Claims:I/WE CLAIM:

1. A method of managing events in a supply chain, the method comprising:
generating, by a processor, at least one purchase order or an invoice, comprising a plurality of events corresponding to transactions involved in a supply chain, wherein the at least one purchase order or the invoice is generated by defining a schedule in order to execute each event of the plurality of events, and wherein an event is executed by at least one actor in the supply chain;
mapping, by the processor, actions of the actors adhering to the schedule of each event in the plurality of events; and
tracking, by the processor, performance of actors based on the actions to manage the events according to the schedule.

2. The method as claimed in claim 1, further comprising rating the actors based on the performance.

3. The method as claimed in claim 1, further comprising alerting the actors based on the performance tracked.

4. A system for managing events in a supply chain, the system comprising:
a processor; and
a memory, coupled to the processor, wherein the memory comprises program instructions to be executed by the processor, to:
generate at least one purchase order or an invoice, comprising a plurality of events corresponding to transactions involved in a supply chain, wherein the at least one purchase order or the invoice is generated by defining a schedule in order to execute each event of the plurality of events, and wherein an event is executed by at least one actor in the supply chain;
map actions of the actors adhering to the schedule of each event in the plurality of events; and
track performance of actors based on the actions to manage the events according to the schedule.

5. The system as claimed in claim 4, wherein the processor further executes the program instructions to rate the actors based on the performance.

6. The system as claimed in claim 4, wherein the processor further executes the program instructions to alert the actors based on the performance tracked.

7. A non-transitory computer readable storage medium comprising program instructions which, when executed, are configured to perform a method for managing events in a supply chain, the method comprising:
generating at least one purchase order or an invoice, comprising a plurality of events corresponding to transactions involved in a supply chain, wherein the at least one purchase order or the invoice is generated by defining a schedule in order to execute each event of the plurality of events, and wherein an event is executed by at least one actor in the supply chain;
mapping actions of the actors adhering to the schedule of each event in the plurality of events; and
tracking performance of actors based on the actions to manage the events according to the schedule.

, Description:SYSTEM AND A METHOD OF MANAGING EVENTS IN A SUPPLY CHAIN

FIELD OF INVENTION

[01] The present invention relates to a field of supply chain management and more particularly to the field of managing events that occur in a supply chain by a financial institution.

BACKGROUND

[02] As known, financial institutions support organizations to conduct business by financing their operations. The supply chain comprises multiple suppliers, manufacturers and consumers, each requiring finance to purchase or sell their products. In order to purchase or sell, the suppliers, manufacturers and the consumers may avail finance from a financial institution. Typically in the supply chain, there exists three legs of finance comprising several events. The supply chain, at first includes purchase of raw materials wherein the financial institution pays the supplier on behalf of the manufacturer. Further, the financial institution provides credit to the manufacturer for development of the product. Subsequently, the financial institution pays the manufacturer the cost of invoices after the finished products are sold to consumers upon deducting all the costs incurred.

[03] For the above, typically the financial institution follows up with each purchase orders by keeping a tab on manufacturing, sale and delivery of the product to recover the finance lent. It is very cumbersome for a financial institution to identify and track every transaction such as payments made and received between the parties involved in the supply chain. Further, any change or delay in transaction may lead to strain in the supply chain and making it difficult for the financial institution to track and recover the finance lent.

SUMMARY

[04] This summary is provided to introduce concepts related to a system and a method of managing events in a supply chain and the concepts are further described below in the detailed description. This summary is not intended to identify essential features of the claimed subject matter nor is it intended for use in determining or limiting the scope of the claimed subject matter.

[05] In one example, a method of managing events in a supply chain is disclosed. The method comprises generating at least one purchase order or an invoice, comprising a plurality of events corresponding to transactions involved in a supply chain. The at least one purchase order or the invoice is generated by defining a schedule in order to execute each event of the plurality of events. An event of the plurality of events is executed by at least one actor in the supply chain. The method further comprises mapping, by the processor, actions of the actors adhering to the schedule of each event in the plurality of events. The method further comprises tracking, by the processor, performance of actors based on the actions to manage the events according to the schedule.

