Belmont, MA, June 2023 – Smart Software, Inc., provider of industry-leading demand forecasting, planning, and inventory optimization solutions, today announced the award of US Patent 11,656,887, “SYSTEM AND METHOD TO SIMULATE DEMAND AND OPTIMIZE CONTROL PARAMETERS FOR A TECHNOLOGY PLATFORM.”
Het patent regelt "technische oplossingen voor het analyseren van historische vraaggegevens van middelen in een technologieplatform om het beheer van een geautomatiseerd proces in het platform te vergemakkelijken." Een belangrijke toepassing is het optimaliseren van onderdelenvoorraden.
Aspects of the invention include: an advanced bootstrap process that converts a single observed time series of item demand into an unlimited number of realistic demand scenarios; a performance prediction process that executes Monte Carlo simulations of a proposed inventory control policy to assess its performance; and a performance improvement process that uses the performance prediction process to automatically explore the space of alternative system designs to identify optimal control parameter values, selecting ones that minimize operating cost while guaranteeing a target level of item availability.
The new analytic technology described in the patent will form the basis for the upcoming release of the next generation (“Gen2”) of Slimme Vraagplanner™ en Slimme IP&O™. Current customers and resellers can preview Gen2 by contacting their Smart Software sales representative.
Research underlying the patent was self-funded by Smart, supplemented by competitive Small Business Innovation Research grants from the US National Science Foundation.
Over Smart Software, Inc.
Founded in 1981, Smart Software, Inc. is a leader in providing businesses with enterprise-wide demand forecasting, planning, and inventory optimization solutions. Smart Software’s demand forecasting and inventory optimization solutions have helped thousands of users worldwide, including customers such as Disney, Otis Elevator, Hitachi, Arizona Public Service, Ameren, and The American Red Cross. Smart’s Inventory Planning & Optimization Platform, Smart IP&O 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 optimal inventory and safety stock required to meet future orders and achieve desired service levels. Smart Software is headquartered in Belmont, Massachusetts, and our website is www.smartcorp.com.