VERSES to provide AI-powered spatial order picking software in an effort to deliver competitive advantage and productivity improvements throughout NRI’s distribution centers.
Vancouver, BC – 19 July 2022 (GLOBE NEWSWIRE) – VERSES Technologies Inc. (NEO:VERS) ("VERSES'' or the Company), a contextual computing platform provider specializing in the next generation of artificial intelligence solutions, announces its expanded deployment of WayfinderTM spatial order picking software to all eighteen North American distribution centers for NRI Distribution Inc. ("NRI"), a leading third-party logistics (3PL) provider, pursuant to a SaaS agreement previously entered into between VERSES and NRI. This deployment builds upon the success of a multi-site Wayfinder pilot program and is an important step in NRI’s growth strategy to provide comprehensive logistics services for their omnichannel partners and the ongoing commercialization and expansion of VERSES technologies in the global supply chain sector.
This announcement comes at a time when supply chain disruptions continue to occur globally, forcing many companies to examine and optimize all aspects of their operations. According to the article “Gartner Predicts the Future of Supply Chain Technology” published by Gartner on April 20, 2022, it is predicted that, over the next three years, 25% of supply chain decisions will be made across intelligent edge ecosystems, and more than 50% of supply chain organizations will use machine learning to augment decision-making capability regarding scenario planning and modeling, and market intelligence and forecasting. To meet this moment, NRI is adopting Wayfinder, our AI-enabled spatial (3D) picking and routing application designed to work with edge device ecosystems in an effort to improve the picking experience for its mobile warehouse workers, better utilize distribution center capacity, reduce training time, and accelerate fulfillment throughput at each facility.
“Wayfinder improves efficiency by reducing the cognitive effort that warehouse workers experience when utilizing text-based applications to look for products within the distribution center,” said Gabriel René, Co-founder and Chief Executive Officer of VERSES. “By shifting the work to the Wayfinder application and enabling AI to optimize the tasks and route each worker to the next pick location, we’re proud to deliver not only cost savings, but also improved worker productivity and satisfaction, both of which are critically important at a time when the supply chain industry struggles to meet the demands of today’s modern consumer.”
"Simply stated, we believe VERSES Wayfinder is a game changer, not only for us, but for the industry as a whole, which is why we are excited about our long-term relationship, ” said Peter McKenna, Chief Executive Officer of NRI. “Throughout our pilot, the Wayfinder application added significant and immediate value to our day-to-day operations, directing warehouse workers in the most efficient pathways to improve individual picking performance by nearly 40%. Bottom line – we believe Wayfinder is driving competitive advantage and we look forward to realizing additional warehouse talent and cost benefits in the coming years.”
Built on the VERSES COSMTM AI Operating System and powered by VERSES adaptive intelligence technology, Wayfinder leverages a spatial digital twin model of the distribution center to direct workers in real-time to the exact location of each pick in 3D space. This spatial model can also be used to coordinate human activity alongside autonomous robots and drones for optimizing various tasks in the warehouse.
“In addition to improving productivity of the warehouse worker, Wayfinder dynamically analyzes picking data and optimizes warehouse layouts through predictive slotting, smart replenishment, and dynamic putaway,” said James Hendrickson, President and General Manager of VERSES Logistics Inc., a wholly owned subsidiary of the Company and the Company’s global enterprise-specific business unit. “We are excited about our partnership with NRI as they continue to succeed in the logistics space and further drive operational improvement.”
About NRI
NRI is a fulfillment service company specifically focused on the outdoor, fashion, and active lifestyle apparel, footwear & accessories industries. NRI’s service suite allows branded manufacturers to outsource operational logistics inclusive of warehousing, order fulfillment, delivery, and reverse logistics/refurbishment. NRI’s tailored solutions allow its clients to focus on core competencies of product design, marketing, and sales; while integrating an enterprise-level back-end fulfillment solution. NRI looks to partner with brands who seek a high level of touch and expertise, hold people and integrity close to their hearts, and approach business partnerships respectfully with an expectation of quality and success. NRI is a lifestyle 3PL provider that lives with and by the brands that it works with every day. For more information about NRI please visit https://nri3pl.com/.
About VERSES
VERSES is a next-generation AI company providing foundational technology for the contextual computing era. Modeled after natural systems and the design principles of the human brain and the human experience, VERSES’ flagship offering, COSM™, is an AI Operating System for enhancing any application with adaptive intelligence. Built on open standards, COSM transforms disparate data into a universal context that fosters trustworthy collaboration between humans, machines, and AI, across digital and physical domains. Imagine a smarter world that elevates human potential through innovations inspired by nature. Learn more at VERSES, LinkedIn, and Twitter.
On Behalf of the Company
Gabriel René
VERSES Technologies Inc.
Co-Founder & CEO
Media and Investor Relations Inquiries
Leo Karabelas
Focus Communications
President
leo@fcir.ca
(416) 543-3120
This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would” or “occur”. This information and these statements, referred to herein as "forward-looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management's expectations and intentions with respect to, among other things, the Company’s expectation that it will deploy its Wayfinder™ spatial order picking software in all NRI’s eighteen North American distribution centers within the next 90 days. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that the Company will be successful at deploying its Wayfinder™ spatial order picking software in all NRI’s eighteen North American distribution centers within the next 90 days. These forward-looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things, that the Company will not be successful at deploying its Wayfinder™ spatial order picking software in all NRI’s eighteen North American distribution centers within the next 90 days or at all. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.