[06] In another example, a system for managing events in a supply chain is disclosed. The system comprises a processor and a memory coupled to the processor. The processor executes program instructions stored in the memory to generate at least one purchase order or an invoice, comprising a plurality of events corresponding to transactions involved in a supply chain. The at least one purchase order or the invoice is generated by defining a schedule in order to execute each event of the plurality of events. An event of the plurality of events is executed by at least one actor in the supply chain. The processor further executes the program instructions to map actions of the actors adhering to the schedule of each event in the plurality of events. The processor further executes the program instructions to track performance of actors based on the actions to manage the events according to the schedule.

[07] In another example, a non-transitory computer readable storage medium comprising program instructions which, when executed, are configured to perform a method for managing events in a supply chain is disclosed. The method comprises generating at least one purchase order or an invoice, comprising a plurality of events corresponding to transactions involved in a supply chain. The at least one purchase order or the invoice is generated by defining a schedule in order to execute each event of the plurality of events. An event of the plurality of events is executed by at least one actor in the supply chain. The method further comprises mapping, by the processor, actions of the actors adhering to the schedule of each event in the plurality of events. The method further comprises tracking, by the processor, performance of actors based on the actions to manage the events according to the schedule.

BRIEF DESCRIPTION OF FIGURES

[08] In the following drawings like reference numbers are used to refer to like elements. Although the following figures depict various examples of the invention, the invention is not limited to the examples depicted in the figures.

[09] FIG. 1 illustrates a network implementation of a system for managing events in a supply chain, in accordance with an embodiment of the present disclosure; and

[010] FIG. 2 shows a flowchart for managing events in a supply chain, in accordance with an embodiment of the present disclosure.

DETAILED DESCRIPTION

[011] The present disclosure discloses a system and a method of managing events in a supply chain. At first, at least one purchase order or an invoice is generated comprising a plurality of events corresponding to transactions involved in a supply chain. The at least one purchase order or the invoice is generated by defining a schedule in order to execute each event of the plurality of events. An event of the plurality of events is executed by at least one actor in the supply chain. Subsequently, actions of the actors adhering to the schedule of each event in the plurality of events are mapped. Based on the actions, performance of the actors is tracked to manage the events according to the schedule.

[012] While aspects of proposed invention may be implemented in any number of different computing systems, environments, and/or configurations, the embodiments are described in the context of the following exemplary environment.

[013] Referring to FIG. 1, an environment 100 of a system 105 managing events in a supply chain is illustrated, in accordance with which various embodiments of the invention. Although the present disclosure is explained by considering that the system 105 is implemented on a server, it may be understood that the system 105 may also be implemented in a variety of computing systems, such as a mainframe computer, a network server, cloud, and the like. It will be understood that the system 105 may be accessed by multiple users through one or more user devices 110 or applications residing on the user devices (110a, 110b, and 110c), collectively referred as user devices 110. Examples of the user devices 110 may include, but are not limited to, a portable computer, a personal digital assistant, a handheld device, and a workstation. The user devices 110 are communicatively coupled to the system 105 through a network 115.

[014] In one implementation, the network 115 may be a wireless network, a wired network or a combination thereof. The network 115 can be implemented as one of the different types of networks, such as intranet, local area network (LAN), wide area network (WAN), the internet, and the like. The network 115 may either be a dedicated network or a shared network. The shared network represents an association of the different types of networks that use a variety of protocols, for example, Hypertext Transfer Protocol (HTTP), Transmission Control Protocol/Internet Protocol (TCP/IP), Wireless Application Protocol (WAP), and the like, to communicate with one another. Further the network 106 may include a variety of network devices, including routers, bridges, servers, computing devices, storage devices, and the like.

