Coupa Software has been granted a patent for a computer-implemented method aimed at enhancing efficiency in electronic procurement systems. The method involves automatically tracking buyer computer actions, generating observation data, determining active sourcing events, and displaying them in a user-friendly interface without explicit requests for recommendations. GlobalData’s report on Coupa Software gives a 360-degree view of the company including its patenting strategy. Buy the report here.
Smarter leaders trust GlobalData
According to GlobalData’s company profile on Coupa Software, was a key innovation area identified from patents. Coupa Software's grant share as of February 2024 was 67%. Grant share is based on the ratio of number of grants to total number of patents.
Efficient electronic procurement system for sourcing resources
A recently granted patent (Publication Number: US11915177B1) outlines a computer-implemented method aimed at enhancing efficiency within an electronic procurement system for sourcing resources. The method involves automatically tracking real-time digital interactions of a buyer computer on software platforms, generating implicit observation data from context data of the buyer computer, extracting keywords, and determining if they relate to a commodity term. By utilizing a machine-learning classifier, the system cross-references the commodity term to sourcing event records, identifies active sourcing events, creates electronic collaboration rooms for these events, and updates their status indicators based on collected information. Additionally, the method allows for the display of these collaboration rooms in a graphical user interface, facilitating communication between participants and enabling the buyer computer to request participation in specific sourcing events.
Furthermore, the patent includes provisions for generating implicit observation data from historical spending data and assessment data of the buyer computer, enhancing the system's ability to provide relevant recommendations. The method also caters to scenarios where the buyer computer initiates new sourcing events, offering features like a new events section in the graphical panel for easy access. By tracking real-time actions during a single session, the system ensures context data is obtained promptly, enabling efficient decision-making and communication within the electronic procurement system. Overall, the patented method aims to streamline the procurement process, improve collaboration among participants, and enhance the overall efficiency of sourcing activities within the electronic system.
To know more about GlobalData’s detailed insights on Coupa Software, buy the report here.
Premium Insights
From
The gold standard of business intelligence.
Blending expert knowledge with cutting-edge technology, GlobalData’s unrivalled proprietary data will enable you to decode what’s happening in your market. You can make better informed decisions and gain a future-proof advantage over your competitors.
GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.
GlobalData Patent Analytics tracks bibliographic data, legal events data, point in time patent ownerships, and backward and forward citations from global patenting offices. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.
