Acquiring Smart Software has been announced by Epicor.
Intelligent software vendor (ISV) partner of Epicor, Smart Software was a well-known pioneer in cloud-based AI-powered inventory planning and optimization (IP&O) applications. The goal of this acquisition is to accelerate Epicor’s leading-edge ERP solutions delivery, which leverages useful AI applications for a variety of “make, move, and sell” business operations.
The acquisition’s significance in the dynamic supply chain environment of today was discussed by Steve Murphy, CEO of Epicor. Murphy declared that successful inventory management is essential in the quickly changing and fast-paced supply chain environment of today. By giving Epicor customers access to AI-powered tools to turn inventory into a competitive asset that improves customer service and lowers costs, the Smart Software acquisition further intensifies our focus on transforming traditional ERP from a system of record to a system of action.
The Smart IP&O platform from Smart Software is a user-friendly cloud-based technology suite. It provides superior forecasting and “what if” analysis by utilizing patented probabilistic AI and machine learning models. This program avoids making irrational assumptions by running thousands of simulations to produce accurate predictions. It gives users the ability to more precisely forecast costs, demand, and stockout risks. It also makes it easier to spot and fix inventory imbalances, project future operational performance, and keep an eye on actuals. Customers can also use the ‘what if’ analysis to ensure that stocking policies are in line with strategic objectives and adjust them for risk. They can also use the AI on the platform to find the best policies that will maximize their financial return.
Since Smart Software is an established Epicor ISV partner, its products are integrated into a number of Epicor ERP platforms, expanding functionality and helping users make strategic inventory decisions that align with their corporate goals.
There are several other advantages. Enhancing operational efficiency through AI will enable Epicor clients to optimize stock levels by streamlining and combining inventory management procedures. Through automating demand forecasting and eliminating manual data entry and preparation, businesses can optimize cost savings, enhance resource utilisation, and streamline operations while accounting for trends, seasonality, and intermittency. Additionally, by utilizing AI and Smart Software to reduce stockout situations and ensure product availability to improve customer experience and promote long-term loyalty, the merger will increase lifetime value and customer satisfaction.
Cash flow and inventory optimization will both benefit from the acquisition. Epicor customers will be able to better balance inventory levels and maximize working capital with the help of Smart Software. Businesses can free up money linked to inventory by avoiding excess stock and minimizing the production of outdated or slow-moving inventory. Smart Software will also support effective cash flow management, which will enhance overall financial viability and health.
Smart Software’s President, Greg Hartunian, expressed his excitement for the future, saying, “As a seasoned Epicor ISV partner, we’re closely aligned in delivering customers the AI-powered technologies they need to optimize inventory levels and improve forecast accuracy.” We are eager to advance innovation throughout the supply chain industries by joining Epicor.”