Methods and systems for creating and managing capital asset business exchanges

• US 20020040304A1
• Filed: 10/01/2001
• Published: 04/04/2002
• Est. Priority Date: 10/02/2000
• Status: Abandoned Application

• Current Assignee: Seema Shenoy, Subrao Shenoy
• Original Assignee: Seema Shenoy, Subrao Shenoy
• Inventors: Shenoy, Subrao, Shenoy, Seema
• Application Number:
  US09/968,736
• Publication Number:
  US 20020040304A1
• Time in Patent Office: Days
• US Class Current: 705/1
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

A method of creating and managing a capital asset transaction utilizing a field programmable transaction system, using a network based system including a server system coupled to a centralized database and at least one client system, is disclosed. The method comprises identifying business objectives, defining a type of the capital asset involved in the capital asset transaction, creating a business entity and related sub-entities, defining business rules and logic specific to the business entity and the associated sub-entities to govern the transaction, and managing the transaction dynamically on an on-going basis to close the transaction successfully.

Claims

1. A method of creating and managing a capital asset transaction utilizing a field programmable transaction system including a server system coupled to a centralized database and at least one client system, said method comprising:

identifying business objectives, including a type of the capital asset involved in the capital asset transaction;

creating a business entity and related sub-entities;

defining business rules and logic specific to the business entity and the associated sub-entities to govern the transaction; and

managing the transactions dynamically on a regular basis for the business entity.

2. The method according to claim 1 wherein the capital asset transaction includes at least one of a residential real estate procurement transaction, a commercial real estate procurement transaction, a timeshare procurement transaction, a ship procurement transaction, a boat procurement transaction, an automobile procurement transaction, an aircraft procurement transaction, a factory equipment procurement transaction, and an import-export transaction.

3. The method according to claim 2 wherein the capital asset transaction includes a residential real estate procurement transaction, which farther comprises creating new entities including at least one of a Buyer, a Seller, a Escrow, a Lender, a Broker, an Agent, an Inspection Company, a Repair Company and other service providers.

4. The method according to claim 1 wherein said step of creating a business entity and related sub-entities further comprises the step of creating at least one of forms, disclosures, documents, tasks and sub-tasks.

5. The method according to claim 1 wherein said step of creating a business entity and related sub-entities further comprises the steps of creating appropriate relationships and establishing proper linkages among the business entity and related sub-entities.

6. The method according to claim 1 wherein the client system and the server system are connected via a network to create centralized exchanges and wherein the network is one of a wide area network, a local area network, an intranet and the Internet.

7. The method according to claim 1 wherein the client system and the server system are connected via a network to create distributed exchanges and wherein the network is one of a wide area network, a local area network, an intranet and the Internet.

8. The method according to claim 1 wherein said step of managing the transaction further comprises the steps of:

developing milestones that identify at least one of tasks, completion dates and responsible individuals;

managing interrelationships among various tasks and various individuals responsible for completing tasks; and

reporting progress of the transaction by tracking at least one of tasks, completion dates, and due dates.

9. The method according to claim 7 further comprising:

accessing the centralized database;

searching the centralized database to obtain the transaction information;

retrieving information from the centralized database; and

transmitting the retrieved information to the client system for display utilizing various different user interfaces.

63. The method according to claim 1 wherein the capital asset transaction is managed by creating the transaction flow automatically.

64. The method according to claim 1 wherein the capital asset transaction is managed by creating the transaction flow manually.

10. A system for managing a capital asset procurement transaction, said system comprising:

a client system comprising a browser;

a data storage for storing information;

at least one server system configured to be coupled via a network to said client system and said data storage device, said server system further configured to;

set up business entities and sub-entities including business rules and parameters relating to the business entities and sub-entities;

create rules of proxy, rules of interaction and delegation;

analyze transaction details based on an executed contract;

execute an automated workflow which incorporates all the tasks for the business entities and sub-entities; and

auto navigate the transaction based on a desired outcome and transaction variables exchanged via the network to complete the transaction.

11. A system according to claim 10 wherein said server system is further configured to capture the fundamental business rules.

12. A system according to claim 10 wherein said server system is further configured to create business entities and sub-entities with the definitions of all privileges, scope of each business entity, sub-entities and their responsible tasks, and logic of business interaction among each business entity and sub-entities.

13. A system according to claim 10 wherein said server system is further configured to create and load documents and forms that are automatically invoked during the processing and execution of the transaction.

14. A system according to claim 10 wherein said server system is further configured to create a field programmable privilege scheme for all entities based on laws, local regulations and business practices.

15. A system according to claim 10 wherein said server system is further configured to manage hierarchical layers of programming with an override scheme.

16. A system according to claim 10 wherein an entire backbone workflow of the transaction that spans across multiple entities and sub-entities is connected by mixing and matching hierarchies.

17. A system according to claim 10 wherein said server system is further configured to create specific entity related homepages for business entity and sub-entities with a privilege scheme and individual working environment.

