U.S. patent application number 14/340775 was filed with the patent office on 2015-01-15 for methods and systems for vendor assurance.
The applicant listed for this patent is ALTISOURCE SOLUTIONS S.a.r.l.. Invention is credited to Bryan Hurley, Christopher Kennedy.
Application Number | 20150019381 14/340775 |
Document ID | / |
Family ID | 41089826 |
Filed Date | 2015-01-15 |
United States Patent
Application |
20150019381 |
Kind Code |
A1 |
Kennedy; Christopher ; et
al. |
January 15, 2015 |
METHODS AND SYSTEMS FOR VENDOR ASSURANCE
Abstract
Methods and systems for identifying and coordinating vendors
capable of providing a product or service associated with a
transaction. Specifically, the invention includes methods and
systems for creating order profiles used to select vendors for
providing products or services available according to the
transaction. A product or service related to the completion of the
transaction is selected, a vendor ordering profile is selected, a
vendor is selected according to a distribution selection method or
by selection of a user, and the selected product or service is
ordered from the selected product vendor.
Inventors: |
Kennedy; Christopher; (Lake
Worth, FL) ; Hurley; Bryan; (Lake Worth, FL) |
|
Applicant: |
Name |
City |
State |
Country |
Type |
ALTISOURCE SOLUTIONS S.a.r.l. |
Luxembourg |
|
LU |
|
|
Family ID: |
41089826 |
Appl. No.: |
14/340775 |
Filed: |
July 25, 2014 |
Related U.S. Patent Documents
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Application
Number |
Filing Date |
Patent Number |
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13608194 |
Sep 10, 2012 |
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14340775 |
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|
|
12335196 |
Dec 15, 2008 |
8266013 |
|
|
13608194 |
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|
|
|
10937879 |
Sep 10, 2004 |
7707055 |
|
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12335196 |
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60996975 |
Dec 13, 2007 |
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60502273 |
Sep 12, 2003 |
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Current U.S.
Class: |
705/26.62 |
Current CPC
Class: |
G06Q 30/08 20130101;
G06Q 30/0625 20130101; G06Q 40/02 20130101; G06Q 30/0601 20130101;
G06Q 30/0633 20130101; G06Q 40/00 20130101; G06Q 30/0282
20130101 |
Class at
Publication: |
705/26.62 |
International
Class: |
G06Q 30/02 20060101
G06Q030/02; G06Q 30/06 20060101 G06Q030/06 |
Claims
1. A method for selecting a vendor for at least one transaction
using at least one processor, the method comprising: populating,
via the at least one processor, a list of available products
corresponding to the at least one transaction; receiving, via the
at least one processor, a selection of an identified product
related to the at least one transaction; determining, via the at
least one processor, if an ordering profile corresponding to the
identified product exists, the ordering profile comprising at least
one desired characteristic associated with the identified product;
comparing, via the at least one processor, the at least one desired
characteristic to characteristics associated with each vendor
contained in a first plurality of vendors to yield a second
plurality of vendors capable of providing the identified product;
automatically selecting, via the at least one processor, at least
one vendor from the second plurality of vendors using a
distribution selection method; and automatically ordering, via the
at least one processor, the identified product from the at least
one vendor selected according to the distribution selection
method.
2. The method of claim 1, wherein, if the determining step yields
no existing ordering profile corresponding to the identified
product, an ordering profile comprising at least one desired
characteristic is created via the at least one processor.
3. The method of claim 1, wherein the distribution selection method
comprises one or more of an equal distribution selection method, a
specific distribution selection method, or a qualitative
distribution selection method.
4. The method of claim 3, wherein the distribution selection method
comprises the equal distribution selection method, the equal
distribution selection method comprising automatically selecting,
via the at least one processor, a subset of vendors from the second
plurality of vendors, wherein the identified product is
automatically ordered, via the at least one processor, from each of
the vendors in the subset of vendors before reordering the
identified product from any one vendor in the subset of
vendors.
5. The method of claim 3, wherein the distribution selection method
comprises the specific distribution selection method, the specific
distribution selection method comprising automatically selecting,
via the at least one processor, a subset of vendors from the
plurality of vendors, wherein a specific amount of the identified
product is automatically ordered, via the at least one processor,
from each one of the vendors in the subset of vendors.
6. The method of claim 1, wherein the at least one desired
characteristic comprises at least one of: an ordering area; a
vendor ranking based on preset criteria; a distribution method; or
distribution parameters.
7. The method of claim 6, further comprising selecting, via the at
least one processor, a next vendor that has associated
characteristics that most closely match the selected ordering
profile desired characteristics when the selected vendor has
reached a predetermined vendor ranking with a designated limit.
8. The method of claim 6, wherein the vendor ranking based on
preset criteria comprises a performance ranking score.
9. The method of claim 8, wherein the performance ranking score is
based on at least one of a delivery time, the capacity to deliver
the product or service in a specified amount of time, and the cost
of the product or service.
