Smart Software Completes SOC 2 Type I Audit
Smart Software Completes SOC 2 Type 1 Security Audit
Belmont, Mass., April 3, 2019 – Smart Software, Inc. announced today that the company completed its Service Organization Control for Service Organizations (SOC) Audit, delivering the highest level of data security and reliability.
“All of Smart Software’s services depend on a foundation of safe, secure, and private storage and transfer of information” said Chief Technology Officer, Sreekumar Menon. “Trust and data security are table stakes now for any solution offering cloud based analytics, forecasting, demand modeling, and inventory planning. Since day 1 of our cloud journey, we’ve made considerable investments in order to ensure a secure and reliable environment for our customers. The completion of this audit validates these efforts.”
Companies completing the SOC 2 Type 1 audit have the option to be judged on one or more categories; Smart Software met or exceeded the industry-leading standard in all four categories listed below:
- Security – Verifying the system is protected against unauthorized access, use, or modification to meet the entity’s commitments and system requirements.
- Availability – Verifying the system is available for operation and use to meet the entity’s commitments and system requirements.
- Processing Integrity – Verifying the system processing is complete, valid, accurate, timely, and authorized to meet the entity’s commitments and system requirements.
- Confidentiality – Verifying that information designated as confidential is protected to meet the entity’s commitments and system requirements
SOC 2 examinations may only be performed by a licensed CPA firm. Kahn, Litwin, Renza & Co., Ltd (“KLR”), a leading provider of SOC services, performed the service audit of Smart Software. ”It is always exciting to work with leading edge technology providers,” said Daniel M. Andrea, Partner and SOC Services Practice Leader of KLR. “While any successful SOC 2 report is an achievement, the emphasis and alignment of Smart Software’s security posture with its industry leading demand planning and inventory optimization solution is exceptional.”
About Smart Software, Inc.
Smart Software, a leading innovator in demand planning, statistical forecasting, and inventory optimization software, offers Smart IP&O, an integrated suite of web-based demand planning, inventory optimization and supply chain analytics applications. Founded in 1981, Smart serves a wide range of manufacturing, distribution, and transportation organizations including The Home Depot, FedEx, SCIEX, DisneyLand Resorts, MARS, BC Transit, Metro-North Railroad and many, many more.
Learn more at: www.smartcorp.com.
Contact: Jeff Scott, jeffs@smartcorp.com, +1 617.489.2743 ext. 209
For more information, please contact Smart Software, Inc., Four Hill Road, Belmont, MA 02478.
Phone: 1-800-SMART-99 (800-762-7899); FAX: 1-617-489-2748; E-mail: info@smartcorp.com
Smart Software and Visual Data Group Announce Strategic Partnership
Smart Inventory Planning & Optimization™ provides software foundation for Visual Data Group’s supply chain planning practice.
Belmont, Mass., November 14, 2018 – Smart Software, Inc., the leading innovator in demand planning and inventory optimization software, and Visual Data Group, a well-established software implementation and business optimization consulting group, today announced their partnership to address the supply chain planning needs of mid-market manufacturers and distributors. Visual Data Group will sell and deploy Smart’s next generation web platform, Smart Inventory Planning & Optimization (Smart IP&O™) as an integral part of its Sales, Operations and Inventory Planning (SIOP) practice.
“There is tremendous pressure on small and midsized organizations to outcompete, outmaneuver, and ‘out lean’ their Fortune 1000 competitors,” says Jim Harder, Visual Data Group’s President and CEO. “Beating large, established vendors requires better business processes, the ability to do more for less, with a fraction of the resources. This is our mission – to help our clients drive efficient supply chain operations that outperform their competitors.
Visual Data Group will utilize Smart IP&O as its software framework to help their customers reduce inventory, improve service levels and streamline their SIOP program. Smart IP&O is an integrated suite of native web applications for demand planning, inventory optimization and supply chain analytics that enable a data-driven SIOP process. Core capabilities include scenario-driven planning to model inventory performance, Smart’s unique, patented approach to intermittent demand, ease of collaboration, and transparent integration with customer ERP systems of choice.
“Visual Data fills a crucial role for Smart Software,” says Greg Hartunian, President and CEO. “Our software enables customers to streamline their planning process, reduce inventory and improve service levels. But taking full advantage requires the expertise and perspective to consider requirements, set goals, and to develop the supporting business process that ensures adoption and benefits. These are the qualities that Visual Data brings to the table.”
About Visual Data Group
Visual Data Group, headquartered in Cleveland, Ohio, has been helping customers across North America since 2009. Our organization has decades of experience working with companies with real world opportunities. Experience and maturity matter. We are expert in using data to drive business. Our successful projects include inventory optimization, sales analysis, customer and product profitability, and all aspects of supply chain management.
Learn more at: www.visualdatagroup.com
Contact: Cindy Harder, charder@visualdatagroup.com, +1 440.892.3328
About Smart Software, Inc.
