Epicor Acquires Smart Software for AI-Powered Inventory Planning & Optimization Technologies
May 01 2024 - 11:30AM
Business Wire
Epicor, a global leader of industry-specific enterprise software
to promote business growth, today announced it has acquired Smart
Software, a leading provider of cloud-based, AI-driven inventory
planning and optimization (IP&O) applications, and an existing
Epicor ISV partner. The acquisition accelerates Epicor’s delivery
of best-in-class ERP solutions that provide practical application
of AI across the spectrum of business operations for the make,
move, and sell industries. Financial terms were not disclosed.
“In today’s fast-paced and constantly evolving supply chain
landscape, effective inventory management is critical for success,”
said Epicor CEO Steve Murphy. “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.”
Smart Software’s Smart IP&O platform is an intuitive,
cloud-based portfolio of technologies that leverages patented,
probabilistic AI and machine learning models to deliver superior
forecasting and “what if” analysis. These models run thousands of
simulations of outcomes to deliver precise predictions and avoid
unrealistic assumptions, enabling users to better predict demand,
stockout risks, and costs. This improves forecasting accuracy,
helps users quickly identify and correct inventory imbalances,
predict future operational performance, and track actuals.
Customers also can use “what if” analysis to test and risk-adjust
stocking policies to ensure alignment with their strategic
objectives, as well as leverage the platform’s AI 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, extending
functionality to help users make informed, strategic inventory
decisions that align with their business goals. Additional benefits
include:
- AI-Driven Operational Efficiency: With this acquisition,
Epicor customers can strengthen and streamline inventory management
processes, ensuring optimal stock levels. 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.
- Improved Customer Satisfaction and Lifetime Value:
Leveraging 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.
- Best-in-Class Inventory Optimization and Cash Flow: With
Smart Software, Epicor customers can strengthen their ability to
balance inventory levels and optimize working capital. 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.
“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,” said
Smart Software President Greg Hartunian. “We’re excited to join
Epicor and continue our journey in driving innovation across the
supply chain industries.”
For more information, please visit our website.
About Epicor
Epicor Software Corporation equips hard-working businesses with
enterprise solutions that keep the world turning. For more than 50
years, Epicor customers in the automotive, building supply,
distribution, manufacturing, and retail industries have trusted
Epicor to help them do business better. Innovative Epicor solution
sets are carefully curated to fit customer needs and built to
flexibly respond to their fast-changing reality. With deep industry
knowledge and experience, Epicor accelerates its customers’
ambitions, whether to grow and transform, or simply become more
productive and effective. Visit www.epicor.com for more
information.
Epicor and the Epicor logo are trademarks of Epicor Software
Corporation, registered in the United States and other countries.
Other trademarks referenced are the property of their respective
owners. The product and service offerings depicted in this document
are produced by Epicor Software Corporation. Results are not
guaranteed, and each user’s experience will vary.
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version on businesswire.com: https://www.businesswire.com/news/home/20240501356445/en/
Aaron Masterson Global Head of Corporate Communications
aaron.masterson@epicor.com 612-702-2182