ATLANTA, June 17, 2024 (GLOBE NEWSWIRE) -- Verusen, the industry leader driving MRO (Maintenance, Repair, and Operations) optimization and collaboration, announced it has won the prestigious 2024 Top Supply Chain Projects award from Supply & Demand Chain Executive and Food Logistics for uncovering $3.3M in cost-saving opportunities for a global Fortune 500 Food and Beverage (F&B) manufacturer and verifying over 12 thousand materials for optimization.
Verusen was awarded for helping the F&B manufacturer automate, optimize, streamline, and improve its supply chain.
“Winning the top supply chain projects award further validates our commitment to bringing transformational change to our customers in areas such as food and beverage,” said Scott Matthews, Verusen’s CEO. “We are making it straightforward and cost-effective to use AI and machine learning to help customers to better manage MRO and indirect materials inventory, reduce costs, and build supply chain resilience.”
Overcoming Challenges
The international F&B manufacturer features multiple business units and systems of record generated through decades of mergers and acquisitions activity. Because of this complex structure and multiple variances within its Maintenance, Repair, and Operations (MRO) inventory data, the company lacked visibility and control in its indirect materials management processes.
Verusen worked with the F&B manufacturer to adopt Verusen's Trusted Material platform to address its MRO and indirect materials management challenges. Verusen’s platform helps large companies optimize their MRO inventory levels, reduce excess inventory, and identify critical shortages. It leverages AI technology and works without requiring the traditional data cleanse or a lengthy implementation process.
The Global Fortune 500 F&B Manufacturer has verified over 12K materials for optimization, resulting in $3.3M in cost-saving opportunities. Additionally, over 600 materials have been verified at risk of shortage, helping to increase its estimated service level improvement to 90% from 60%. Such impressive numbers set the stage for expanding platform adoption into other global regions for Verusen’s F&B Manufacturing partner.
Verusen Trusted Material Capabilities
Verusen’s F&B Manufacturing partner used Verusen's Trusted Material platform for the following capabilities:
- AI and machine learning algorithms: The AI/ML in the Verusen platform helps companies analyze MRO inventory data from various sources, identify product availability patterns, and provide insights for inventory optimization and procurement decision-making.
- Data harmonization: Verusen’s Trusted Material platform ingests and harmonizes MRO inventory data from multiple systems, such as ERP software, maintenance management systems, and other data sources. This data integration consolidates fragmented MRO inventory data into a single platform.
- Inventory Optimization: The platform uses algorithms and analytics to optimize MRO inventory levels. This helps lessen excess inventory while gaining visibility into the availability of critical spare parts and materials that may also be at risk of stockout.
- Procurement Optimization: The Trusted Material platform provides companies with insights and recommendations for streamlining MRO procurement processes such as supplier collaboration, consolidation, and tail spend reduction. It helps organizations identify optimal suppliers, negotiate better pricing, and improve procurement efficiency.
- Single platform view: A key advantage of Verusen's Trusted Material platform is that a company can view all its MRO inventory in a single platform, including other systems of record used across the organization. This consolidated view of MRO data and inventory improves visibility and decision-making.
Verusen offers a range of MRO and indirect materials management use cases that directly contribute to manufacturers’ operational excellence and bottom lines. To learn more, please visit: verusen.com.
About Verusen
Verusen is a leading MRO Inventory Intelligence provider focused on helping global manufacturers streamline their MRO supply and materials management strategy. Verusen utilizes advanced data science and artificial intelligence to harmonize disparate MRO data across multiple enterprise systems to provide complex supply chains with true visibility 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.
About Supply & Demand Chain Executive
Supply & Demand Chain Executive is the only supply chain publication covering the entire global supply chain, focusing on trucking, warehousing, packaging, procurement, risk management, professional development, and more. Supply & Demand Chain Executive and sister publication Food Logistics also operate SCN Summit and Women in Supply Chain Forum. Go to www.SDCExec.com to learn more.
About Food Logistics
Food Logistics reaches more than 26,000 supply chain executives in the global food and beverage industries, including executives in the food sector (growers, producers, manufacturers, wholesalers and grocers) and the logistics section (transportation, warehousing, distribution, software and technology) who share a mutual interest in the operations and business aspects of the global cold food supply chain. Food Logistics also operates SCN Summit and Women in Supply Chain Forum. Go to www.FoodLogistics.com to learn more.
PR Contact:
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