Verusen has been recognized by CIOReview Magazine as the recipient of “Top 10 Supply Chain Solution Companies - 2021,” based on our proprietary methodology, reflecting its position in the industry. This profile has been developed by the CIOReview research and editorial team based on insights from an interview with Jeff Wilson, CRO.

Verusen
Transforming Inventory Management with AI

Jeff Wilson, CRO

"Any sufficiently advanced technology is indistinguishable from magic” - Arthur C. Clarke

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”.

This is critically important as the majority of system data is incomplete, and does not capture real world/situational variances. "We have built trust in their data because the subject matter experts are going into the system to validate and agree/disagree with the platform recommendations. This automates the entire process and reduces nearly 50% of the teams’ time wrangling and analyzing data." says Jeff Wilson, CRO at Verusen.

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

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.

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.

Verusen

Verusen Appoints Scott Matthews as Chief Executive Officer to Lead Company to Next Level of Growth

Monday, April 10, 2023

Supply Chain Technology Company Taps Technology Sales & Marketing Executive; Founder Paul Noble Named Chief Strategy Officer, Remains Board Director

ATLANTA: Verusen, announced that Scott Matthews, former CEO of MRP and CrowdTwist, is joining Verusen as Chief Executive Officer and board director. Scott joins Verusen to lead day-to-day operations alongside Founder Paul Noble, who will transition to the position of Chief Strategy Officer.

Verusen delivers materials intelligence to help customers, including ABinBev, Georgia Pacific, and many Fortune 500 manufacturers, gain greater visibility and control into their supply chain materials data. Verusen's customers have generated hundreds of millions of dollars in savings opportunities and working capital reductions by leveraging the platform. With the appointment of Scott Matthews, Verusen will expand its materials intelligence vision beyond reaching manufacturers to include building systems directly with suppliers and serving as the connective tissue between the two.

“I’m thrilled to join Verusen and help develop new growth cycles for our customers,” said Scott Matthews, CEO of Verusen. “It’s an exciting period in the company’s lifespan. Paul launched Verusen with a disruptive AI platform that delivers results-driven materials intelligence and provides measurable benefits to our supply chain customers, impacting their bottom line. Due to the high demand for Verusen’s platform, the company is well-positioned for accelerated growth. I look forward to partnering closely with Paul, the senior management team, board members, and the entire Verusen sales and marketing operation to take the company to the next level of growth.”

Scott brings 16 years of leadership experience to Verusen. Previously, Scott was CEO of MRP, the Philadelphia, PA-based global provider of predictive customer acquisition software and services. Before joining MRP, Scott was CEO of CrowdTwist Inc. for four years. Scott successfully negotiated multimillion-dollar contracts with Fortune 500 accounts while repositioning the go-to-market strategy for CrowdTwist’s customer loyalty SaaS solution. During Scott’s tenure, the company rapidly scaled sales achieving 728% overall revenue growth, delivered strong business performance, and was acquired by Oracle in a multimillion-dollar deal in 2019. Earlier, Scott held senior-level roles in technology, sales, and SaaS companies.

“Great teams are built when you add people with complementary skill sets,” said Paul Noble, Verusen Founder, and Chief Strategy Officer. “Scott levels up our ability to serve our customers as we continue to transform the industry. We are excited to join forces and accelerate the company’s reach, building trusted networks and connecting companies with their suppliers. Scott will oversee Verusen’s daily operations and GTM strategies. Together, we will work to drive additional growth for Verusen. I will continue to focus on our company vision and strategy as we expand and serve all our customers across their global operations.”

“As a first capital-in investor in Verusen, I am excited to have Scott join Paul and the Verusen team to build on Verusen’s momentum and expand the customer reach of its revolutionary platform,” said Rudina Seseri, Founder and Managing Partner at Glasswing Ventures and Verusen board member. “Having worked with Scott at CrowdTwist, where I was an investor and board director, I have seen first-hand his proven successes in driving revenue streams. Scott is the ideal candidate to help the company rapidly scale to meet increased customer demand.”