10. A system for selecting a vendor for at least one transaction
for at least one product or service, the system comprising: at
least one processor; a user interface in communication with the at
least one processor; and a storage medium in communication with the
at least one processor; wherein the at least one processor is
configured to: associate a list of the at least one product or
service with the at least one transaction; receive a selection of
at least one identified product or service from the list; receive a
selection of an ordering profile corresponding to the identified
product, the ordering profile comprising desired characteristics
associated with the at least one identified product or service;
access, from the storage medium, a plurality of vendor
characteristics corresponding to a plurality of vendors; compare
the desired characteristics to the plurality of vendor
characteristics; and one of display, via the user interface, a list
of vendors that result from the comparison of the desired
characteristics to the plurality of vendor characteristics to
facilitate the selection of a qualified vendor; or automatically
select a qualified vendor based on the results of the comparison of
the desired characteristics to the plurality of vendor
characteristics, and automatically order the identified product
from the qualified vendor.
11. The system of claim 10, wherein the desired characteristics
comprises a performance ranking score.
12. The system of claim 11, wherein the performance ranking score
is based on one of a delivery time, the capacity to deliver the
product or service in a specified amount of time, and the cost of
the product or service.
13. The system of claim 10, wherein the plurality of vendor
characteristics comprises at least one of: vendor location; vendor
capacity to deliver the services in a specified time period; vendor
Fair Isaac and Company credit score; vendor licensing; or vendor
ranking based on preset criteria.
14. The system of claim 10, wherein the at least one processor is
further configured to select an alternate vendor if the selected
vendor has reached a predetermined number of orders designated as a
limit.
15. A method for automatically identifying at least one vendor for
supplying a product or service associated with at least one
transaction using at least one processor, the method comprising:
assigning, via the at least one processor, a plurality of available
products or services to the at least one transaction; displaying,
via a user interface in communication with the at least one
processor, the plurality of available products or services;
receiving, via the at least one processor, a selection of an
identified product or service from the plurality of available
products or services; creating, via the at least one processor, an
ordering profile comprising at least one desired characteristic
corresponding to the identified product or service; defining, via
the at least one processor, a distribution selection method
according to a plurality of distribution parameters; assigning the
distribution selection method to the ordering profile; accessing,
via a storage medium in communication with the at least one
processor, a plurality of vendors and vendor characteristics
associated with each of the plurality of vendors; comparing, via
the at least one processor, the at least one desired characteristic
to the vendor characteristics to obtain a vendor subset where the
corresponding vendor characteristics match the at least one desired
characteristic; automatically selecting, via the at least one
processor, at least one qualified vendor from the vendor subset
according to the distribution selection method; and automatically
ordering, via the at least one processor, the identified product or
service from the at least one qualified vendor.
16. The method of claim 15, wherein the plurality of distribution
parameters comprises at least one of: vendor license requirements;
vendor capacity limits; vendor threshold limits; daily capacity
limits; and late order ratio limits.
17. The method of claim 15, further comprising presenting, via the
user interface, the vendor subset.
18. The method of claim 17, further comprising accepting, via the
at least one processor, the deselection of at least one eliminated
vendor from the vendor subset.
19. The method of claim 15, wherein the distribution selection
method comprises one or more of an equal distribution selection
method, a specific distribution selection method, or a qualitative
distribution selection method.
20. The method of claim 15, wherein the vendor characteristics
comprises at least one of: vendor location; vendor capacity to
deliver the services in a specified time period; vendor Fair Isaac
and Company credit score; vendor licensing; or vendor ranking based
on preset criteria.
Description
CLAIM OF PRIORITY
[0001] This application is a continuation of U.S. patent
application Ser. No. 13/608,194, filed Sep. 10, 2012, now pending,
which claims priority to U.S. application Ser. No. 12/335,196,
filed Dec. 15, 2008, now U.S. Pat. No. 8,266,013, issued Sep. 11,
2012, which claims priority to U.S. Provisional Application No.
60/996,975, entitled "METHODS AND SYSTEMS FOR VENDOR ASSURANCE"
filed Dec. 13, 2007, and which is also a continuation-in-part of
U.S. application Ser. No. 10/937,879, entitled "METHOD AND SYSTEM
FOR VENDOR MANAGEMENT" filed Sep. 10, 2004, now U.S. Pat. No.
7,707,055, issued Apr. 27, 2010, which claims priority to U.S.
Provisional Application No. 60/502,273 filed Sep. 12, 2003. The
entire disclosures of all of the foregoing applications are
incorporated by reference herein.
BACKGROUND OF THE INVENTION
[0002] 1. Field of the Invention
[0003] The present invention relates to a method and system for
managing financial transactions that require goods and/or services
from multiple vendors, and, in particular, to methods and systems
for selecting vendors to carry out sub-transactions associated with
a financial transaction.
