Verusen Debuts on Supply & Demand Chain Executive’s SDCE 100
Company’s Application of AI to Solve Materials Inventory Management Challenges for Fortune 500 Manufacturer Recognized as Top Supply Chain Project for 2020
Verusen, an innovator in artificial intelligence, materials inventory and data management technology, announced that it has been named to the Supply & Demand Chain Executive’s SDCE 100 for 2020. The prestigious list spotlights successful and innovative projects that deliver bottom-line value to small, medium and large enterprises across the range of supply chain functions. These projects can serve as a map for supply chain executives looking for new opportunities to drive improvement in their own operations.
Verusen’s successful work with a Fortune 500 pulp and paper manufacturer with more than 60 North American facilities exemplifies the impact its AI-based intelligent technology platform can quickly make. The manufacturer set an aggressive initiative to reduce working capital by $5 million, obtain enterprise inventory visibility and rebalance inventory through a virtual maintenance, repair and operating (MRO) inventory network.
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With Verusen’s cloud platform, the team laid the appropriate data foundation by structuring its material master (MM) data in weeks instead of a year. AI ultimately cleansed the MRO data, allowing the company to begin a “self-cleansing” data strategy as well as an internal “buy-from-self-first” inventory optimization strategy. Additionally, the AI delivered optimized insights on where inventory could be reduced as well as how to avoid creating excess. In less than 100 days, Verusen’s AI platform produced more than $20 million in verified savings.
“Our clients’ success always speaks the loudest, and we’re pleased to have one of our many projects recognized,” said Paul Noble, founder and CEO of Verusen. “We’re delivering significant results for asset-intensive businesses around the world, helping them run leaner and avoid costly downtime by analyzing their parts inventories to reduce over procurement, while at the same time optimizing stock levels and working capital. We will continue to innovate and remain at the forefront of intelligent supply chain technologies, keeping a keen focus on specific, outcome-based solutions for inventory management.”
Supply & Demand Chain Executive is the executive’s user manual for successful supply and demand chain transformation, utilizing hard-hitting analysis, viewpoints and unbiased case studies to steer executives and supply management professionals through the complicated, yet critical, world of supply and demand chain enablement to gain competitive advantage.