As founder and CEO of Verusen over the past seven years, Paul Noble defined a new era in the supply chain by delivering materials management intelligence to create a more trusted, resilient, and sustainable supply network. He led the company to 10X growth since its launch. The company notched an $8 million Series A investment in 2021 and an additional $25 million Series B funding in 2022, for a total of $39.1M raised to date. In addition, he expanded the company’s product line to over 20 countries and moved the team to its “Supply Chain City” Atlanta headquarters.

Verusen’s Trusted Material and Trusted Network capabilities have helped its customers manage over $2 billion in inventory and nearly 3 million separate SKUs. Verusen has enabled a Top 10 multinational food and beverage company with operations in over ten countries to identify $30 million in working capital optimization. These achievements and others have led Verusen to win Food Logistics 2022 Top Software & Technology Providers award and multiple awards from Supply & Demand Chain Executive.

Verusen Adds Trio of Sales & Revenue Leaders

Monday, June 03, 2024

Verusen announced an expansion into the oil & gas, mining and power generation & utility segments, and named three leaders to help.

As Verusen begins a global expansion into the oil and gas, mining and power generation and utility segments, the MRO intelligence provider has added three new sales and revenue hires.

“We are seeing significant growth in the market for MRO materials optimization, especially in select vertical markets,” Verusen CEO Scott Matthews said in a May 21 news release. “We’re excited to expand Verusen’s reach into these markets and executive bench with MRO-focused sales and revenue operations leadership.”

Verusen has appointed:

• MRO industry veteran Jeremiah Woodford as Chief Revenue Officer, responsible for leading the sales process, including revenue and sales pipeline creation, market development and sales operation. Woodford brings over two decades of sales leadership experience in asset-intensive industries, MRO and supply chains. He previously held leadership positions as CRO of IFS EAM and at IBM Consulting as Partner and Global Practice Leader of MRO Inventory Optimization.

• Jeromy Risner as Director of Pre-Sales Engineering. Risner has transformed sales processes and effectiveness in the enterprise asset management (EAM) and MRO inventory optimization software space at IFS Ultimo and IBM Oniqua.

• Jim Combs as Sales Director. Combs is the former Worldwide Senior Sales Leader of IBM MRO Inventory Optimization. He has provided the computerized maintenance management system/EAM needs for numerous heavy asset industries, including mining, utilities and manufacturing. For the past 30 years, Combs has been an enterprise sales leader working with Vale, Duke Power, FPL, Goldcorp, Cenovus, General Mills, ThyssenKrupp, Griffith Lab, IMERYS, and other clients in asset-intensive industries.

“Having Jeremiah, Jeromy and Jim join Verusen at this time is pivotal to our ability to expand rapidly within asset-intensive vertical markets where traditional inventory optimization software no longer meets the needs of these complex global organizations,” said Paul Noble, Founder and Chief Strategy Officer of Verusen. “Their combined and deep understanding of the changing landscape of MRO is essential to our trajectory for global sales growth and vertical expansion in 2024.”

Top 10 Supply Chain Solution Companies - 2021

Company
Verusen

Management
Jeff Wilson, CRO

Description
Verusen is an inventory and data management technology company that uses AI to reduce working capital and support more agile supply chains for complex manufacturing companies. Verusen software provides what it calls “material truth” in inventory management by harmonizing disparate inventory data and providing an accurate network view across the enterprise to manage inventory. Tackling the key challenge of data silos, Verusen automatically integrates with a company’s existing ERP platforms, such as SAP/Oracle, and its disparate data sources, creating a consolidated enterprise view. With this, the organization gains a unified view of all relevant information. Verusen drives optimized inventory decision-making that improves with each passing week. With supply chain data harmonized, Verusen then provides the ability to search for the right materials with accurate quantities across the enterprise while reducing duplicate materials

Verusen Transforming Inventory Management with AI