Verusen: Transforming Inventory Management with AI

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Jeff Wilson, CRO
"Any sufficiently advanced technology is indistinguishable from magic” - Arthur C. Clarke

Conversations about Artificial Intelligence can be met with skepticism, fear of the unknown, or just wholesale doubt, the same feeling we all share when we witness a great magic trick.

When it comes to transforming materials inventory, changing from the traditional, manual, excel spreadsheet approach to embracing purpose-built AI/machine learning is a leap of faith to say the least, similar to the magician’s expectations of his/ her audience. Today’s required digital transformation largely focuses on the promise of speed and scale that results in significant business outcome. The transformative superpower of AI delivers on that promise, and more importantly delivers on the speed and scale value to the business.

The use of traditional data cleansing solutions that mainly work with static data don’t address organizations' real-time needs. What companies need is a sustainable approach, which a self cleaning, self learning, AI-driven platform offers. Verusen’s focus is on this new era of Supply Chain, infusing AI superpower into Materials Management, specifically eliminating all excess inventory working capital, while reducing operational risk. Be it for complex manufacturing companies, including CPG, Pulp & Paper, Energy, Automotive, or any asset intensive manufacturer, Verusen captures the significant business value desired, reducing ROI timeframes from 2 years to 2 months, while laying the foundation for a more intelligent, resilient Supply Network that verifies demand signals in real-time.

Verusen’s cloud-based, SaaS solution provides what it calls Material Truthtm. Leveraging its AI/ML capabilities, Verusen is able to provide an accurate view of all materials across an enterprise network to manage inventory, eliminating the need for traditional data cleanse projects. Verusen’s AI is able to automatically optimize inventory levels, recommend reduced working capital opportunities, deduplicate and aggregate all materials from disparate data sources, while creating a material “Trusted Record”. With this, the organization gains a unified, strategic view across materials to assist both procurement/sourcing and operations teams to better leverage spend, inventory and production uptime.

Verusen’s AI-powered platform is also unique in its ability to go beyond its best-in-class AI algorithms, to also allow the critical insights and knowledge that its customers’ users have in their heads gained from experience and situational environment, resulting in the platform creating “AI within AI”.
This is critically important as the majority of system data is incomplete, and does not capture real world/situational variances. "We have built trust in their data because the subject matter experts are going into the system to validate and agree/disagree with the platform recommendations. This automates the entire process and reduces nearly 50% of the teams’ time wrangling and analyzing data." says Jeff Wilson, CRO at Verusen.


Our mission is to become valuable partners with our customers in the supply chain optimization process, enabling agility, resiliency and flexibility through our smart, AI-driven approach to existing data. All this saves costs and makes the supply chain work as it should

Recently, Verusen helped one such Fortune 500 client that had a vast amount of inventory data across 120+ plants in the US. Their MRO costs alone equated to hundreds of millions of dollars annually. Despite dedicating an entire team to data cleansing, they could not meet their goal to make better supply chain decisions, and annually wrote off $25M+ of inventory. The customer adopted Verusen’s platform and delivered results of verified tens of millions of dollars in inventory and materials optimization in less than 90 days. By doing so, the customer rapidly and significantly reduced its carrying costs. The customer has its sights set on $100M total reduction of working capital over the next 24 months. Verusen’s platform made simple work of the project, allowing the customer to focus its resources strategically on supply chain improvement.

Verusen’s customers chose to innovate in this era of digital transformation by making this leap of faith into AI based technology. And by the look of its customer's results, it is not magic, but instead, an innovative capability that is purpose-built for transforming Materials Management and accelerating a more intelligent, resilient Supply Network. "We are grateful for our role in assisting our customers on their transformation journey. We understand the implicit resiliency directive for today’s supply chain, and the need for greater customer and supplier demand signal transparency...indistinguishable from magic.” concludes Wilson.

Company
Verusen

Headquarters
Atlanta, GA

Management
Jeff Wilson, CRO

Description
Verusen is an inventory and data management technology company that uses AI to reduce working capital and support more agile supply chains for complex manufacturing companies. Verusen software provides what it calls “material truth” in inventory management by harmonizing disparate inventory data and providing an accurate network view across the enterprise to manage inventory. Tackling the key challenge of data silos, Verusen automatically integrates with a company’s existing ERP platforms, such as SAP/Oracle, and its disparate data sources, creating a consolidated enterprise view. With this, the organization gains a unified view of all relevant information. Verusen drives optimized inventory decision-making that improves with each passing week. With supply chain data harmonized, Verusen then provides the ability to search for the right materials with accurate quantities across the enterprise while reducing duplicate materials