Epicor has announced its acquisition of Smart Software.
As a recognised pioneer in cloud-based, Artificial Intelligence (AI)-fuelled inventory planning and optimisation (IP&O) applications, Smart Software was already an existing Independent Software Vendor (ISV) partner of Epicor. The impetus behind this acquisition is to further expedite Epicor's delivery of premier Enterprise Resource Planning (ERP) solutions that utilise practical AI applications across an array of business operations in the 'make, move, and sell' sectors.
Epicor's Chief Executive Officer, Steve Murphy, provided insight into the significance of this acquisition in the current dynamic supply chain environment. "In today's fast-paced and constantly evolving supply chain landscape, effective inventory management is critical for success," Murphy said. "The Smart Software acquisition further accelerates our focus in transforming traditional ERP from a system of record to a system of action, granting Epicor customers AI-powered capabilities to morph inventory into a competitive asset that bolsters customer service levels and reduces costs."
Smart Software's Smart IP&O platform is an intuitive, cloud-based suite of technologies. It exploits patented, probabilistic AI and machine learning models to deliver superior forecasting and 'what if' analysis. This application runs thousands of simulations to provide precise predictions, bypassing unrealistic assumptions. It empowers users to predict demand, stockout risks, and costs more accurately, quickly identify, and rectify inventory imbalances, anticipate future operational performance, and monitor actuals. Furthermore, customers can use the 'what if' analysis to adjust stocking policies for risk and assure alignment with strategic objectives, and engage the platform's AI for optimal policies that yield the highest financial return.
With Smart Software already an existing Epicor ISV partner, its solutions are integrated into several Epicor ERP platforms, which extends functionality and assists users in making informed, strategic inventory decisions that comply with their business objectives.
Additional benefits are multiple. AI-driven operational efficiency will be boosted, allowing Epicor customers to streamline and consolidate inventory management processes to ensure optimal stock levels. By eradicating manual data entry and prep and automating demand forecasting – whilst taking into account trends, seasonality, and intermittency – businesses can optimise cost savings, improve resource utilisation, and operate more smoothly. Additionally, the merger will improve customer satisfaction and lifetime value by leveraging Smart Software and AI technology to minimise stockout situations, ensuring product availability to enhance the customer experience and foster long-term loyalty.
The acquisition will also enhance inventory optimisation and cash flow. With Smart Software, Epicor customers will be able to balance inventory levels better and optimise working capital. By preventing surplus stock and limiting the creation of obsolete or slow-moving inventory, businesses can liberate funds otherwise tied to inventory. Furthermore, Smart Software will contribute to efficient cash flow management, promoting overall financial health and viability.
Expressing his enthusiasm for the future, Smart Software's President, Greg Hartunian said, "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 optimise inventory levels. We're excited to join Epicor and continue our journey in driving innovation across the supply chain industries."
