Agile Growth Company Universal Robots Will not Wait for Data
In just a few years, Universal Robots has revolutionized the robotic industry by creating a massive new market for collaborative, industrial robots. Up until 2008, when the company launched its first robotic arm, there were no robots that responded to the needs of small and medium-sized industrial companies. With UR robots; automating production became easy, inexpensive and flexible, causing the demand for Universal Robots’ unique products to rise so rapidly that sales doubled from year to year.
But when a company accelerates so fast, it also becomes vital to keep an eye on “warning lights”. Otherwise the company risks losing traction and in a worst case scenario completely veer off course. “Before TimeXtender came into the picture, it was more difficult to get this overview, and required more lead time. The speed of generating the required data did not meet the level we needed. We had to access several different systems, pull different lists, re-enter numbers in Excel and other places, copy and paste data across different systems. When the process is handled manually, it is also obvious that we face a greater risk of data entry errors,” says CEO of Universal Robots, Enrico Krog Iversen.
The first results after just 2 days
In 2014, Universal Robots implemented a fully automated Business Intelligence solution and got the first results after just 2 days.
“TimeXtender consultants assisted us with the initial setup of the system, ensuring that we got the pipelines into the various systems created correctly. Within a few days, we were up and running.”
The CEO uses the solution especially to keep track of everything related to the company’s sales and production: “I look at if we achieve our budgeted turnover; whether we grow as planned in the various regions or whether our cost per sale is consistent with the budget. In addition, I keep an eye on some production figures relative to demand, orders and planning purposes.”
Rapid Growth With TimeXtender
In day-to-day operations, TimeXtender provides Universal Robots with an overview shared with company stakeholders, it has also created a common language that employees refer to when assessing company progress.
“Overall, we save on a lot manual work that was necessary in the past. The solution ensures that we have an easy way to extract all the information we need to run our business,” says Enrico Krog Iversen.
He also appreciates the ability to access data on the fly wherever in the world he finds himself:
“With 150+ travel days a year, it is important for me to always have access to my data no matter where I am. By ensuring that our foundation for decision making is constantly updated, TimeXtender also helps support our rapid growth. The robot industry is booming in recent years, and as a front runner in a whole new market of collaborative robots, we must be able to respond quickly to develop our business. Being agile and able to make rapid decisions requires a dynamically updated and valid data foundation. That’s a challenge TimeXtenders helps us meet.
Universal Robots was just acquired by American Teradyne for $285M. The real-time access to key data was crucial in the due diligence process leading up to the Teradyne acquisition.
“In this process, you have to be able to provide reliable, updated figures quickly and easily add them together and split them in different ways. TimeXtender made it easier and faster for us to show the updated company stats demanded by the buyer. The solution presented us as both efficient and credible,” says Klaus Vestergaard, CFO, Universal Robots.
Hear CEO of Universal Robots Enrico Krog Iversen explain how a solution from TimeXtender helps him manage the company’s rapid growth.