Model N has been granted a patent for a computer-implemented method that allows users to customize contracts with configurable rebate strategies. The method involves defining an object with discrete components and evaluating each component using predefined formulas. The method also includes displaying a calculation user interface and pausing computation until user input is received. The patent aims to provide auditable and overridable rebate strategies for business contracts. GlobalData’s report on Model N gives a 360-degree view of the company including its patenting strategy. Buy the report here.
According to GlobalData’s company profile on Model N, quantum machine learning was a key innovation area identified from patents. Model N's grant share as of June 2023 was 1%. Grant share is based on the ratio of number of grants to total number of patents.
Patent granted for a computer-implemented method for customizable rebate strategies
A recently granted patent (Publication Number: US11676090B2) describes a computer-implemented method and system for customizing business contracts with configurable rebate strategies. The method involves providing a library of different types of configurable component templates, such as rebate percentage and tier qualification components, for users to customize contracts. The method also includes defining an object comprising discrete components with predefined orders and formulas belonging to different formula levels.
The method further involves initiating a multi-step ordered evaluation of the discrete components by looping over each formula to produce a result set. The evaluation process includes passing results from one formula to another and displaying a calculation user interface. The user interface allows users to review an initial part of a result graph and pause computation until user input is received. Computation resumes upon receiving the user input.
The patent also describes the different formula levels, including line level, aggregate level, calculation level, and dimension level. Each level has specific calculations, places of calculation, and ways to treat and store results. The method allows business users to create customized business strategies by editing the configurable component templates, resulting in auditable and overridable rebate strategies.
The system described in the patent includes a processor and memory storing instructions for performing the method. It also includes a calculation engine, a calculation user interface, and a library of configurable component templates. The system supports storing the result set in a storage structure and includes user-selectable elements in the calculation user interface for setting up parameters in the formulas.
The patent also mentions a distributed system architecture that supports flexibility, scalability, and auditability. The system includes multiple servers and a strategy designer unit with various modules for designing, editing, and running business strategies. The system supports determining tiered rebates and allows rebate formulas of any formula level to be sequenced in any order based on a strategy definition.
Overall, this patent presents a computer-implemented method and system for customizing business contracts with configurable rebate strategies. The method allows for flexible customization, auditability, and overridability of rebate strategies, while the system supports efficient calculation and evaluation of these strategies.