18. A system according to claim 10 wherein said server system is further configured to generate a rules definition file that is captured using a simple and intuitive graphical user interfaces and wherein the rules definition file contains entity definitions for all business entities in the transaction.

19. A system according to claim 18 wherein said rules definition file defines the basic skeleton of the business entities, business entities'"'"' functions and tasks, and business entities'"'"' logical relationship.

20. A system according to claim 10 wherein said client system is further configured to display a variety of options to a user;

and to send an inquiry to the server system for facilitating the processing and downloading by the server system of the requested information to the client system.

21. A system according to claim 20 wherein said client system is further configured to send information in response to at least one of a click of a mouse button and a voice command.

22. A system according to claim 10 wherein said system is configured to be protected from access by unauthorized individuals and further configured to manage multiple databases to exchange information for various users in a distributed environment.

23. A system according to claim 10 wherein said server system is configured to send automatic e-mail notifications to parties involved.

24. A system according to claim 10 wherein the network is one of a wide area network, a local area network, an intranet and the Internet.

26. The computer according to claim 25 further programmed to provide a notification to users via electronic mail regarding final decision.

27. The computer according to claim 19 wherein the transaction milestones are developed based on business rule files and actual contracts relating to the transaction.

28. The computer according to claim 19 wherein the transaction milestones further include transaction workflow for all entities involved in the transaction.

29. The computer according to claim 19 wherein the desired outcome is developed based on actual contracts signed between the parties.

25. A computer to facilitate online processing and closure of capital assets transactions, said computer coupled to a centralized database and programmed to:

set up business entities and receive transaction information into the centralized database against related business entities;

store the transaction information into various subsections of the centralized database and cross reference the transaction information against the business entities;

develop transaction milestones and dynamic workflow based on parties'"'"' desired outcome;

receive documentary evidence against transaction milestones and update the centralized database dynamically to reflect a current status of the transaction at any given time; and

close the transaction to achieve the desired outcome of the parties.

30. A computer program embodied on a computer readable medium for managing transactions in various different types of industries including at least one of a residential real estate industry, a commercial real estate industry, a timeshares industry, a ship industry, an automobile industry, an aircraft industry, and an import/export industry, based on pre-defined business rules guidelines, said computer program further comprises at least one of an analyst code segment, a rules file creation code segment, a dynamic transaction logic code segment, a privilege scheme code segment, an optimization code segment, an automatic file storage and retrieval code segment, and a semantic questionnaire code segment to execute and close transactions based on parties contractual understandings and obligations.

31. The computer program as recited in claim 30 further includes a code segment that prints various management reports in a pre-determined format.

32. The computer program as recited in claim 30 further includes a code segment that downloads and displays various user interfaces including at least one of:

an Identifying the Folder user interface,

a Selecting and Naming the Document user interface,

a Setting the Privileges user interface,

an Analyst'"'"'s Home page user interface,

a Create/View Entity user interface,

a Create/Modify E-Mail Templates user interface,

a Create/Modify Forms user interface,

a Create/Modify Net Sheet/Closing Costs user interface,

a Create/Modify Document List user interface,

a Create/Modify/View Task user interface,

a Define Entity/Task Relationship user interface,

a Define Master Rules Module user interface,

a Master Rules Module Library user interface,

a Define Module Name and Territory user interface,

a Select Entities user interface,

a Select Tasks user interface,

a Define Task Attributes user interface,

a Select Documents/Reports user interface,

a Select Attributes of Documents user interface,

a Define/Modify Proxy user interface,

a Set Default Values user interface,

a Define Transaction Flow user interface, and

a Notes on Master Rules Module user interface.

33. The computer program as recited in claim 32 further includes a code segment that downloads and displays various user interfaces adopted for the real estate industry, including at least one of:

a Home page user interface,

an Account user interface,

an Add Team Members user interface,

an Account/Support Staff user interface,

a Delegate user interface,

a Task Delegation user interfaces,

a Transaction Delegation user interface,

a Commissions user interface,

a Commissions Set Up user interface,

a Commissions Summary user interface,

an Individual Category user interface,

a Transaction Questionnaire user interface to register a new transaction,

an Electronic Transaction Folder user interface,

a Transaction Paperwork user interface,

a Transaction Review user interface,

a Listing Feedback user interface,

a Get Feedback on Listing user interface,

a Listing Feedback Form user interface,

an Offer Highlights user interface,

a Create Offer Highlights user interface, and

an Add Tasks user interface.

34. The computer program as recited in claim 30 wherein the analyst code segment further comprises a code segment that:

captures fundamental business rules after creating basic and related business entities and sub-entities;

creates definitions of all privileges;

develops the scope of each entity and their responsible tasks;

creates documents, forms and other objects that are automatically invoked during the transaction execution; and

creates interrelationship among business entities, tasks, and privileges.

