Epicor, a leader of industry-specific enterprise software to promote business growth, announced it has acquired Smart Software, a leading provider of cloud-based and AI-driven inventory planning and optimization (IP&O) applications, and an existing Epicor ISV partner. The deal accelerates Epicor’s delivery of ERP solutions that offer practical applications of AI across the spectrum of business operations for the make, move, and sell industries. The financial terms were not disclosed.
Smart Software’s Smart IP&O platform is a cloud-based portfolio of technologies that utilize patented, probabilistic AI and machine learning models to deliver superior forecasting and “what if” analysis. And these models run thousands of simulations of outcomes to provide precise predictions and avoid unrealistic assumptions, enabling users to better predict demand, stockout risks, and costs.
This improves forecasting accuracy and helps users quickly identify and correct inventory imbalances, predict future operational performance, and track actuals. Customers can also use what-if analysis to test and risk-adjust stocking policies to ensure alignment with their strategic objectives. The platform’s AI utilizes this to prescribe optimal policies that will yield the highest financial return.
As an existing Epicor ISV partner, Smart Software solutions are already integrated with several Epicor ERP platforms and extending functionality to help users make strategic inventory decisions that align with their business goals. The additional benefits include:
1.) With this acquisition, Epicor customers can strengthen and streamline inventory management processes, ensuring optimal stock levels. And by eliminating manual data entry/data prep and automating demand forecasting while accounting for trends, seasonality, and intermittency, businesses can optimize cost savings, improve resource utilization, and run smoother operations.
2.) Utilizing Smart Software and AI technology, Epicor’s solutions can minimize stockout situations so that products are available when customers need them, enhancing the customer experience and boosting customer loyalty and lifetime value.
3.) Through Smart Software, Epicor customers can strengthen their ability to balance inventory levels and optimize working capital. And by preventing excess stock and minimizing the creation of obsolete or slow-moving inventory, businesses can free up funds that would otherwise be tied to inventory. Additionally, Smart Software contributes to efficient cash flow management, promoting overall financial health and viability.
KEY QUOTES:
“In today’s fast-paced and constantly evolving supply chain landscape, effective inventory management is critical for success. The Smart Software acquisition further accelerates our focus in transforming traditional ERP from a system of record to a system of action, giving Epicor customers AI-powered capabilities to turn inventory into a competitive asset that helps drive up customer service levels and drive down costs.”
- Epicor CEO Steve Murphy
“As a long-time Epicor ISV partner, we’re closely aligned in delivering customers the AI-powered technologies they need to improve forecast accuracy and optimize inventory levels. We’re excited to join Epicor and continue our journey in driving innovation across the supply chain industries.”
- Smart Software President Greg Hartunian
