If any industrialist is going for automation he should consider the factors prior to any investment. Spending the budget without any planning is going to be a worse step and would not yield the desired result. It won’t touch any planned goal.
A few factors that should be there in your list are:
Labor deployment cost
The foremost step necessary to automate any setup is the technical feasibility. As it is necessary to access the details of how you intend to deliver any product or services to the target customers. This is an exercise or an excellent tool for long-term planning and troubleshooting for your industry.
Development of automation requires a cost. One should be precise enough regarding the goals of the industry. Any budget constraint will not save you cost on the other hand it will maximize your cost. So be sure to do exercise over it.
Labor deployment- If your labor is in abundant and cheaper according to the demand and supply economics of your industry as compared to automation then it is not wise to automate. In such situation automate to a highly necessary degree.
Keep in mind that you are substituting human labor. The target is to achieve higher quality as delivered by human and high output with the least errors. The quality benchmarks should be set which would help in calculating and maintaining cost.
Operational cost is what depends on the above factors. The strategy about opting for automation is to reduce the operational cost. If one is not meeting this demand then revise again before investing.
Hardware cost and software cost are the two issues that need a little time to step forward.