So we’re talking about this Leadership Minute and there’s this supply chain and procurement expert Joanna Martinez, who’s an Acceleration Economy practitioner analyst. This person gives us some insight into Verusen and its technology that uses AI for inventory management and optimization. And when I hear AI, I think, ‘Whoa, that’s some next-level stuff right there.’
Now, some of the highlights are that there’s this research into companies that use AI in the supply chain process, right? And that led to chats with Verusen, and what these guys do is optimize indirect and MRO inventory. And then, I’m thinking, ‘What even is MRO?’ And it turns out it’s consumables that aren’t part of a finished product. So, like spare parts for equipment and cleaning supplies. In a manufacturing biz, there are like hundreds, maybe even thousands of these MRO items to order and manage. That’s nuts!
Then there’s this Verusen founder and CEO Paul Noble, who’s all about the importance of accurate data for the MRO stuff. Cuz if the data is wrong, chaos can totally ensue. But then ol’ Paul, he says data cleansing is a non-productive activity. And that’s an interesting take.
So Verusen has this goal to eliminate the need for manual MRO data cleansing. They wanna use a deep-learning neural network to read item descriptions, identify quantities, and all that jazz.
And then this neural network, right? It does some cool stuff. It can confirm inventories, identify materials for sharing among facilities, and recommend optimal storage locations. And all this helps in identifying pricing opportunities while minimizing inventory and unplanned downtime. That’s some high-level thinking there.
And then there’s the AWS Supply Chain tech, which deals with demand planning and inventory management. And Verusen goes even further back in the supply chain, identifying opportunities to manage inventory of often overlooked MRO items across the business.
And then ol’ Joanna, she brings up this interesting point. She says data cleansing exercises, when done by humans, they just don’t cut it. But with the help of a neural network, the data can be cleaned and analyzed way better. And you can’t help but think, ‘Man, AI is really takin’ over!’
So that’s the scoop, folks. Pretty wild stuff. Keep an eye on Verusen and their AI technology, it’s definitely one to watch.