Are robots more relevant to industry than ever before?
- What differentiates products vs. solutions?
- How can manufacturers scale robot deployments?
Recently, we had the pleasure of sitting down with the Founder and CEO of Rapid Robotics, Jordan Kretchmer, to learn how rising labor costs have been detrimental to manufacturing. We discussed how the company aims to streamline and democratize the deployment of robotic solutions for manufacturers, envisioning a future where customers can easily access and implement their solutions without the need for extensive on-site support. If any of the above questions piqued your curiosity, keep reading or watch his video below!
"Horizontalizing can mean expanding within a large-scale facility, across multiple product domains or industries, or through integrating a new data source. In the case of physical robots, entering Wave 3 often means refactoring the software used in Wave 2 to realize user-friendly and rapidly deployable solutions."
Kira Noodleman - Partner, Bee Partners
Read more about building a platform in this industry through our Machine-to-Machine Learning Insight Paper or more about the mission and vision of Rapid Robotics on their website.
TL;DR
Rapid provides solutions, not just products, to manufacturers by offering customized work cells, technology, 24/7 support, and long-term partnerships. The company addresses common manufacturing problems such as rising labor costs, quality inconsistency, and difficulty in robotic installations. The goal is to streamline the process of deploying robots and scale their services while ensuring quality and reliability through remote fleet management. After proving success with SMEs, they aim to expand into larger organizations with multiple facilities.
Jordan Kretchmer: Addressing Employee Turnover
Transforming Manufacturing with Customized Solutions
Rethinking Products as Solutions
The concept of providing solutions rather than products is becoming increasingly vital for a plethora of industries. For manufacturers, this shift allows them to address underlying challenges and create tailored approaches to enhance efficiency, productivity, and overall operational success. Rapid Robotics, an innovation pioneer in the industry, embraces this ideology wholeheartedly. Jordan Kretchmer, Founder and CEO, provided crucial insights into the company's approach toward offering comprehensive solutions to manufacturing challenges.
Jordan emphasizes the critical distinction between products and solutions. While a product merely performs a task, a solution is designed to solve a specific problem. Rapid Robotics focuses on delivering customized solutions that cater to the individualized needs of manufacturers. The company's dedication to addressing underlying challenges rather than offering off-the-shelf products resonates deeply with the evolving demands of the industry.
Comprehensive Nature of the Solution
The concept of a solution, as presented by Jordan, extends beyond technology. It encompasses strategic design work aimed at creating the perfect work cell for each customer. Rapid Robotics also devotes attention to developing custom technology tailored to specific use cases, indicating an unwavering commitment to precise and optimized solutions. Moreover, the provision of 24/7 fleet management and support, coupled with on-site assistance, underscores the company's dedication to fostering long-term, collaborative relationships with its customers.
Did you know that robotic solutions can result in an average of $110,000 in ROI (net cost) every year for their customers?
Understanding Industry Pain Points
Before establishing Rapid Robotics, the team engaged in extensive discussions with manufacturers, allowing them to grasp the prevalent challenges faced by the industry. These ranged from escalating labor costs and workforce retention issues to fluctuating quality standards across different shifts. The company's approach to understanding and addressing these pain points demonstrates a deeply empathetic understanding of the industry's struggles, highlighting the importance of aligning solutions with real-world challenges.
Jordan's vision for the future of Rapid Robotics unveils a paradigm shift in the deployment of robotic solutions. The company aspires to streamline the entire process, from design and delivery to deployment and support, thereby minimizing the need for extensive on-site involvement. This ambitious goal is underpinned by a focus on scalable relationships and a relentless pursuit of leveraging technology to streamline operations. The significance of data-driven fleet management and performance analysis emerges as a crucial enabler in creating a seamless, quality-driven manufacturing environment.
Expanding Horizons and Demonstrating Value
Rapid Robotics has cemented its position as a trailblazer in the industry, evident from the substantial return on investment its solutions provide to customers. The company's success with small and medium-sized enterprises (SMEs) has laid a robust foundation for pursuing larger organizations. By demonstrating the significant cost savings and operational enhancements that its solutions offer, Rapid Robotics is poised to expand its reach and impact. The strategic pursuit of organizations with substantial lines and facilities underlines the company's commitment to bringing its transformative solutions to a broader spectrum of the manufacturing landscape.
Conclusion: Navigating the Path to Market Success
Rapid Robotics' approach serves as a blueprint for the transformative shift from traditional product-based offerings to comprehensive, problem-solving solutions. By integrating technological innovation, empathetic understanding of industry challenges, and a steadfast commitment to customer success, the company exemplifies the evolution taking place within the manufacturing realm. As the industry continues to navigate complex dynamics, the emphasis on tailored solutions stands out as a beacon of progress, with Rapid Robotics leading the charge towards a more efficient and sustainable manufacturing future.
4 Key Takeaways:
- Manufacturers' Common Pain Points: Rapid's initial market research and time spent interviewing manufacturers quickly revealed the widespread challenges with increasing labor costs, difficulty in finding and retaining skilled workers, and inconsistency in quality across shifts.
- Numbness to Persistent Problems: Manufacturers have often become desensitized to ongoing challenges, such as the hiring and retention of skilled labor. As a result, the reduced operational efficiency becomes standard and mitigates the prioritization of identifying a solution.
- Scaling Robotic Deployments: In order to achieve scale, Rapid is looking to remote fleet management to overcome the traditional high cost of installation, which will empower quick and reliable support for increased operations.
- Understand Your Labor Economics: One robot performing a repetitive task over and over can add a significant multiplier to output compared to its human counterpart, taking into account hiring, training, turnover, and human limitations.
Jordan came through our third fund, and since the investment, the team has continued to grow its service and personnel. Click here to learn more about the Company and Team, or here if you are a Founder innovating in any of our three vectors.
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