Welcome!

Artificial Intelligence Authors: Elizabeth White, Zakia Bouachraoui, Liz McMillan, Pat Romanski, Carmen Gonzalez

News Feed Item

Smart Software Awarded Second National Science Foundation Innovation Research Grant

Smart Software, Inc., provider of industry-leading demand forecasting, planning, and inventory optimization solutions, today announced that it has been awarded a second Phase I Small Business Innovation Research (SBIR) grant from the National Science Foundation (NSF). Nationally, only 20% of the NSF grant applicants were funded. Smart will use the research funds to extend and improve its current intermittent demand forecasting solution by developing an advanced proprietary method. Upon successful completion of its SBIR research, Smart Software will be the only commercial vendor to offer a next generation forecasting solution for intermittently demanded items, such as service and spare parts. The commercial impact of this project will be to improve demand planning and inventory management for companies with large, often expensive, inventories of service/spare parts.

This new research extends work undertaken more than ten years ago under Smart Software’s first SBIR Phase I and Phase II grants, which led to the development of technology known as the Smart-Willemain method of forecasting intermittent or “slow-moving” demand. In 2001, Smart received a US patent for this new method. This technology is currently available in Smart’s supply chain planning and forecasting system, SmartForecasts®, and is being used by scores of companies to accurately forecast intermittent demand, optimize inventory and safety stock requirements, increase customer service levels, and reduce costs.

“With the recent award of our second National Science Foundation SBIR research grant, we will continue to forge ahead with research that promises to solve another challenging forecasting and planning problem,” said Charles Smart, president and CEO of Smart Software. “We are proud of the fact that we passed a rigorous NSF screen that assessed both the scientific merit of our new ideas and their commercial potential. In this project, we look forward to once again advancing the state of the art in forecasting the demand for service and spare parts, which is typically intermittent and quite difficult to forecast.”

The innovation in Smart’s proposed research is that companies can achieve even greater accuracy and power in forecasting intermittently demanded items, such as service and spare parts, by approaching the problem in an unconventional way. The research has already established the statistical validity of a new way of conceptualizing and analyzing a firm’s "portfolio" of service/spare parts, one that moves beyond the conventional one-item-at-a-time approach and deals with multiple items simultaneously. The need for this new solution is based on Smart’s experience working with customers in major industries —aerospace, automotive, utilities, high tech— where large numbers of service and spare parts must be inventoried.

SmartForecasts is a cross-industry solution for demand forecasting, demand planning, and inventory optimization that utilizes pioneering innovations, such as Smart Software’s patented technology for forecasting intermittent, or slow-moving, demand. SmartForecasts also leverages customers’ existing IT investments and reduces total cost of ownership by integrating easily with host databases, as well as ERP and SCM systems like Sage, SAP, Oracle, JD Edwards and Epicor.

About Smart Software, Inc.

Founded in 1984, Smart Software, Inc. is a leader in providing businesses with enterprise-wide demand forecasting, planning and inventory optimization solutions. Smart Software’s flagship product, SmartForecasts, has thousands of users worldwide, including customers at mid-market enterprises and Fortune 500 companies, such as Abbott Laboratories, Mitsubishi, Siemens, Disney, Godiva, Nikon, GE and The Coca-Cola Company. SmartForecasts gives demand planners the tools to handle sales seasonality, promotions, new and aging products, multi-dimensional hierarchies, and intermittently demanded service parts and capital goods items. It also provides inventory managers with accurate estimates of the minimum inventory and safety stock required to meet future orders and achieve desired service levels. Smart Software is headquartered in Belmont, Massachusetts and can be found on the Internet at www.smartcorp.com.

For more information, please contact Gregory Hartunian at 1-800-762-7899 or [email protected].

SmartForecasts is a registered trademark of Smart Software, Inc. All other trademarks are the property of their respective owners.

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

IoT & Smart Cities Stories
The platform combines the strengths of Singtel's extensive, intelligent network capabilities with Microsoft's cloud expertise to create a unique solution that sets new standards for IoT applications," said Mr Diomedes Kastanis, Head of IoT at Singtel. "Our solution provides speed, transparency and flexibility, paving the way for a more pervasive use of IoT to accelerate enterprises' digitalisation efforts. AI-powered intelligent connectivity over Microsoft Azure will be the fastest connected pat...
There are many examples of disruption in consumer space – Uber disrupting the cab industry, Airbnb disrupting the hospitality industry and so on; but have you wondered who is disrupting support and operations? AISERA helps make businesses and customers successful by offering consumer-like user experience for support and operations. We have built the world’s first AI-driven IT / HR / Cloud / Customer Support and Operations solution.
Codete accelerates their clients growth through technological expertise and experience. Codite team works with organizations to meet the challenges that digitalization presents. Their clients include digital start-ups as well as established enterprises in the IT industry. To stay competitive in a highly innovative IT industry, strong R&D departments and bold spin-off initiatives is a must. Codete Data Science and Software Architects teams help corporate clients to stay up to date with the mod...
At CloudEXPO Silicon Valley, June 24-26, 2019, Digital Transformation (DX) is a major focus with expanded DevOpsSUMMIT and FinTechEXPO programs within the DXWorldEXPO agenda. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive over the long term. A total of 88% of Fortune 500 companies from a generation ago are now out of business. Only 12% still survive. Similar percentages are found throug...
Druva is the global leader in Cloud Data Protection and Management, delivering the industry's first data management-as-a-service solution that aggregates data from endpoints, servers and cloud applications and leverages the public cloud to offer a single pane of glass to enable data protection, governance and intelligence-dramatically increasing the availability and visibility of business critical information, while reducing the risk, cost and complexity of managing and protecting it. Druva's...
BMC has unmatched experience in IT management, supporting 92 of the Forbes Global 100, and earning recognition as an ITSM Gartner Magic Quadrant Leader for five years running. Our solutions offer speed, agility, and efficiency to tackle business challenges in the areas of service management, automation, operations, and the mainframe.
The Jevons Paradox suggests that when technological advances increase efficiency of a resource, it results in an overall increase in consumption. Writing on the increased use of coal as a result of technological improvements, 19th-century economist William Stanley Jevons found that these improvements led to the development of new ways to utilize coal. In his session at 19th Cloud Expo, Mark Thiele, Chief Strategy Officer for Apcera, compared the Jevons Paradox to modern-day enterprise IT, examin...
With 10 simultaneous tracks, keynotes, general sessions and targeted breakout classes, @CloudEXPO and DXWorldEXPO are two of the most important technology events of the year. Since its launch over eight years ago, @CloudEXPO and DXWorldEXPO have presented a rock star faculty as well as showcased hundreds of sponsors and exhibitors! In this blog post, we provide 7 tips on how, as part of our world-class faculty, you can deliver one of the most popular sessions at our events. But before reading...
DSR is a supplier of project management, consultancy services and IT solutions that increase effectiveness of a company's operations in the production sector. The company combines in-depth knowledge of international companies with expert knowledge utilising IT tools that support manufacturing and distribution processes. DSR ensures optimization and integration of internal processes which is necessary for companies to grow rapidly. The rapid growth is possible thanks, to specialized services an...
At CloudEXPO Silicon Valley, June 24-26, 2019, Digital Transformation (DX) is a major focus with expanded DevOpsSUMMIT and FinTechEXPO programs within the DXWorldEXPO agenda. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive over the long term. A total of 88% of Fortune 500 companies from a generation ago are now out of business. Only 12% still survive. Similar percentages are found throug...