Verusen Launches AI Solution to Reduce Downtime and Risk

Verusen, an innovator in artificial intelligence (AI)-powered MRO (maintenance, repair, and operations) optimization, has launched its groundbreaking spare parts criticality solution.

This first-of-its-kind technology leverages AI to assess and assign criticality to every material tied to an asset, empowering industrial and manufacturing operations to make real-time, risk-based decisions that enhance uptime and minimize operational risks.

Targeting industries such as oil, gas and mining, where spare parts management can significantly impact operational continuity, Verusen’s solution analyzes data including work orders, Bills of Materials (BOMs), and market factors like lead times and vendor availability.

By prioritizing essential spare parts, organizations can reduce inventory spending by up to 45% and realize savings between $50 million and $190 million per company. Additionally, Verusen’s AI-driven insights enable organizations to achieve measurable results within six months, streamlining procurement strategies and reducing redundancy.

“I feel that Verusen is taking material criticality to the next level,” John Luke, retired supervisor, Global Inventory Management Center of Excellence ExxonMobil said.

“Not only are organizations able to assess criticality based on linkages to equipment and work orders from a Maintenance Operations perspective, but they can also now make service level shifts based on supply chain operations drivers such as lead time and multiple vendors. This finally brings about more meaningful collaboration between these organizations and reduces the ongoing conflict on how to best execute material stocking strategies.”

“Now is the time to invest in asset and inventory management, specifically criticality. Industrials and manufacturers, having survived pandemic-era supply chain challenges, are still struggling with decade-old data concerning their materials management and enterprise resource planning system,” Scott Matthews, CEO of Verusen said.