[0004] 2. Background of the Technology
[0005] There exist in related arts paper-based methods and systems
for completing financial transactions, such as mortgages, but these
systems are inefficient and are bound by the limitations of
traditional paper-based systems. Computer-implemented systems to
manage financial transactions are also known, but these systems do
not possess functionality to manage each step in the lifespan of an
entire financial transaction. Moreover, related art
computer-implemented systems do not provide functionality to
initiate or track sub-transactions that are necessary for the
completion of a financial transaction. Further, related art
computer-implemented systems do not provide functionality to a
system user (also alternatively or interchangeably referred to as
an employee, agent, affiliate of a financial institution, or user)
for efficiently selecting third party vendors for carrying out
sub-transactions associated with a financial transaction (also
alternatively or interchangeably referred to herein as "vendors")
for carrying out sub-transactions associated with a financial
transaction.
[0006] There exist in related arts paper-based methods and systems
for selecting vendors to execute sub-transactions to be performed
in the execution of a financial transaction. However, these systems
offer only a marginal increase in efficiency, due to the overhead
requirements for executing these systems. There are known in
related arts systems and methods for vendor selection, but these
systems and methods generate excess transactional costs in the
management of vendor selection. Known methods and systems do not
easily allow a system user to use a precise methodology for
selecting a particular vendor.
[0007] Computer-implemented systems for vendor selection are also
known in related arts, but these systems do not contain the
necessary functionality to select a vendor based on specific user
criteria. These computer-implemented systems are not easy to
customize, and often apply the same methodology for vendor
selection without regard to the type of product being ordered, or
the preferences of the system user who places the order.
SUMMARY OF THE INVENTION
[0008] The present invention relates to a method and system for
electronically facilitating a business transaction between a
financial institution and a system user, wherein the business
transaction optionally includes one or more sub-transactions among
a vendor and a customer, a vendor and a financial institution, or
between a customer and a financial institution.
[0009] In an aspect of the present invention, the method and system
may begin when a system user selects a sub-transaction to be
executed. The system user may choose an ordering profile to be
associated with that product. If no ordering profile meets the
needs of that particular system user, then the system user may
create an ordering profile. Once an ordering profile is selected,
the system applies the ordering profile to a list of eligible
vendors, based on the system user's preferences. The system or the
system user then selects a vendor whose characteristics most
closely match the system user's requested characteristics from the
order profile.
[0010] The present invention utilizes three distribution models for
selecting vendors. The first is an equal distribution model,
wherein vendors may be selected based solely on a round-robin
method, which selects all available vendors once before selecting a
vendor for a second product order. The second model is a specific
distribution model, which allows the system user to assign a
specific amount of the orders to each vendor. The third model is a
qualitative distribution model, where a vendor is selected based on
user-defined performance criteria.
[0011] For the purposes of this application, "financial
institutions" include banks, investment companies, real estate
lenders, investment and holding companies, and/or other commercial
entities engaged in the business of financing loans or mortgages.
"System users" include anyone using the present invention to select
a vendor for ordering a product, regardless of the role of each
user in the transaction. "Product" in this context can be a good or
service, generally needed to complete a financial transaction.
[0012] Additional advantages and novel features of the invention
will be set forth in part in the description that follows, and in
part will become more apparent to those skilled in the art upon
examination of the following or upon learning by practice of the
invention.
BRIEF DESCRIPTION OF THE FIGURES
[0013] FIG. 1 illustrates various features of an example computer
system for use in accordance with an aspect of the present
invention;
[0014] FIG. 2 illustrates an exemplary system diagram of various
hardware components and other features, in accordance with an
aspect of the present invention;
[0015] FIG. 3 illustrates a high-level example representative flow
diagram of functions performed in accordance with an aspect of the
present invention;
[0016] FIGS. 4A-4B illustrate a more detailed example
representative flow diagram of functions performed in accordance
with an aspect of the present invention;
[0017] FIGS. 5A-5C illustrate an example representative flow
diagram of vendor selection performed in accordance with an aspect
of the present invention; and
[0018] FIGS. 6-12 illustrate sample Graphical User Interface
("GUI") screens presented to a system user in conjunction with an
aspect of the present invention.
DETAILED DESCRIPTION
[0019] The present invention provides a system and method for
executing financial transactions, such as a mortgage transaction.
In one aspect of the present invention, executing a financial
transaction may include ordering one or more sub-transactions (also
referred to interchangeably herein as "products"). Sub-transactions
include, for example, actions that may be required or desired to
complete the financial transaction. Numerous third party vendors
may compete for the right to complete these sub-transactions.
Parties to the transaction (also referred to interchangeably herein
as "system users") may prefer to use multiple vendors, thereby
ensuring the vendor most capable of delivering the product receives
the order.
[0020] In one aspect of the present invention, the system user may
not manually select a vendor from which to order a product. Rather,
the system user develops an ordering profile for each product
ordered. The ordering profile may include vendor licensing
information, the active area of the vendor, among other vendor
characteristics. After the system user chooses an ordering profile,
the ordering profile may be applied to a list of eligible vendors,
and the vendor that most closely matches the ordering profile is
selected. The new vendor selection method reduces customer costs,
in part due to the reduction in manual processes by the system
user, and also reduces erroneous product ordering (e.g., ordering
the wrong set of products for a specified financial
transaction).
