Tech Firm Epicor Acquires Smart Software for AI-Powered Inventory Planning By CIOTechOutlook Team

Tech Firm Epicor Acquires Smart Software for AI-Powered Inventory Planning

CIOTechOutlook Team | Thursday, 02 May 2024, 05:19 IST

Epicor, a global leader in industry-specific enterprise software to help businesses develop, said today that it has acquired Smart Software, a leading supplier of cloud-based, AI-driven inventory planning and optimization (IP&O) products and an existing Epicor ISV partner. The purchase advances Epicor's supply of best-in-class ERP solutions that enable the practical use of AI across a wide range of business activities for the make, transport, and sell industries. The financial terms were not disclosed.

Smart Software's Smart IP&O platform is a user-friendly, cloud-based suite of technologies that use patented, probabilistic AI and machine learning algorithms to provide superior forecasting and "what if" analysis. These models perform hundreds of simulations of outcomes to provide precise predictions while avoiding unreasonable assumptions, allowing users to better forecast demand, stockout risks, and costs.

"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."

"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."