Verusen, an Atlanta-based materials intelligence company, announced Wednesday it had been named the NextGen Solution Provider Award winner in AI.
Part of the NextGen Supply Chain Conference held in Chicago Oct. 17-19, the award stems from Verusen’s work saving a Fortune 500 global packaging company an estimated $6 million.
“We are thrilled to be recognized by our industry peers as the NextGen Solution Provider in AI,” said Paul Noble, founder and CEO of Verusen. “Working to solve the global supply chain challenges our customers face is an exciting challenge. Knowing our technology and our teams are helping our customers overcome traditional system, process, and people limitations is super rewarding. We continuously strive to execute sustainable and scalable solutions to help customers optimize working capital and reduce risk across their entire supply network.”
The award will be presented to the company on Oct. 18. The NextGen Awards event panel will be moderated by Abe Eshkenazi, CEO of the Association for Supply Chain Management.
Verusen won the AI Solution Provider award for its work with a company that was looking to offset inflation by reducing its inventories. Verusen’s AI platform worked to “harmonize their data, creating transparency and integrity across all their catalogs of data” at more than 55 facilities covering more than 400,000 individual SKUs. The move saved the packaging company more than $6 million in the MRO space in less than 24 months while identifying more than $21 million in cost optimization opportunities and over $200 million of on-hand inventory.
“Verusen has proven to be a leading light in AI for the supply chain industry,” said Bob Trebilcook, editorial director of the Supply Chain Management Review. “We are happy that the company will present its case study to the panel. I’m sure it will open many eyes to the potential and promise of artificial intelligence work in the manufacturing industry.”