35. The computer program as recited in claim 34 wherein the analyst code segment further comprises a code segment that handles any new geographic rules by easily creating and modifying rules file based on local regulations and business practices.

36. The computer program as recited in claim 34 wherein the analyst code segment further comprises a code segment that creates hierarchical layers of programming with an override scheme to close the transaction successfully based on the parties'"'"' contractual understanding and obligations.

37. The computer program as recited in claim 34 wherein the analyst code segment further comprises a code segment that allows the user to at least one of add, delete, and modify the user'"'"'s own task and sub-tasks, documents, privileges and delegation schemes.

38. The computer program as recited in claim 30 wherein the rules file creation code segment further comprises a code segment that:

creates a basic rules definition file, wherein the basic rules definition file contains a layer definition of each entity and how each layer interacts or does not interact based on the layer'"'"'s logical relationship in a business situation; and

captures the logical relationship using a simple and intuitive graphical user interfaces.

39. The computer program as recited in claim 38 wherein the rules file creation code segment further comprises a code segment that contains entity definitions for all entities in the transaction.

40. The computer program as recited in claim 30 wherein the dynamic transaction logic code segment further comprises a code segment that creates and executes a dynamic automated workflow incorporating all the tasks for the defined entities and auto navigates the transaction based on outcomes and transaction variables exchanged via the Internet.

41. The computer program as recited in claim 40 wherein the dynamic transaction logic code segment further comprises a code segment that enables changing the transaction flow at least one of automatically and manually based on direct user inputs and transaction variables.

42. The computer program as recited in claim 40 wherein the dynamic transaction logic code segment further comprises a code segment that:

receives compiled business rules and the information captured from an online contract document by executing at least one of completing contract forms on the exchange, completing a questionnaire on the exchange, and transferring the relevant data via XML interface from the contract source outside the exchange; and

creates an automated workflow to navigate the transaction.

43. The computer program as recited in claim 40 wherein the dynamic transaction logic code segment further comprises a code segment that:

executes a task;

marks it as at least one of complete, incomplete, and not applicable; and

views and edits documents.

44. The computer program as recited in claim 30 wherein the privilege scheme code segment further comprises a code segment that manages a user customizable privilege scheme to execute tasks, view, sign and edit documents to guarantee transaction integrity and privacy.

45. The computer program as recited in claim 30 wherein the optimization code segment further comprises a code segment that stores given characteristics of service providers in a library of components and manages a constrained-based optimization.

46. The computer program as recited in claim 45 wherein the optimization code segment is further comprising a code segment that enforces the privilege function as programmed by an analyst.

47. The computer program as recited in claim 30 wherein the automatic file storage and retrieval code segment further comprises a code segment that manages at least one of contextual file naming, providing privileges to view/sign, storing, and retrieving key documents.

48. The computer program as recited in claim 47 wherein the automatic file storage and retrieval code segment further comprises a code segment that manages at least one of forms, reports, and disclosures used in and related to the transaction.

49. The computer program as recited in claim 48 wherein the automatic file storage and retrieval code segment further comprises a code segment that receives documents.

50. The computer program as recited in claim 49 further includes a code segment to receive documents that are at least one of faxed documents, scanned documents, and emailed documents.

51. The computer program as recited in claim 49 further includes a code segment to receive documents that are sent through XML interfaces.

52. The computer program as recited in claim 49 wherein the automatic file storage and retrieval code segment further comprises a code segment that receives the documents that are created on servers.

53. The computer program as recited in claim 30 further includes a code segment that generates various management reports based on the user'"'"'s selected criteria in a pre-determined format to track transactions.

54. The computer program as recited in claim 30 wherein the optimization code segment further comprises a code segment that performs feasibility analysis to develop multiple scenarios for a user to provide the user with a flexibility to select an alternative.

55. The computer program as recited in claim 54 wherein the optimization code segment further comprises a code segment that provides comparison of various alternatives to help finalize the contract and initiate the transaction.

56. The computer program as recited in claim 30 wherein the semantic questionnaire code segment further comprises a code segment that captures the data on a business contract from the user and completes forms related to the transaction.

57. The computer program as recited in claim 56 wherein the semantic questionnaire code segment further comprises a code segment that creates feasibility analysis scenarios.

58. The computer program as recited in claim 30 further includes a code segment that creates an entire backbone workflow of the transaction that spans across multiple entities and sub-entities, the workflow is connected by mixing and matching hierarchies.

59. The computer program as recited in claim 58 wherein a hierarchy of a major entity is left intact by interfacing and communicating only via the outer boundary level.

60. The computer program as recited in claim 58 wherein a hierarchy of a major entity is collapsed to view at least one of tasks, sub-tasks, entities, privileges, and communications underneath.

61. The computer program as recited in claim 30 further includes a code segment that manages transactions by managing complex business interrelationships.

62. The computer program as recited in claim 30 further includes a code segment that monitors the security by restricting access to unauthorized individuals.