[0021] The present invention may be implemented using hardware,
software or a combination thereof and may be implemented in one or
more computer systems or other processing systems. In one aspect,
the invention is directed toward one or more computer systems
capable of carrying out the functionality described herein. An
example of such a computer system 200 is shown in FIG. 1.
[0022] Computer system 200 includes one or more processors, such as
processor 204. The processor 204 is connected to a communication
infrastructure 206 (e.g., a communications bus, cross-over bar, or
network). Various software aspects are described in terms of this
exemplary computer system. After reading this description, it will
become apparent to a person skilled in the relevant art(s) how to
implement the invention using other computer systems and/or
architectures.
[0023] Computer system 200 can include a display interface 202 that
forwards graphics, text, and other data from the communication
infrastructure 206 (or from a frame buffer not shown) for display
on the display unit 230. Computer system 200 also includes a main
memory 208, preferably random access memory (RAM), and may also
include a secondary memory 210. The secondary memory 210 may
include, for example, a hard disk drive 212 and/or a removable
storage drive 214, representing a floppy disk drive, a magnetic
tape drive, an optical disk drive, etc. The removable storage drive
214 reads from and/or writes to a removable storage unit 218 in a
well known manner. Removable storage unit 218, represents a floppy
disk, magnetic tape, optical disk, etc., which is read by and
written to removable storage drive 214. As will be appreciated, the
removable storage unit 218 includes a computer usable storage
medium having stored therein computer software and/or data.
[0024] In alternative aspects, secondary memory 210 may include
other similar devices for allowing computer programs or other
instructions to be loaded into computer system 200. Such devices
may include, for example, a removable storage unit 222 and an
interface 220. Examples of such may include a program cartridge and
cartridge interface (such as that found in video game devices), a
removable memory chip (such as an erasable programmable read only
memory (EPROM), or programmable read only memory (PROM)) and
associated socket, and other removable storage units 222 and
interfaces 220, which allow software and data to be transferred
from the removable storage unit 222 to computer system 200.
[0025] Computer system 200 may also include a communications
interface 224. Communications interface 224 allows software and
data to be transferred between computer system 200 and external
devices. Examples of communications interface 224 may include a
modem, a network interface (such as an Ethernet card), a
communications port, a Personal Computer Memory Card International
Association (PCMCIA) slot and card, etc. Software and data
transferred via communications interface 224 are in the form of
signals 228, which may be electronic, electromagnetic, optical or
other signals capable of being received by communications interface
224. These signals 228 are provided to communications interface 224
via a communications path (e.g., channel) 226. This path 226
carries signals 228 and may be implemented using wire or cable,
fiber optics, a telephone line, a cellular link, a radio frequency
(RF) link and/or other communications channels. In this document,
the terms "computer program medium" and "computer usable medium"
are used to refer generally to media such as a removable storage
drive 214, a hard disk installed in hard disk drive 212, and
signals 228. These computer program products provide software to
the computer system 200. The invention is directed to such computer
program products.
[0026] Computer programs (also referred to as computer control
logic) are stored in main memory 208 and/or secondary memory 210.
Computer programs may also be received via communications interface
224. Such computer programs, when executed, enable the computer
system 200 to perform the features of the present invention, as
discussed herein. In particular, the computer programs, when
executed, enable the processor 204 to perform the features of the
present invention. Accordingly, such computer programs represent
controllers of the computer system 200.
[0027] In an aspect where the invention is implemented using
software, the software may be stored in a computer program product
and loaded into computer system 200 using removable storage drive
214, hard drive 212, or communications interface 224. The control
logic (software), when executed by the processor 204, causes the
processor 204 to perform the functions of the invention as
described herein. In another aspect, the invention is implemented
primarily in hardware using, for example, hardware components, such
as application specific integrated circuits (ASICs). Implementation
of the hardware state machine so as to perform the functions
described herein will be apparent to persons skilled in the
relevant art(s).
[0028] In yet another aspect, the invention is implemented using a
combination of both hardware and software.
[0029] FIG. 2 presents an exemplary system diagram of various
hardware components and other features in accordance with an aspect
of the present invention. As shown in FIG. 2, in an aspect of the
present invention, data and other information and services for use
in the system are, for example, input by a user 30 via a terminal
31. The terminal 31 is coupled to a server 33 via a network 34,
such as the Internet, via couplings 35, 36. In one aspect, a vendor
39 also inputs information/data via a terminal 37 coupled 38 to the
network 34. Furthermore, in one aspect, a member of an outsourced
workforce 40 inputs information/data via a terminal 41 coupled 42
to the network 34, and in another aspect, a member of a financial
institution workforce 43 inputs information/data via a terminal 44
coupled 45 to the network 34.
[0030] Each of the terminals 31, 37, 41, 44 includes, for example,
a personal computer (PC), minicomputer, mainframe computer,
microcomputer, telephone device, personal digital assistant (PDA),
or other device having a processor and input capability. The server
33 includes a PC, minicomputer, mainframe computer, microcomputer,
or other device having a processor and a repository of data or
access to a repository of data.
