ATLANTA, June 24, 2022 (GLOBE NEWSWIRE) -- Verusen, the global supply chain intelligence innovator, today announced that it has been named a recipient of the Top Supply Chain Projects Award for its work with a Fortune 500 global packaging company (client name withheld), that resulted in several million-dollar savings for its client.
Verusen’s work with the packaging company was selected as an award recipient by Supply & Demand Chain Executive, the only publication covering the entire global supply chain. The Top Supply Chain Projects spotlight successful and innovative transformation projects that deliver bottom-line value to enterprises across various supply chain functions.
Verusen’s Top Supply Chain Project
Verusen’s client was looking to offset inflation by reducing its inventories. They had just completed an acquisition and had a massive amount of relevant data living across many systems, but this data was highly disjointed, incorrect, and disparate, preventing them from having an accurate view of their inventories. This resulted in ongoing overstocking, a lack of visibility into where items are located, and wasted spending, leading to lost revenue.
Using Verusen’s AI platform, they were able to harmonize their data, creating transparency and integrity across all their catalogs of data. This affected over 55 facilities and over 400,000 individual SKUs, saving them over $6M in their MRO (Maintenance, Repair, and Operations) space in less than 24 months. They also identified over $21M of verified cost reduction opportunities and over $200M value of on-hand inventory related to their MRO materials.
In addition, by implementing Verusen’s AI platform, the packaging company significantly reduced risk across its supply chain. When one of their plants experienced two critical asset failures causing production to cease, the reliability manager could not find any available replacement parts to perform the maintenance needed to get the asset back up and running. Using Verusen’s AI Global Material Search capability, they were able to locate the critical material in real-time at four sister plants, all within proximity. The material was dispositioned for overnight delivery, and the maintenance was performed, enabling the asset to be back up and running in less than three days with minimum downtime, avoiding a 4-week lead time in sourcing the material and a $1M loss in downtime.
“By implementing Verusen’s AI platform, our client was able to find their Material Truth™, the perfect balance of capital/risk across their entire supply chain,” said Paul Noble, Founder and CEO of Verusen. “We are very proud to receive the Supply & Demand Chain Executive Top Projects Award in recognition of the innovative and measurable results we have successfully delivered on behalf of our client.”
Innovation in Supply Chains
“The past 18 months have been a tumultuous time for U.S. supply chains,” says Marina Mayer, Editor-in-Chief of Supply & Demand Chain Executive and Food Logistics. “But the core reason today's supply chains haven't completely fallen apart is because solutions providers have been working diligently to partner with customers and clients to streamline processes, implement emerging technology and deliver results that improve bottom lines and the environment. For many of these collaborations, it's about achieving full visibility, complete forecasting, end-to-end leverage, and the ultimate in sustainability.”
Go to https://sdce.me/5s59mx to view the complete list of this year’s Top Supply Chain Project winners. Go to www.SDCExec.com/awards to learn more about upcoming Supply & Demand Chain Executive awards.
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 are also home to L.I.N.K. and L.I.N.K. Educate podcast channels, L.I.N.K. Live, SCN Summit, SupplyChainLearningCenter.com and more. Go to www.SDCExec.com to learn more.
About Verusen
Verusen is a leading Supply Chain 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 in order 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 that 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 40 Innovative Technology Companies. Visit verusen.com for more information, or follow us on Twitter at @Verusen_AI and LinkedIn.
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