Business method and system for expediting request for quotation (RFQ) processes in a network environment
First Claim
1. A computer system for one or more buyers and one or more sellers to trade one or more products and/or services by using one or more RFQ (Request for Quotation) processes over one or more computer networks, the system comprising:
- one or more central processing units (CPUs), one or more memories, and one or more network interfaces to one or more networks;
an RFQ creation process that enables one or more buyers to create one or more RFQs with one or more attribute values of preference and one or more business conditions of preference;
an RFQ submission process that enables one or more buyers to submit one or more RFQs with one or more attribute values of preference and one or more business conditions of preference to one or more electronic marketplaces;
an RFQ receiving process that enables one or more electronic marketplaces to receive one or more RFQs submitted by one or more buyers;
an RFQ storage process that enables one or more electronic marketplaces to store one or more RFQs submitted by one or more buyers in one or more database systems;
an RFQ posting process that enables one or more electronic marketplaces to post one or more RFQs received from one or more buyers and to invite one or more sell bids from one or more potential sellers of one or more products and/or services specified in the RFQs;
a sell bid creation process that enables one or more sellers to create one or more sell bids with one or more attribute values;
a sell bid submission process that enables one or more sellers to submit one or more sell bids with one or more attribute values to one or more electronic marketplaces;
a sell bid receiving process that enables one or more electronic marketplaces to receive one or more sell bids submitted by one or more sellers on one or more RFQs posted on the electronic marketplaces;
a sell bid storage process that enables one or more electronic marketplaces to store one or more sell bids submitted by one or more sellers in one or more database systems;
a multi-attribute matching process that enables one or more electronic marketplaces to match between one or more RFQs and one or more sell bids stored in one or more database systems;
a sell bid presentation process that enables one or more electronic marketplaces to present one or more sell bids that satisfy the attribute values of preference and business conditions of preference of one or more RFQs to the buyers who submitted the RFQs to one or more electronic marketplace;
a sell bid evaluation process that enables one or more buyers to view and evaluate one or more sell bids that satisfy the attribute value of preference and business conditions of preference of one or more RFQs and select one or more sell bids as wining bids;
a communication process that enables one or more buyers and sellers to communicate with one another to provide more information about one or more RFQs and one or more sell bids and further to negotiate on one or more deals; and
a transaction completion process that enables one or more buyers who select one or more sell bids as winning bids to purchase one or more products and/or services specified in the sell bids.
1 Assignment
0 Petitions
Accused Products
Abstract
An improved system and method for market makers of electronic marketplaces provides RFQ processes over a network in a way that shortens the time taken to run an RFQ process without sacrificing effectiveness as a trading mechanism. At the same time, buyers are allowed to research the market without actually submitting RFQs to the electronic marketplace. In this way, the accuracy the market research and the effectiveness of trading is increased by aggregating tentative and historical sell bids from multiple electronic marketplaces.
58 Citations
12 Claims
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1. A computer system for one or more buyers and one or more sellers to trade one or more products and/or services by using one or more RFQ (Request for Quotation) processes over one or more computer networks, the system comprising:
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one or more central processing units (CPUs), one or more memories, and one or more network interfaces to one or more networks;
an RFQ creation process that enables one or more buyers to create one or more RFQs with one or more attribute values of preference and one or more business conditions of preference;
an RFQ submission process that enables one or more buyers to submit one or more RFQs with one or more attribute values of preference and one or more business conditions of preference to one or more electronic marketplaces;
an RFQ receiving process that enables one or more electronic marketplaces to receive one or more RFQs submitted by one or more buyers;
an RFQ storage process that enables one or more electronic marketplaces to store one or more RFQs submitted by one or more buyers in one or more database systems;
an RFQ posting process that enables one or more electronic marketplaces to post one or more RFQs received from one or more buyers and to invite one or more sell bids from one or more potential sellers of one or more products and/or services specified in the RFQs;
a sell bid creation process that enables one or more sellers to create one or more sell bids with one or more attribute values;
a sell bid submission process that enables one or more sellers to submit one or more sell bids with one or more attribute values to one or more electronic marketplaces;
a sell bid receiving process that enables one or more electronic marketplaces to receive one or more sell bids submitted by one or more sellers on one or more RFQs posted on the electronic marketplaces;
a sell bid storage process that enables one or more electronic marketplaces to store one or more sell bids submitted by one or more sellers in one or more database systems;
a multi-attribute matching process that enables one or more electronic marketplaces to match between one or more RFQs and one or more sell bids stored in one or more database systems;
a sell bid presentation process that enables one or more electronic marketplaces to present one or more sell bids that satisfy the attribute values of preference and business conditions of preference of one or more RFQs to the buyers who submitted the RFQs to one or more electronic marketplace;
a sell bid evaluation process that enables one or more buyers to view and evaluate one or more sell bids that satisfy the attribute value of preference and business conditions of preference of one or more RFQs and select one or more sell bids as wining bids;
a communication process that enables one or more buyers and sellers to communicate with one another to provide more information about one or more RFQs and one or more sell bids and further to negotiate on one or more deals; and
a transaction completion process that enables one or more buyers who select one or more sell bids as winning bids to purchase one or more products and/or services specified in the sell bids. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11)
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12. A method of doing business over a network comprising the steps of:
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providing a buyer with one or more RFQ creation processes for creating one or more RFQs with one or more attribute values of preference and one or more business conditions of preference;
providing a buyer with one or more RFQ submission processes for submitting one or more RFQs to one or more sell bid aggregation systems which find one or more sell bids that satisfy the attribute values of preference and the business conditions of preference of the submitted RFQs;
providing a buyer with one or more communication processes for communicating with one or more sellers of the sell bids found by one or more sell bid aggregation systems to confirm the validity of the bids, find more information on the bids, and/or negotiate on the bids;
providing a buyer with one or more sell bid evaluation processes for evaluating one or more sell bids found by one or more sell bid aggregation systems, and selecting one or more sell bids among them as winning bids;
providing a buyer with one or more transaction completion processes for completing one or more purchases of one or more products/services given in one or more winning bids;
providing a buyer with one or more electronic marketplace selection processes for selecting one or more electronic marketplaces to submit one or more RFQs and receive more sell bids from one or more sellers;
providing a buyer with sell bid receiving processes for receiving one or more sell bids from one or more sellers by using one or more electronic marketplaces;
providing a buyer with one or more communication processes for communicating with one or more sellers who submit one or more sell to find more information on the bids, and/or negotiate on the bids;
providing a buyer with one or more sell bid evaluation processes for evaluating one or more sell bids submitted by one or more sellers, and selecting one or more sell bids among them as winning bids; and
providing a buyer with one or more transaction completion processes for completing one or more purchases of one or more products/services given in one or more winning bids.
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Specification