[0031] In operation, for example, in an aspect of the present
invention, via the network 34, vendor data, transactional data,
sub-transactional data, order data and/or other information is
communicated with the server 33. The server 33 receives and
resolves the transaction, including triggering and resolving
sub-transactions, stores data regarding the transaction, vendor,
and sub-transaction, and documents the transaction (e.g.,
electronically).
[0032] In one aspect, the present invention uses active server page
(ASP) technology to deliver information and services to a user.
This technology may include one or more ASPs stored on the server
33. This approach reduces maintenance and hardware expenses,
results in limited implementation/integration costs, limited
support expense, and low total cost of ownership.
[0033] In one aspect of the present invention, information relating
to a transaction, such as a loan, is stored electronically. This
information is referred to interchangeably herein as a virtual loan
file. Among other things, the virtual loan file enables data
mining, reduces post closing quality reviews, facilitates secondary
market due diligence, streamlines loan servicing functions, reduces
data archive costs, reduces processing costs, automates routine and
decision based processes, and reduces data entry errors.
[0034] FIG. 3 illustrates a high-level exemplary flow diagram 300
according to an aspect of the present invention. The system user
may select a product to be ordered 304. After product selection, a
determination may occur as to whether the desired ordering profile
exists 308. The desired ordering profile may include vendor
licensing information, the active area of the vendor, among other
vendor characteristics. If the desired profile exists, the desired
ordering profile is selected 316. If the desired profile does not
exist, the system user may be prompted to create an ordering
profile 312. Once an ordering profile has been created and
selected, then the ordering profile may be applied to eligible
vendors 320. The vendors may be outputted on an output device, such
as a printer, display or audio device, for example. The vendor that
most closely aligns with the desired characteristics indicated in
the ordering profile may be identified 324. The flow diagram of
FIG. 3 will be described in more detail with reference to flow
diagram FIGS. 4A-4B and 5A-5C, and GUI screen FIGS. 6-12.
[0035] FIGS. 4A-4B show a flow chart 400 of a vendor assurance
method for one aspect of the present invention. The method of FIGS.
4A-4B provides seamless integration with preliminary loan services.
The process starts when a system user logs into the Vendor
Assurance system 402. When the option corresponding to "products"
is selected 404, the present invention may populate a list of
products to order based on the transaction profile 408. Depending
on the implementation of the system, this information may be
provided from an outside system 406, such as the method and system
of U.S. patent application Ser. No. 09/512,845 filed Feb. 25, 2000,
entitled "Method for Workflow Processing Through Computer Network,"
the entirety of which is hereby incorporated herein by reference.
If no transaction profile is provided, then a list of products to
order may be populated 408 by retrieving a predetermined default
list of products to order.
[0036] After the list is populated, a product may be selected for
purchase by setting the "active" field to "YES" 410. If the system
user desires to manually select a vendor 412, then a listing of
available vendors may be generated 416. From this list, the system
user may select a vendor to deliver the product 420. An outside
source for notification and processing of the order 424 may be
contacted or order processing may be otherwise initiated.
[0037] If, instead, the system user wants the present invention to
assign a vendor, then in the "Auto Assign" field, the system user
selects "YES." This causes the option "Set Up Profile" to be
displayed 428. Selection of this option may result in prompting for
creation of an ordering profile 432. Various options for ordering
may be then selected 436. For example, the system user may specify
to use only licensed vendors, and specify a minimum number of days
before that vendor's license expires, among other options for
ordering. In an aspect of the present invention, the system user
may select a period of days over which to assess the score cards
used to evaluate vendors. In another aspect of the present
invention, the system user may also decide to override the auto
assignment feature. For example, the system user may select a
vendor for ordering the product without using an order profile.
[0038] In one aspect, when creating an order profile 432, the
system user specifies criteria for evaluating vendors. For example,
criteria may include order area, Fair, Isaac and Company (FICO)
credit score, loan-to-value ratio, loan amount, and property type,
among other criteria. The system user may also provide each
criterion with an "order" value, which ranks in descending order of
importance, for example, how heavily each criterion should be
weighted. In one aspect of the present invention, the ordering area
may be set as the default value for the most heavily-weighted
criterion. Ordering areas may include, for example, cities, states,
or anywhere in the country, among other order areas.
[0039] After the system user enters an order profile 436, the
system user has the option of creating another profile 440. If the
system user wishes to create another profile, the current profile
may be saved for use by the system user. If the system user does
not wish to create another profile, a screen for naming the profile
and associating the profile with an ordering area may be displayed
444. The system user may name the profile, in order that the
profile may be more easily retrieved. In addition, naming the
profile may allow the system user to set an active ordering area
for the profile 448. Optionally, the system user can enter an order
profile description to provide information about the ordering
profile in a convenient location.
[0040] A prompt may be provided for reviewing the entered
information 452 allowing the system user to view the order profile
information. If any of the criteria the user previously inputted
may be incorrect 456, then the user may make changes by selecting
the "edit" box associated with the incorrect criteria, or, for
example, use the "back" button to return to the screen where the
incorrect information was entered 460.
[0041] Then, a GUI screen appears, or other prompt may be provided,
for selecting new profile parameters and a distribution method 464.
