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The interface of the Analytics feature, designed to help optimize robot fleet performance. | Source: Formant
Formant Inc. today announced the launch of its Formant Analytics feature. The tool aims to help robotics users optimize fleet performance, make data-informed business decisions, and easily prove their return on investment, or ROI. Formant said it created the feature in response to the growing demand for data-driven insights in robotics.
The Mill Valley, Calif.-based company offers a cloud platform to help robotics companies easily deploy, scale, and manage their fleets. Formant Analytics is intended to empower robotics companies and integrators to make informed decisions regarding robot productivity, efficiency, and operational cost reduction.
“Our customers require actionable insights to optimize their robot operations and drive business success,” said Jeff Linnell, CEO of Formant. “Formant Analytics will provide teams with the tools they need to unlock the full potential of their data and prove automation value.”
With the power of artificial intelligence, users can now gain insights with just a simple request, the company claimed. This means everyone from engineers to business executives can use Formant Analytics to get the most out of their data, it said
Key Analytics features for decision-making
Formant highlighted three key capabilities that its new analytics feature unlocks. The first is optimizing fleet performance. Robotics companies need to ensure that their fleets are performing as efficiently as possible. With this feature in Formant Analytics, all stream and event data ingested into the system can be used to evaluate robot performance, the company said.
Next, when businesses need to make decisions around automation, data-backed metrics can assist them, it said. For example, users can analyze customer usage and performance metrics to track the success of scaling a deployment.
Finally, Analytics can prove an ROI to customers, the company noted. ROI is one of the most important metrics for adopters of physical automation. By using Analytics to quantify improvements, users can show their customers that their fleets deliver a positive return.
In addition, Formant Analytics offers the ability to build customizable dashboards and monthly ROI reports. This enables customers to showcase the value of robotic investments quickly and easily, said the company.
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Formant grows with cloud robotics
The company said that Analytics is built on its robust cloud robotics platform and offers a unified data platform, eliminating the need for complex data engineering processes. Non-technical staffers can use a simple click interface to create insightful visualizations, while developers with basic SQL knowledge can easily build and share dashboards, it sad.
In October, Formant raised $21 million in funding. 2023 was a record year of growth for the company. At the time of this funding round, it said it had already increased revenue by more than 500% year-over-year.
Formant noted that much of its growth has come from blue-chip enterprises like Blue River Technology, a subsidiary of John Deere, and BP. Its customers include leading robotics providers such as Burro, Scythe, and Knightscope.