Contract Order Document for Automated Invoice Generation
Find Innovative SolutionsGenerate Solutions
Solution Overview
Problem
Current procurement systems are redundant and costly, leading to errors in generating and submitting invoices, particularly for companies with complex contracts, due to the lack of sophisticated contract management and invoicing systems, resulting in delayed payments.
Innovation Solution
A computer-implemented procurement system that generates a Contract Order Document from contract data, allowing suppliers to create supplier documents electronically without direct access to contract management systems, reducing redundancy and errors through networked communication and secure messaging protocols.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Measurement precision
If suppliers directly access contract management systems to generate invoices, then invoicing accuracy improves, but system complexity and security risks increase
Solution Approach 1:
The patent introduces a Contract Order Document as an intermediary that contains essential contract terms and instructions for generating supplier documents. This mediator allows suppliers to create accurate invoices without directly accessing the complex contract management system, thereby maintaining invoicing accuracy while reducing system complexity and security risks.
2Productivity
If manual invoice generation processes are used, then system simplicity is maintained, but errors increase and productivity decreases
Solution Approach 1:
The system enables suppliers to self-generate supplier documents (invoices) automatically by providing them with a Contract Order Document containing all necessary contract terms, pricing information, and instructions. This self-service capability eliminates manual processing errors while significantly improving invoicing efficiency and productivity.
3Ease of manufacture
If redundant purchase requisition and purchase order generation processes are maintained, then system compatibility is preserved, but cost and time consumption increase
Solution Approach 1:
The system performs preliminary actions by generating a Contract Order Document from the contract that pre-contains all necessary information for creating supplier documents. This preliminary preparation eliminates the need for redundant manual processes of generating purchase requisitions and orders, reducing processing time while maintaining system compatibility through standardized document formats.
Data Source
AI summary
An improved procurement system and method are provided. The improved procurement system comprises: a memory having stored therein an account of a first entity, the account associated with a first computer and comprising contract data associated with a first entity and a contract terms included in a contract between the first entity and a second entity, wherein the second entity is not associated with the account; one or more processors; a non-transitory machine-readable medium having instructions stored thereon, the instructions executable by the one or more processors to perform: generating a Contract Order Document from the contract data associated with the first computer, the Contract Order Document being an electronic document comprising a portion of the contract data and a selectable user interface element that, when selected by a second computer associated with the second entity, generates an instruction to generate a first document; sending, via a network, the Contract Order Document to the second computer; receiving, in response to the Contract Order Document, the instruction from the second computer to generate the first document; obtaining, in response to the instruction and from the account of the first computer, at least a portion of the contract terms included in the contract between the first entity and the second entity; generating the first document using the at least the portion of the contract terms obtained from the account of the first computer; sending, via a network, the first document to the second computer.