Here, vendor limit parameters may be selected, and a distribution
method may be associated with profile 468. The distribution method
options available to the system user may include, for example,
equal distribution, specified distribution, and qualitative
distribution, among other distributions.
[0042] In an equal distribution system, vendors may be selected in
a round-robin fashion. Once a vendor has been selected to furnish a
product, the selected vendor may not be selected to furnish another
product until all other vendors have had the opportunity to be
selected. In a specified distribution system, orders may be
distributed to specific vendors utilizing a defined distribution
specified by a system user. For example, a system user may wish to
utilize Vendor A 30% of the time, Vendor B 10% of the time, and
Vendor C 60% of the time. Thus, in a specified distribution system,
a vendor may be selected with a frequency based on these
percentages. In a qualitative distribution system, orders may be
distributed based on a vendor's qualitative performance. In a
process that will be described more fully below, system users have
the option of assigning each vendor a grade, based on quality and
timeliness, among other considerations, in proportions selected by
the system user. When this method is selected, the present
invention may choose the most qualified vendor available based on
the scoring criteria specified by the system user. If the most
qualified vendor is not available, the present invention may select
the second most qualified vendor, and so on, until the order is
fulfilled.
[0043] A new GUI screen appears, or another prompt may be made, for
allowing a system user to view and/or specify distribution
parameters 472 and select vendors 476. Some examples of limits for
distribution parameters may include vendor license requirements,
vendor capacity limits, vendor threshold limits, daily capacity
limits, and late order ratio limits, among other limits. The screen
may also include a list of currently active vendors, so that if a
system user wishes to temporarily remove a vendor from the list,
the system user can uncheck the box next to that vendor's name, for
example, and that vendor may not be considered when a vendor is
selected.
[0044] Once the above-mentioned steps are completed, a vendor may
be selected 480 (the process of which is further illustrated in
FIG. 5 and the associated description). Once the vendor is
selected, the present invention may interface with an outside
system to notify and process the order with the vendor selected
424.
[0045] FIGS. 5A-5C show an exemplary flow diagram 500 illustrating
the selection of a vendor according to an aspect of the present
invention. At step 501, the "Auto Assign" field is set to "YES," or
automatic assign of a vendor is otherwise enabled, and a list of
eligible vendors may be populated 504. The list of eligible vendors
may be drawn from various sources, such as, from an outside source
506, (e.g., the system described in U.S. patent application Ser.
No. 09/512,845 referenced above), or from a list of vendors from
which the system user has previously ordered products, among other
sources. If the system user has requested that unlicensed vendors
be removed, then the unlicensed vendors may be removed 508 from the
list of vendors. This selection may also be made manually by the
system user 510. Checks may be performed whether the scorecards for
vendors, which may be used in determining licensing, have been
recalculated recently enough 512, based on the number of days the
system user specifies for the scorecard calculation period, for
example. If the scorecards have not been recalculated as recently
as the system user has specified for them to be calculated, then
the present invention recalculates the scorecards 514.
[0046] The present invention may remove all of the vendors whose
licenses expire within a predefined period (also interchangeably
referred to herein as a "buffer") 516, calculated using a
user-defined number of days, among other predefined periods. For
example, if the user defined buffer is 7 days, and the date of
vendor selection is April 11, all vendors whose licenses expire
before April 18 may be removed from the list of vendors.
[0047] The system may determine which of the distribution systems
(e.g., the three systems outlined above) to utilize for selecting
the vendor. If the equal distribution method is used 520, for
example, then a vendor is selected based on the least recent use
528 and once the vendor is confirmed 532. If the specified
distribution method 524 is used, for example, then the present
invention weights each vendor, based on that vendor's specified
distribution 536. After the weighing of each vendor, the present
invention may select a vendor based on the percentage of jobs the
vendor has taken, and the total percent of the jobs the vendor is
allocated under the specific distribution 540. The selected vendor
is then confirmed 544. If a qualitative distribution method 527 is
used, for example, then the present invention determines the type
of scorecard system utilized 548.
[0048] In an aspect of the present invention, vendors may be ranked
using one of three types of "scorecards." Each scorecard in this
aspect works by assigning a vendor a point total, on a scale from 0
to 100, for example. A higher score may indicate a higher ranked,
and thus more preferred, vendor. When the system user selects a
profile which has been configured to utilize a qualitative
distribution method, vendors may be prioritized by their scorecard
score. The system user may select which scorecard to use when
prioritizing the vendors. The system user may also select the
frequency with which the scorecards may be updated and recorded.
The scorecards may be collected by hand and manually entered into
the system, or they may be updated based on the time of service
completion and user satisfaction, among other entry methods.
[0049] The first type of scorecard utilized by the system in this
aspect is a service scorecard. For each product, the service
scorecard retrieves a user customizable turnaround time. Each time
a vendor delivers the product or completes the service within the
optimal turnaround time, the system may award that vendor the
maximum point value, 100 points, for example. For each day that the
vendor is late, the system may deduct a predetermined number of
points from the overall score.
