ATLANTA, June 22, 2023 (GLOBE NEWSWIRE) -- Verusen, the industry leader driving MRO (Maintenance, Repair, and Operations) supply optimization, continues its impressive momentum, receiving accolades for identifying $27 million in inventory savings for a global tire manufacturer. The company announced it has received several prestigious supply chain industry awards for creating cost savings and inventory efficiencies for Fortune 1000 customers.
Verusen received the 2023 Top Supply Chain Projects award from Supply & Demand Chain Executive for its ongoing work with a global tire manufacturer. Verusen was chosen for enabling the tire manufacturer to automate, optimize, streamline, and improve its supply chain. Verusen was also named the Sourcing and Procurement Company of the Year in the SupplyTech Breakthrough Awards.
The awards are a testament to the depth and breadth of Verusen’s ability to use its technology to help customers better manage MRO and indirect materials inventory, significantly reduce costs, and build resilience in its industry.
$27 Million in Inventory and Procurement Savings
Verusen made significant progress toward improving and automating the global tire company’s inventory review process, including developing approval workflow, user configurations, and automation of inbound data. As a result, Verusen identified over 2,860 materials at risk of stock-out, 1500 potential duplicates and $15M in plant-level inventory optimization opportunity, and $8M+ at the network level. In addition, by using Verusen’s AI application, storeroom managers verified $4.6M in cost reductions from improved purchasing decisions.
Throughout the project, insights were gained to process and alleviate data gaps for the tire company – supplier complexity was unraveled through procurement insights, and visibility to pricing trends was achieved. Alignment was attained between the Procurement & Operational teams. The result was a simplified natural language material search and detailed summary view for common locations. Additionally, virtual networks were created, allowing for better inventory optimization across facilities. The system, after time, was able to make visible excess material dispositions and make transfer recommendations across the enterprise.
In addition to the original project scope, Verusen worked with the tire manufacturer to integrate subsidiaries' and third-party information to further harmonize data, eliminate duplicates, and improve visibility across multiple businesses and third parties. By partnering alongside the company, its subsidiary, and third party, the teams could integrate data from disparate sources to define processes that enhanced value creation and improved overall efficiencies.
Award-Winning Work
Verusen’s Trusted Material and Trusted Supply capabilities have helped its customers manage over $2.5 billion and nearly 3 million separate SKUs. Verusen enabled a Top 10 multinational food and beverage company with operations globally to identify $30 million in working capital optimization.
These achievements and others have led to Verusen winning multiple industry awards, a part of the exciting work Verusen does with companies to help them achieve strengthened efficiencies throughout their supply chains.
The company was a recipient of The Atlanta Business Chronicle’s 2023 Atlanta Pacesetters Awards, named one of the top 100 fastest-growing metro Atlanta companies. In addition, Verusen was honored with a ‘Metro Atlanta Top Workplaces 2023’ award by Atlanta Journal-Constitution Top Workplaces.
Verusen delivers materials intelligence to help customers gain greater visibility and control into their supply chain materials data. As a result, Verusen's customers have generated hundreds of millions of dollars in savings opportunities and working capital reductions by leveraging the platform. Verusen will continue to grow its AI and ML capabilities to optimize customers’ supply networks.
About Verusen
Verusen is a leading Supply Chain Materials Intelligence provider focused on helping global manufacturers streamline their supply and materials management strategy. Verusen utilizes advanced data science and artificial intelligence to harmonize disparate material data across multiple enterprise systems to provide complex supply chains with material truth for supply and inventory planning and procurement intelligence. This helps organizations reduce risk, optimize working capital, and ensure production uptime to meet customer needs. The result is a foundation organizations can trust to fuel digital transformation and support supply chain maturity initiatives. Headquartered in Atlanta, Verusen has been named one of Georgia’s Top 10 Innovative Technology Companies. Visit verusen.com for more information, or follow us on Twitter at @Verusen_AI and LinkedIn.
PR Contact:
Greg Cross
PenVine for Verusen
greg@penvine.com
+1 925 413 5327