[015] In one embodiment, the system 105 may include at least one processor 120, an input/output (I/O) interface 125, and a memory 130. The at least one processor 120 may be implemented as one or more microprocessors, microcomputers, microcontrollers, digital signal processors, central processing units, state machines, logic circuitries, and/or any devices that manipulate signals based on operational instructions. Among other capabilities, the at least one processor 120 is configured to fetch and execute computer-readable instructions stored in the memory 130.

[016] The I/O interface 125 may include a variety of software and hardware interfaces, for example, a web interface, a graphical user interface, and the like. The I/O interface 125 may allow the system 105 to interact with a user directly or through the user devices 110. Further, the I/O interface 125 may enable the system 105 to communicate with other computing devices, such as web servers and external data servers (not shown). The I/O interface 125 may facilitate multiple communications within a wide variety of networks and protocol types, including wired networks, for example, LAN, cable, etc., and wireless networks, such as WLAN, cellular, or satellite. The I/O interface 125 may include one or more ports for connecting a number of devices to one another or to another server.

[017] The memory 130 may include any computer-readable medium known in the art including, for example, volatile memory, such as static random access memory (SRAM) and dynamic random access memory (DRAM), and/or non-volatile memory, such as read only memory (ROM), erasable programmable ROM, flash memories, hard disks, optical disks, and magnetic tapes.

[018] In one embodiment of the invention, users of the user devices 110 may access the system 105 via the I/O interface 125. The system 105 may be implemented at a financial institution, such as a bank, or any other organization that provide financial assistance to companies. As known, supply chain comprises at least one manufacturer, a plurality of suppliers supplying products to the at least one manufacturer. In other words, the supply chain comprises a plurality of buyers and sellers. Further, the at least one manufacturer may have a plurality of consumers, buying the finished products. For example, consider a car manufacturer, having several suppliers supplying variety of smaller products that go into manufacturing of the car. Further, the manufacturer may have several consumers purchasing the cars manufactured by the manufacturer. Although the example is considered to finance a manufacturing sector, the system 105 may be implemented in other sectors in which a financial institution provides finance to participants or actors or in the supply chain.

[019] As known, several events or transactions take place in the supply chain. An event or transaction in the supply chain may indicate an instance in which one actor raises or generates a request e.g., purchase order or an invoice, to be fulfilled by another actor, and the actor pays for the fulfillment of the request. As the number of suppliers and consumers increase, it becomes difficult to track and manage the events by the financial institution. In order to track and manage each event in the supply chain, the financial institution may use the system 105 described herein.

[020] In order to track and manage the events in the supply chain, at first, the system 105 receives information from actors, such as the manufacturer, the supplier, and the consumer in the supply chain. In order to provide information to the system 105, the actors may use the user devices 110. For example, the manufacturer may use the user devices (110a1, 110a2…110an), collectively referred as 110a, to update information of the supplier and consumers in the system 105. Similarly, one or more suppliers may use the user devices (110b1, 110b2…110bn), collectively referred as 110b, to update information of the manufacturer, components supplied, inventory and so on. Similarly, one or more consumers may use the user devices (110c1, 110c2…110cn), collectively referred as 110c, to update information of the manufacturer, capital required, interest and so on.

[021] In order to provide finance to the actors i.e., buyers and sellers in the supply chain, the financial institution may prepare a master plan for the actors involved in the supply chain. The master plan may indicate conditions upon which the financial institution lends the actors in the supply chain. The master plan may include, but not limited to an amount to be financed in a given supply chain, interest to be charged for the actors, tenure of the finance, checks to be made prior to financing the actor and so on. After preparing, the master plan may be stored in the memory 130.