[0050] The second type of scorecard utilized in this aspect is a
quality scorecard. The quality scorecard may be based on multiple
user-customizable factors. The system user may select the criteria
used for assigning a score to the vendor's work, and may also
customize the point value of each individual criterion, among other
factors. For example, if the product to be ordered is an appraisal,
the system user may set up appraisal-specific criteria. Such
criteria may include, for example, the distance from the vendor to
the subject property, whether the vendor signed the appraisal,
whether the cost of the appraisal was within a given range, and
whether the appraised value was within the projections of the
computed data, among other criteria.
[0051] The third type of scorecard utilized by the system in this
aspect is an accumulated scorecard. The accumulated scorecard may
be a weighted average of the service scorecard and the quality
scorecard. The user may define the weight to apply to each
scorecard. For example, the system user may wish to assign a 60%
weight to the service scorecard and a 40% weight to the quality
scorecard. The accumulated scorecard value is the resulting
weighted value of the service and quality scorecards.
[0052] In the exemplary aspect shown in FIGS. 5A-5C, if service
scorecards are used 552, the present invention may select the
vendor with the highest service scorecard score 568, and the
selected vendor is confirmed 576. If quality scorecards are used
556, the vendor with the highest quality scorecard may be selected
572, and the selected vendor is again confirmed 576. If accumulated
scorecards are used 560, a determination may occur to determine the
weight of the quality scorecard and the service scorecard 580. The
weighted scores from the service scorecard and the quality
scorecard may be added together to obtain an accumulated scorecard
584. The vendor with the highest score on the accumulated scorecard
may be selected 586, and the selected vendor is confirmed 576.
[0053] Once a vendor has been selected and confirmed, the system
determines if the selected vendor has reached any of the
user-defined limits 588. These limits may include, but are not
limited to, vendor capacity limits, vendor threshold limits, daily
capacity limits, and late order ratio limits, among other limits.
If the selected vendor has reached any of the specified limits 594,
then the next best vendor may be selected 598 and confirmed 599. If
the selected vendor has not reached any specified limits 594, then
the system returns the name of the selected vendor 596.
[0054] The method described in conjunction with the flow diagrams
of FIGS. 3, 4, and 5, will now be described in more detail with
reference to FIGS. 6-12 and the associated descriptions
thereof.
[0055] FIGS. 6-12 illustrate various exemplary GUI screen shots
according to an aspect of the present invention. FIG. 6 shows a
screen shot including a first portion 101 detailing global options
and menus, which, in one aspect of the present invention, is common
to all GUI screens which may include standard system functions
displayed to a system user. FIG. 6 also displays a table 610, which
lists types of products to order, along with the specific product
names 615. The list of products displayed can be based on the
system defaults or the system user's preferences for the financial
transaction, for example. Corresponding to each product entry may
be three columns, "Active" 620, "Auto Assign" 630, and "Options"
640. In order to select a product, the system user may set "Active"
to "YES" and "Auto Assign" to "YES." This allows the "Set Up
Profile" flag 645 to appear in the "Options" column 640, indicating
that this feature may be incorporated into the evaluation
process.
[0056] Once a system user selects to proceed, the "Set Up Profile"
screen 700 appears, as shown in FIG. 7. The Set Up Profile screen
700 includes two tables, an Eligibility Options table 710 and a
Product Options table 720. In the Eligibility Options table, the
system user selects the "Yes" or "No" button depending on whether
the system user wants to use only licensed vendors. In the field
labeled "License Expiration Buffer (Days)" 712, the system user may
input the number of days of buffer required for a vendor before a
license expires, as described in more detail above. In the Product
Options table 720, the system user may input the Score Cards
Calculation Period 722 in days. This number represents the time
period over which each vendor's scorecard may be calculated. For
example, if "5" is entered into the Score Cards Calculation Period
field 722, then each vendor's scorecard may be calculated based on
the previous five days. The system user may also set options to
allow the overriding of an auto assignment, and whether to set the
auto reprocessing indicator. The system user may also select an
effective date, that is, the date from which the License Expiration
Buffer 712 and the Score Card Calculation Period 722 may be
calculated. This date is entered into the Effective Date field 724.
When the system user has finished inputting information into this
screen 700, the system user selects the "Next" button 760.
Otherwise, the system user may cancel this input.
[0057] Once the system user selects the "Next" button 760 shown in
FIG. 7, the system user is taken to the "Create an Ordering
Profile" screen 800 shown in FIG. 8. FIG. 8 includes a screen
portion 810 for setting up the order criteria. On this screen
portion 810, the user's selected criteria may be displayed based on
the system user's preferences. The criteria may be modified by
selecting the "Reset Criteria" flag 840, and re-creating the order
profiles in accordance with the description of FIGS. 6 and 7. FIG.
8 also includes a third portion 850 showing the order profiles that
have been created. The order profiles may be modified by changing
the "Modify" action flag 855, deactivated by changing the
"Deactivate" action flag 857, or deleted by changing the "Delete"
action flag 859. If the system user wishes to create a new ordering
profile, then the Create New Ordering Profile button 860 is
selected. For example, if the user wishes to modify the "Demo Test"
profile 875 shown in FIG. 8, the system user changes the "Modify"
action flag 855 in the row corresponding to the "Demo Test" profile
875. A screen for editing the profile information is then
displayed.
