National Science Foundation on March 11 awarded Smart Software, Inc., a provider of industry-leading demand forecasting, planning, and inventory optimization solutions, a second Phase I Small Business Innovation Research (SBIR) grant.
Smart will use the research funds to extend its current intermittent demand forecasting solution by developing an advanced proprietary method. The commercial impact of this project will be to improve demand planning and inventory management for companies with large inventories of service/spare parts.
This new research extends work undertaken more than ten years ago under Smart Softwares 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 U.S. patent for this new method.
The need for this new solution is based on Smarts experience working with customers in major industries aerospace, automotive, utilities, high tech where large numbers of service and spare parts must be inventoried.