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”.
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.
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
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.