[022] Concurrently or consequently, each actor involved in the supply chain may provide details to the system 105 through the user devices 110, to avail the finance from the financial institution. For example, each actor may provide the details such as name of the actor, type of product to be procured or to be sold to another actor, breakdown of charges to be incurred in an event, breakdown of charges for buying a product in a transaction, breakdown of changes for required working capital and so on. Further, the actors may specify details of finance required, collateral documents to be submitted, time period within which the financials has to be closed and so on. After specifying the collateral documents required, the actors may upload the documents in the system 105. Subsequently, the collateral documents may be stored in the memory 130.

[023] After receiving the details and the collateral documents from the actors, the system 105 may check the details and the collateral documents with the master plan. The system 105 may check the details and the collateral documents in order to approve the master plan. In one example, the system 105 may check the details against a pre-defined rules stored in the memory 130. For example, the system 105 may check the details such as the tenue of the finance, interest for the finance, and threshold of finance with the pre-defined rules. In another example, the details may be checked manually in order to approve the master plan. After checking the details with the master plan, if the details match the master plan, then the system 105 may approve the master plan. Subsequently, the system 105 may forward the master plan to the actors involved in the supply chain.

[024] Upon receiving the approval, the actors in the supply chain may accept or reject the master plan approved by the system 105. If the master plan is accepted by the actors, then the master plan may be used to initiate the events in the supply chain. If the master plan is not accepted by any of the actors, then the actor may use the user device (110a, or 110b, or 110c) to request for changes in the master plan submitted to the system 105.

[025] If the actors accept the master plan, then the actors may create a plurality of supplementary plans within the master plan. In the supplementary plans, the actors may specify the names of the other actor involved in each event. Further, the actors may specify a schedule for each of the event in the supply chain. In the supply chain, if an actor e.g., a manufacturer requires a product, then the manufacturer may deal with a supplier, another actor. Further, if the manufacturer would have to sell the product, then the manufacturer may deal with the consumer. For example, consider the manufacturer would like to buy a product from the supplier, then the manufacturer may generate a purchase order. The purchase order may comprise events defining a schedule, amount to be paid for the event, invoice date, date before which the supplier need to supply the product to the manufacturer, due date before which the manufacturer should pay for the product to the supplier and so on. Similarly, each actor in the supply chain i.e., the manufacturer, the supplier, and the consumers generate the purchase orders or invoices comprising events. In order to explain generation of the purchase orders, an example may be used. Referring to Table. 1, generation of the purchase order by a manufacturer is shown.

[026] Table 1: Generation of a purchase order

Supplier name ABC Product category Good
Supplier bank NHG Purchase date Feb 07, 2016
Supplier address Bangalore Product quantity 50
Supplier email bangalore@supplier.com Weight 40kg
Amount Rs. 10000
Tenure 1 month
Table 1

[027] After generating the purchase order, the manufacturer may define a schedule and assign the actors for the events that take place to execute the purchase order. For the example shown in Table 1, a manufacturer may generate a purchase order comprising details of the event, i.e., the transaction. After generating the purchase order, the system 105 may transmit the purchase order to the supplier. The supplier may use the user device 110b to view the purchase order and may approve the purchase order. Similarly, the manufacturer may generate a plurality of purchase orders, each comprising several events with plurality of actors. For example, if the manufacturer would like to sell products, then the manufacturer may generate an invoice comprising several events (similar to Table 1). The invoice may comprise details of the product, purchase order generated by the buyer (consumer) and so on. In other words, all the purchase orders and invoices, comprising events that are generated by the actors are captured by the system 105. At the time of generating the purchase order comprising events, if the actor wants to enhance the limit on the finance approved, then the actor may request the financial institution to raise the limit.

[028] In one embodiment, the system 105 may allow the actors to make payments for the purchase order generated by another actor corresponding to an event. In order to make payments for the event, the actor may have to select the purchase order approved by another actor. Further, the actor may select the mode of payment. Upon selection of the payment mode, the financial institution may review the request and clear the payment. If the actor would like to repay the amount sanctioned or working capital by the financial institution, then the actor may have to select the master plan under which the actor had borrowed money. Further, the actor may choose tenure to pay in installments, such annually, quarterly or half yearly. After receiving details at the system 105, the financial institution may determine and approve rate of interest for the repayment. Subsequently, the rate of interest to be paid for the repayment is communicated to actors on the user device 110. After receiving the communication, the actor may make the payment to the financial institution.