Smart Software, a leading innovator in demand planning and inventory optimization software, offers Smart IP&O, an integrated suite of web-based demand planning, inventory optimization and supply chain analytics applications. Founded in 1981, Smart serves a wide range of manufacturing, distribution, and transportation organizations including The Home Depot, FedEx, SCIEX, DisneyLand Resorts, MARS, BC Transit, Metro-North Railroad and many, many more.
Learn more at: www.smartcorp.com.
Contact: Jeff Scott, jeffs@smartcorp.com, +1 617.489.2743 ext. 209
For more information, please contact Smart Software, Inc., Four Hill Road, Belmont, MA 02478.
Phone: 1-800-SMART-99 (800-762-7899); FAX: 1-617-489-2748; E-mail: info@smartcorp.com
How to Tell You Don’t Really Have an Inventory Planning and Forecasting Policy
You can’t properly manage your inventory levels, let alone optimize them, if you don’t have a handle on exactly how demand forecasts and stocking parameters (such as Min/Max, safety stocks, and reorder points, and order quantities) are determined.
Many organizations cannot specify how policy inputs are calculated or identify situations calling for management overrides to the policy. For example, many people can say they rely on a particular planning method such as Min/Max, reorder point, or forecast with safety stock, but they can’t say exactly how these planning inputs are calculated. More fundamentally, they may not understand what would happen to their KPI’s if they were to change Min,Max, or Safety Stock. They may know that the forecast relies on “averages” or “history” or “sales input”, but specific details about how the final forecast is arrived at are unclear.
Often enough, a company’s inventory planning and forecasting logic was developed by a former employee or vanished consultant and entombed in a spreadsheet. It otherwise may rely on outdated ERP functionality or ERP customization by an IT organization that incorrectly assumed that ERP software can and should do everything. (Read this great and, as they say, “funny because it’s true,” blog by Shaun Snapp about ERP Centric Strategies.) The policy may not have been properly documented, and no one currently on the job can improve it or use it to best advantage.
This unhappy situation leads to another, in which buyers and inventory planners flat out ignore the output from the ERP system, forcing reliance on Microsoft Excel to determine order schedules. Ad hoc methods are developed that impede cohesive responses to operational issues and aren’t visible to the rest of the organization (unless you want your CFO to learn the complex and finicky spreadsheet). These methods often rely on rules of thumb, averaging techniques, or textbook statistics without a full understanding of their shortcomings or applicability. And even when documented, most companies often discover that actual ordering strays from the documented policy. One company we consulted for had on hand inventory levels that were routinely 2 x’s the Max quantity! In other words, there isn’t really a policy at all.
In summary, many current inventory and demand forecast “systems” were developed out of distrust for the previous system’s suggestions but don’t actually improve KPI’s. They also force the organization to rely on a few employees to manage demand forecasting, daily ordering, and inventory replenishment.
And when there is a problem, it is impossible for the executive team to unwind how you got there, because there are too many moving parts. For example, was the excess stock the fault of an inaccurate demand forecast that relied on an averaging method that didn’t account for a declining demand? Or was it due to an outdated lead time setting that was higher than it should’ve been? Or was it due to a forecast override a planner made to account for an order that just never happened? And who gave the feedback to make that override? A customer? Salesperson?
Do you have any of these problems? If so, you are wasting hundreds of thousands to millions of dollars each year in unnecessary shortage costs, holding costs, and ordering costs. What would you be able to do with that extra cash? Imagine the impact that this would have on your business.
This blog details the top 10 questions that you can ask in order to uncover what’s really happening at your company. We detail the typical answers provided when a forecasting/inventory planning policy doesn’t really exist, explain how to interpret these answers, and offer some clear advice on what to do about it.
Dealing with the day-to-day of inventory management can keep you busy. But you know you have to get your head up now and then to see where you’re heading. For that, your inventory software should show you metrics – and not just one, but a full set of metrics or KPI’s – Key Performance Indicators.
People involved in the supply chain are likely to have questions about various inventory terms and methods used in their jobs. This note may help by explaining these terms and showing how they relate.
Are you confused about what is AI and what is machine learning? Are you unsure why knowing more will help you with your job in inventory planning? Don’t despair. You’ll be ok, and we’ll show you how some of whatever-it-is can be useful.
The 3 levels of forecasting: Point forecasts, Interval forecasts, Probability forecasts
Most demand forecasts are partial or incomplete: They provide only one single number: the most likely value of future demand. This is called a point forecast. Usually, the point forecast estimates the average value of future demand. Interval forecasts provide an estimate of the possible future range of demand (i.e. demand has a 90% chance of being between 50 – 100 units). Probabilistic forecasts take it a step further and provide additional information. Knowing more is always better than knowing less and the probabilistic forecast provides that extra information so crucial for inventory management. This video blog by Dr. Thomas Willemain explains each type of forecast and the advantages of probabilistic forecasting.
[inbound_button font_size=”20″ color=”#00a429″ text_color=”#ffffff” icon=”” url=”http://www.screencast.com/t/Ut4I5dOY8″ width=”” target=”_blank”]Watch Now[/inbound_button]
Point forecast (green) shows what is most likely to happen. The Interval Forecast shows the range (blue) of possibilities.