[0058] FIG. 9 shows a screen shot of the "Order Profile" editing
screen 900 according to one aspect of the present invention. FIG. 9
includes a screen portion 905 detailing the Profile Information for
a specific order profile. If the system user reaches this screen by
modifying an existing profile, for example, the profile information
currently associated with that profile is loaded into the input
fields, as shown in FIG. 9. If the system user reaches this screen
by creating a new profile, then the fields shown in FIG. 9 may be
initially blank.
[0059] Within the screen portion 905 of the GUI screenshot of FIG.
9, the system user may modify the Order Profile Name 910, and the
Ordering Area 920. In one aspect of the present invention, the
Ordering Area value 920 defaults to "NationWide," indicating that
the Order Profile may be used regardless of the location within a
country in which the transaction takes place. A value for Ordering
Area 920 is used by the system as a way of classifying the
profiles. Optionally, the system user may type a description for
the profile in the "Order Profile Description" field 915. This
description may be used for convenience or reference and does not
affect the functionality of the present invention. When the system
user has inputted the required information, the system user then
selects the "Next" button 950 to move on to the Order Profile
Definition screen 1000 shown in FIG. 10.
[0060] FIG. 10 shows a screen shot 1000 of the "Order Profile"
editing screen in one aspect of the present invention. FIG. 10
includes a screen portion 1010 displaying profile information, and
another screen portion 1030 that allows modification of the
criteria for the specified order profile. Screen portion 1010 may
include a listing of the profile name, the profile description, the
product associated with the profile, and the Ordering Area
associated with the profile, among other profile information.
Screen portion 1030 may illustrate the criteria used to evaluate
vendors in order of priority. In one aspect of the present
invention, the "Ordering Area" field of screen portion 1030 may be
listed first in a different color without the "Edit" or "Delete"
options because the Ordering Area field is required by the system
so as to select vendors only in the appropriate area.
[0061] In another aspect of the present invention, the other
criteria displayed in screen portion 1030 may be modified and/or
deleted depending on the system user's preferences. The system user
may add or modify parameters by changing the "Add Parameter,"
"Edit" or "Delete" flags corresponding to each criterion, for
example. When the system user is satisfied with the criteria and
the parameters, the user selects the "Back" button 1050 to continue
the selection process.
[0062] If the system user selects "Create New Ordering Profile" 860
from the screen shot of FIG. 8, then after the system user
completes the "Order Profile," such as in the screen 900 shown in
FIG. 9, the system displays a "Profile Parameters and Distribution"
screen 1100, as shown in FIG. 11. FIG. 11 shows the top part of an
exemplary screen 1100, which may include a screen portion 1110 for
new profile parameters, and another screen portion 1120 for
distribution methods selection. When creating a new profile, the
system user inputs parameters for the predefined criteria screen
portion 1110, such as FICO Score, Loan-to-Value, Loan Amount, and
Property Type, among other predefined criteria. It is noted that
the user cannot change the Ordering Area on this screen in this
aspect, because the Ordering Area is defined when naming the Order
Profile, on the screen shown in FIG. 9.
[0063] After the system user inputs the profile parameters, the
system user may select one of the distribution methods displayed in
screen portion 1120. Here, the system user may select among Equal
Distribution, Specified Distribution, and Qualitative Distribution,
as further discussed above. In addition, the system user may select
distribution parameters, and active vendors, as shown in the bottom
part of an exemplary screen 1200, displayed here as FIG. 12. FIG.
12 is a screenshot showing the continuation of the screen shown in
FIG. 11. FIG. 12 may include a screen portion 1210 listing
distribution parameters, and a screen portion 1220 listing active
vendors. In screen portion 1210, the system user may select limits
to which vendors may be subjected, such as capacity limits,
threshold limits, and daily capacity limits, among other limits. In
doing so, a system user may restrict the number of orders that may
be assigned to each vendor based on such factors.
[0064] In screen portion 1220, the system retrieves a list of
vendors eligible to deliver products ordered with this profile. The
system user may manually remove or add vendors to be considered
eligible when using this profile. In an aspect of the present
invention, the default option includes all vendors as activated,
unless the system user deactivates them. When the system user has
finished entering information, the system user selects the "Save"
option 1250, and the Order Profile is saved within the system.
[0065] The set up order profile detailed in FIGS. 6-12 may be a
used in the selection of a vendor or vendors to perform an
order.
[0066] While the present invention has been described in connection
with preferred aspects, it will be understood by those skilled in
the art that variations and modifications of the preferred aspects
described above may be made without departing from the scope of the
invention. Other aspects will be apparent to those skilled in the
art from a consideration of the specification or from a practice of
the invention disclosed herein. It is intended that the
specification and the described examples are considered exemplary
only, with the true scope of the invention indicated by the
following claims.
* * * * *