[029] In another embodiment, the system 105 may track performance of the actors in the supply chain. The performance of the actors are tracked to determine delays or accuracy of occurrence of the events as specified in the purchase orders for each event. As descried above, when the purchase order is generated, the manufacturer may define the actor responsible to execute the event. In other words, when the purchase order is generated, the actors required to execute the event i.e., start date and end date and the actor responsible to execute the event are specified. For example, considering Table 1, the manufacturer may define a schedule before which the purchase order has to be executed by the supplier. After defining, the system 105 may capture the actors and the schedule corresponding to the events. Similarly, the system 105 may capture a plurality of events in an order of execution as may be defined based on the schedule dates.

[030] In order to explain defining schedule for an event and the actors responsible to execute the events, an example may be used. Referring to Table 2, an example illustrating sequence of events created by the manufacturer under a purchase order is shown. After defining the actors and the schedule for the events, the system 105 may map the actions of the actors adhering to the schedule during the course of the events as shown in Table 2. Table 2 shows the sequence of events to be performed at a particular date and the actor responsible to execute the event.

[031] Table 2: Defining schedule and actors to execute event

Step Day number Date Event
1 1 Feb 02, 2016 Contact supplier
2 4 Feb 06, 2016 Generate purchase order
3 6 Feb 08, 2016 Supplier sends documents to financial institution
4 8 Feb 10, 2016 Financial institution receives documents and intimates supplier
5 9 Feb 11, 2016 Financial institution remits finance
6 11 Feb 13, 2016 Finance is credited to supplier
7 15 Feb 17, 2016 Supplier ships products to manufacturer
8 16 Feb 18, 2016 Transaction ends

Table 2
[032] In operation, each of the event executed by the actors responsible are updated using the user devices 110. For each of the event, the system 105 may request the actors to upload supporting documents to verify that the actor executed the event. Further, the system 105 may continuously track the schedule of the events to determine whether each or all of the events have been completed by the actors responsible as scheduled. In other words, the system 105 tracks the schedule to determine the performance of the actors adhering to the schedule. Referring to Table 3, tracking of the performance of the actors based on the schedule to execute the events is explained using the example shown in Table. 2.

[033] Table 3: Tracking of performance of the actors

Step Day number Date (Actual date) Tenure in Days Event
1 1 Feb 02, 2016 1 Contact supplier
2 4 Feb 06, 2016 4 Generate purchase order
3 6 Feb 08, 2016 2 Supplier sends documents to financial institution
4 8 Feb 10, 2016 2 Financial institution receives documents and intimates supplier
5 9 Feb 11, 2016 1 Financial institution remits finance
6 11 Feb 13, 2016 2 Finance is credited to supplier
7 17 Feb 19, 2016 6 Supplier ships products to manufacturer
8 19 Feb 21, 2016 2 Transaction ends

Table 3
[034] The system 105 may check the performance of the actors by monitoring the time taken to complete the event with the scheduled time. Specifically, the system 105 may check the performance by comparing the actual date with the scheduled date for the events. If there is any delay in completing the event as per the schedule, then the system 105 may alert the actor on their user device 110. The system 105 may alert the actor such that the actor may act swiftly to complete the event. For the example shown in Table 3, consider the suppler did not ship the products as per the schedule, then the system 105 may alert the supplier of the delay. Further, the system 105 may highlight status of the delay, indicating that the event has been delayed. In order to alert the actor, the system 105 may show the event that has been delayed in a different color, font, size and so on. Similarly, the system 105 may show the events that have been completed on or before the schedule time in a single color, font, size, and so on.