Probability Forecast shows the probability of each value occurring
The three types of supply chain analytics are “descriptive”, “predictive”, and “prescriptive.” Each plays a different role in helping you manage your inventory. Modern supply chain software lets you exploit all three helping you to reduce inventory costs, improve on time delivery and service levels, while running a more efficient supply chain.
A new metric we call the “Attention Index” will help forecasters identify situations where “data behaving badly” can distort automatic statistical forecasts (see adjacent poem). It quickly identifies those items most likely to require forecast overrides—providing a more efficient way to put business experience and other human intelligence to work maximizing the accuracy of forecasts. How does it work?
Do you know which items have too much or too little inventory? What if you knew? How would you go about cutting overstocks while still ensuring a competitive service level? Would you be able to reduce stockouts without incurring a prohibitively expensive inventory increase? How would these changes impact service levels, costs and turns—for individual items, groups of items and overall?
Smart Software and ArcherPoint Team Up to Launch Smart IP&O for NAV
Collaboration Provides Smart Inventory Planning, Forecasting, & Optimization for Microsoft NAV
Boston MA., June 5, 2018 – Smart Software, Inc. is excited to announce the successful integration of its cloud-based Inventory Planning and Optimization software with Microsoft Dynamics NAV to create Smart IP&O for NAV. Smart Software partnered with ArcherPoint Inc., a Microsoft Dynamics ERP Gold Partner and full-service provider for Dynamics NAV and Dynamics 365 to build the connector.
Smart Software is a global provider of next generation 100% web-based demand planning, forecasting, and inventory optimization solutions. ArcherPoint created the connector to integrate Smart Software’s tools with Microsoft Dynamics NAV. The new integration brings the cloud-based Smart IP&O (Inventory Planning and Optimization) into the latest version of Microsoft’s ERP solution. By seamlessly integrating strategic planning in Smart IP&O with operational execution in Dynamics NAV, business users can continuously predict, respond, and plan more effectively in today’s uncertain business environment.
Jim Benson, sales executive from ArcherPoint says, “Smart Software helps our customers by delivering insightful business analytics for inventory modeling and forecasting that drive ordering and replenishment in the latest version of Microsoft NAV. With Smart IP&O, our customers gain a means to shape inventory strategy to align with the business objectives, while empowering their planning teams to reduce inventory and improve service. In today’s supply chain, it is no longer enough to simply manage inventory. It must be optimized.”
The Smart/NAV integration makes all transactional data in NAV, such as shipments, sales orders, receipts, inventory on hand, and more, available in Smart IP&O’s data model. Smart IP&O brings this data to life leveraging field-proven analytics and forecasting methods. This enables executives and their planning team to identify operational inefficiencies, accurately forecast demand, model the financial and customer impact of current and proposed inventory policies, and return optimal planning parameters and forecasts to drive replenishment.
Greg Hartunian, CEO of Smart Software stated, “Businesses that leverage inventory optimization and forecasting technology are able to better understand their operations, lower costs, improve customer service, and outperform the competition. We look forward to working closely with ArcherPoint to help our joint customers achieve these key benefits.”
To learn more about the Smart IP&O for NAV and how it can help your business, please join us for a free webinar, Wednesday, June 27 at 2pm ET. We will provide a demo on the software, uses, and benefits of the product. To register for the webinar please visit: https://www.archerpoint.com/events/lunch-and-learn-archerpoint-smart-inventory-planning-and-optimization
About Smart Software
Smart Software, a leading innovator in demand planning and inventory optimization software, offers Smart IP&O, an integrated suite of web-based demand planning, inventory optimization and supply chain analytics applications. Smart Software has collaborated with ArcherPoint to develop an automated integration with Microsoft Dynamics NAV, enabling the transparent flow of data and results to drive Sales, Inventory and Operations Planning. Founded in 1981, Smart serves a wide range of manufacturing, distribution, and transportation organizations including The Home Depot, FedEx, SCIEX, DisneyLand Resorts, MARS, BC Transit, Metro-North Railroad and many more. Learn more at www.smartcorp.com.
About ArcherPoint
ArcherPoint has built a business around adaptive innovation. Regardless of industry, companies look to ArcherPoint as a business solution provider and partner they can depend on to deliver results. Our history with Microsoft Dynamics NAV dates back to the product’s beginnings. Today, our team includes experts all over the world, not only in Dynamics NAV solution design, development, 24/7 support, and upgrades, but also in accounting, manufacturing, retail, distribution, and other key areas of business. With a commitment to quality service, ArcherPoint is dedicated to helping companies realize true business value by giving them access to world-class ERP solutions that will grow with them to meet their needs now and in their future.
For more information, please contact Smart Software, Inc., Four Hill Road, Belmont, MA 02478.
Phone: 1-800-SMART-99 (800-762-7899); FAX: 1-617-489-2748; E-mail: info@smartcorp.com
