’s where we set ourselves apart: by not only engaging in these in-depth simulations, but by making sure there’s a logical fit between our AMRs and your business.
By running a series of simulations, we find out if the solution you’re looking for is the right fit, or even if a different solution might be ideal. Our results may reveal that AMRs can help with:
- Conveyor Replacement – Our Bolt ™ AMR can replace conveyors to transport goods in the warehouse.
- Unit Sortation – Bolt can transport products to putwall areas and pack stations for sorting.
IAM Robotics never upsells a prospect or customer on our solutions, because automation is a serious investment. If our Monte Carlo risk analysis reveals significant ROI potential, we go to work to deliver what you need to do more. But our AMRs might not be the right fit for you, and that’s okay too. We’ll go over the results of our analysis and model the ROI from using our robots. If there’s no ROI potential right now, we won’t recommend our solution. Simple as that.
Discover if Robotics is Right for You
Is robotics the right fit for the future of your business? Discover the potential with IAM Robotics. We know what’s behind running a successful business, and staying on the cutting edge of technology and productivity is essential. But we also know that robotics has to be the right move, and don’t believe in selling our solutions just because we can. We’ll run the data to determine if our products will help you, logistically and financially.