METHOD, APPARATUS, AND COMPUTER PROGRAM PRODUCT FOR PROVIDING CONTRACT ANALYTICS
Some examples provide systems, methods, apparatus, and computer program products for providing a market platform. The market platform may operate to inform buyers and suppliers, to allow buyers and suppliers to select products and contracting parameters to meet their needs, to allow buyers and suppliers to commit to supply agreements, and to enforce those supply agreements. The market platform may be further configured to capture data related to transactions performed by buyers and suppliers that use the market platform system to perform said transactions. This data may be utilized to generate a set of analytics to assist both buyers and suppliers with making informed decisions about their transactions. The market platform may identify correlations between buyer characteristics and product selections, to assist the buyer with selecting products that are generally appropriate for their particular characteristics and/or needs.
1 . A method comprising:
capturing a set of transaction data, the transaction data comprising a selection of at least one product selected from a plurality of products, the selection performed by a first buyer during a first transaction;
determining, using a processor, that an alternative product is a valid cross-reference for the at least one product using the transaction data; and
providing an indicator during a subsequent transaction for the at least one product that the at least one alternative product is a valid cross-reference for the at least one product.
2 . The method of claim 1 , wherein the alternative product is determined as a valid cross-reference in response to determining that the first buyer selected the alternative product when presented with an option to select one or more of the alternative product and the first product.
3 . The method of claim 1 , wherein the indication marks the alternative product as a community-derived cross-reference.
4 . The method of claim 1 , further comprising:
capturing a plurality of types of transaction data; and
assigning a different weight to each type of transaction data based on the type of transaction data.
5 . The method of claim 4 , wherein the types of transaction data comprise at least one of buyer spend data, product selections that occur in response to supplier events, product selections performed by a buyer during a purchase planning operation, or product information provided by suppliers.
6 . The method of claim 5 , wherein transaction data comprising product information provided by suppliers is accorded a different weight in determining that the alternative product is a cross-reference than transaction data comprising buyer spend data.
7 . The method of claim 1 , further comprising determining if the at least one product has been backordered, recalled, or discontinued.
8 . An apparatus comprising at least one processor configured to:
capture a set of transaction data, the transaction data comprising a selection of at least one product selected from a plurality of products, the selection performed by a first buyer during a first transaction;
determine that an alternative product is a valid cross-reference for the at least one product using the transaction data; and
provide an indicator during a subsequent transaction for the at least one product that the at least one alternative product is a valid cross-reference for the at least one product.
9 . The apparatus of claim 8 , wherein the alternative product is determined as a valid cross-reference in response to determining that the first buyer selected the alternative product when presented with an option to select one or more of the alternative product and the first product.
10 . The apparatus of claim 8 , wherein the indication marks the alternative product as a community-derived cross-reference.
11 . The apparatus of claim 8 , wherein the processor is further configured to:
capture a plurality of types of transaction data; and
assign a different weight to each type of transaction data based on the type of transaction data.
12 . The apparatus of claim 11 , wherein the types of transaction data comprise at least one of buyer spend data, product selections that occur in response to supplier events, product selections performed by a buyer during a purchase planning operation, or product information provided by suppliers.
13 . The apparatus of claim 12 , wherein transaction data comprising product information provided by suppliers is accorded a different weight in determining that the alternative product is a cross-reference than transaction data comprising buyer spend data.
14 . The apparatus of claim 8 , wherein the processor is further configured to determine if the at least one product has been backordered, recalled, or discontinued.
15 . A computer readable storage medium comprising instructions that, when executed by a processor, configure the processor to:
capture a set of transaction data, the transaction data comprising a selection of at least one product selected from a plurality of products, the selection performed by a first buyer during a first transaction;
determine that an alternative product is a valid cross-reference for the at least one product using the transaction data; and
provide an indicator during a subsequent transaction for the at least one product that the at least one alternative product is a valid cross-reference for the at least one product.
16 . The computer readable storage medium of claim 15 , wherein the alternative product is determined as a valid cross-reference in response to determining that the first buyer selected the alternative product when presented with an option to select one or more of the alternative product and the first product.
17 . The computer readable storage medium of claim 15 , wherein the indication marks the alternative product as a community-derived cross-reference.
18 . The computer readable storage medium of claim 15 , further comprising instructions that configure the processor to:
capture a plurality of types of transaction data; and
assign a different weight to each type of transaction data based on the type of transaction data.
19 . The computer readable storage medium of claim 18 , wherein the types of transaction data comprise at least one of buyer spend data, product selections that occur in response to supplier events, product selections performed by a buyer during a purchase planning operation, or product information provided by suppliers.
20 . The computer readable storage medium of claim 19 , wherein transaction data comprising product information provided by suppliers is accorded a different weight in determining that the alternative product is a cross-reference than transaction data comprising buyer spend data.