AiThority Interview with Paul J. Noble, Founder and CEO at Verusen

Please tell us about your current role and the team/ technology you handle in the company.

Verusen currently has 29 employees, and we are excited to continue building the team. Our solution uses a combination of AI models, such as Machine Learning, Natural Language Processing, and Deep-Learning, all on one user platform. Our purpose-built AI is system and vertical agnostic, integrating with all ERP/MRP systems and across all verticals.

How did you arrive here?

I started my company in 2016 as AUTIT, a sales-engagement platform for distributors and suppliers, but quickly realized that the average target client wasn’t tech-enabled enough to even use the product and the data problem existed upstream in Legacy ERP systems of record. In late 2018, we pivoted and rebranded the company to serve the other side of the supply chain—large manufacturers. Verusen went to market late 2019.

What is Verusen and what are your top services / solutions? 

Verusen is a Supply Chain Intelligence company focused on materials management that uses AI to provide complex global supply chains material truth for data, inventory optimization, and procurement intelligence. The company’s platform harmonizes disparate material data across many ERP instances/systems while providing trusted data across the enterprise to reduce inventory costs and build trust in production uptime. The result is a data foundation you can trust to fuel digital transformation and support related Industry 4.0 initiatives.

Also Read: AiThority Interview with Or Lenchner, CEO at Luminati Networks

Tell us about your Ideal Customer profile and the markets you are currently focusing at?

Our Ideal Customer profile is global manufacturers with $1B+ revenue that have complex supply chains. The average Fortune 500 manufacturer has anywhere from $40-$60 million in wasted working capital tied up in excess parts. Many enterprises rely on data to propel their inventory management and other supply chain initiatives, so bad data can be especially damaging to their bottom line.

Tell us about your remote workplace stack and how it helps you stack on top of your game? Which tools are you currently using and are a big fan?

Our team stays connected using tools like Slack and Zoom. These types of tools have enabled us to keep and enhance our culture, with channels where we share food recipes, funny pictures of our dogs, helpful articles, and more. We rely on these tools to stay connected in this virtual world.

You recently raised a significant funding! Tell us how you prepared for it? How would it benefit your marketing and sales goals? Any plans to expand your product roadmap this year?

We were excited to announce the raise of $8 million for our Series A funding round. The funds will be used to support the company’s seven-fold sales growth in 2020, including its global expansion and scaled delivery of its purpose-built AI, machine learning (ML) and neural network technologies to create the self-learning supply chain for customers. Our goal is to continue building brand awareness and grow our business into global markets even more. This investment allows us to achieve those goals of expanding our team and investing resources to achieve our product roadmap. Right now we specifically focus on the optimization of indirect materials, but are excited to move into the direct materials space in the coming year or more.

Tell us a little bit about your recent collaboration with NTT Data GSL. How would your partnership jointly benefit the customers?

Our customers are prioritizing supply chain transformation projects and looking to accelerate the time to results. Our supply chain expertise paired with NTT Data GSL’s SAP expertise will deliver unparalleled speed and cost savings, and open up new ways of managing materials supply chains that produce sustained resilience and savings. The Verusen technology platform is disrupting a large market with an AI-based solution that addresses a massive need across every industry, especially manufacturing, where visibility and uptime are critical.

What are your AI ML innovations? How do you use these applications in your offerings?

The Verusen solution combines multiple AI models, such as AI, ML, natural language processing, in a single technology platform to remove disconnectivity, silos and data issues within supply chains created by legacy ERP systems. Our solution provides a fast, accurate and scalable technology promoting innovation advantages for improving materials inventory and data management. Our solution also captures the human knowledge, combines it with the system data, and gives you material recommendations and networks that you can trust.

Tell us more about your Cloud data management tactics? How do you see IT modernization playing a big role in digital transformation processes?

Our cloud data management has enabled us to have secure sharing with our customers across the globe. In this virtual world, security is an absolute necessity and cloud data management has enabled us to prioritize it. We are able to receive and retrieve data at an unmatched scale across customers and scale our learnings and technology, securely.

Also Read: AiThority Interview with Guy Books, VP Product at GeoEdge

How does Verusen help in these digital transformations?

The pandemic has accelerated the need for organizations to be more agile, nimble and most importantly, resilient. The criticality of fast technology adoption is understood now more than ever. Our goal is to partner with these organizations throughout their digital transformation journey. We aim to be thought leaders and disruptors in the industry, helping our customers achieve resilient supply networks and real-time sourcing delivered through a foundation of material truth.

Your predictions for 2021 related to the industry / technology / leadership styles 

Partnering with the right purpose-built technology is critical to help complex supply chains become more nimble, agile and resilient. Organizations are starting to become aware of the accessibility to easy-to-use, simple technology. This shift of awareness can accelerate digital transformations because it requires minimal resources but offers big wins and value in the long term. This technology is available now and remotely.

Any advice to every CEO / CIO in the industry?

The pandemic has taught us the importance of supply chains now more than ever. Supply chain is no longer an afterthought, but a competitive advantage. Supply chains can accelerate their competitive advantage by implementing AI and scaling it across the organization. Leaning into AI will become a competitive advantage for you and a value add for your supply networks. AI enables an intelligent, connected supply network, allowing you to do what you do best, and ensure your materials are at the right place, at the right time.

Also Read: AiThority Interview with Dirk Schrader, Global Vice President at New Net Technologies

Thank you, Paul! That was fun and we hope to see you back on AiThority.com soon.