[035] In addition to capturing of the events and status of the events, the system 105 may capture disputes generated by the actors. In order to capture disputes that arise due to discrepancies in the purchase order, the actors may use the user devices 110 to generate a dispute. For the example shown in Table 3, consider the supplier delayed shipment of the products. For the example, the manufacturer may generate a dispute in the system 105 using the user device 110a. The dispute generated may be captured and the time taken to resolve the dispute may be added as the time taken for the corresponding event. In one implementation, the system 105 may capture the disputes generated dynamically and calculate the delay corresponding to the event.

[036] Additionally, the system 105 may track the schedule for each of the events to indicate number of days remaining to complete the event generated by the actors. Further, the system 105 may show the additional interest that may incurred to the actor in case of the event is delayed by the actor. Based on the performance of the actors, the system 105 may rate the actors. Specifically, the system 105 may rate the actors based on their adherence to the schedule of the events defined in the purchase order. If any actor in the supply chain is found to be defaulter in a pre-defined number of events, then the system 105 may penalize the actor by levying higher interest on the credit provided.

[037] All purchases and sales may be planned and mapped from the start to the finish with each event having a particular date when it would be done. The events may be compared to the actual dates done with the resulting time overrun, if any and the resulting cost repercussion. By mapping all the events, i.e., purchases, sales and deliveries, the system 105 facilitates in tracking all the events occurring in the supply chain. Further, the system 105 may map the disputes arising until they are resolved. Further, the financial institution may monitor each and every event, utilization of finance, and the costs involved during the transaction.

[038] In addition to above, the system 105 may facilitate the actors to provide details of inventory in their warehouses. The details of the warehouse may be used to track products stored in a warehouse. Specifically, when an actor generates the purchase order or invoice, the actor may mention which warehouse is to be used for storing or for drawing the products. Based on the number of products and the warehouse details provided, the system 105 may generate a report of the inventory in a warehouse.

[039] Further, the events in the purchase order or the invoice generated may be animated to enhance user experience of the actors. For example, when the system 105 generates the events for a purchase order as shown in Table 2, the system 105 may animate the sequence of events in a video format illustrating an event flow. In one example, consider a contract between a manufacturer and a supplier. For the above example, the system 105 may generate an animation of two people shaking hands indicating two actors involved in a transaction. Similarly, for each event, the system 105 may generate animation comprising of visuals to enhance user experience.

[040] Referring now to FIG. 2, a method 200 for managing events in a supply chain is shown, in accordance with an embodiment of the present disclosure. The method 200 may be described in the general context of computer executable instructions. Generally, computer executable instructions may include routines, programs, objects, components, data structures, procedures, modules, functions, etc., that perform particular functions or implement particular abstract data types. The method 200 may also be practiced in a distributed computing environment where functions are performed by remote processing devices that are linked through a communications network. In a distributed computing environment, computer executable instructions may be located in both local and remote computer storage media, including memory storage devices.

[041] The order in which the method 200 is described and is not intended to be construed as a limitation, and any number of the described method blocks can be combined in any order to implement the method 200 or alternate methods. Additionally, individual blocks may be deleted from the method 200 without departing from the spirit and scope of the disclosure described herein. Furthermore, the method may be implemented in any suitable hardware, software, firmware, or combination thereof. However, for ease of explanation, in the embodiments described below, the method 200 may be implemented in the above-described transaction service platform 105.

[042] The method 200 starts at step 205.

[043] At step 210, at least one purchase order or an invoice is generated. The purchase order or the invoice comprises a plurality of events corresponding to transactions involved in a supply chain. The at least one purchase order or the invoice is generated by defining a schedule in order to execute each event of the plurality of events. An event is executed by at least one actor in the supply chain

[044] At step 220, actions of the actors adhering to the schedule of each event in the plurality of events are mapped.

[045] At step 230, performance of actors is tracked based on the actions to manage the events according to the schedule.

[046] The method 200 end at step 235.

[047] Although embodiments of system have been described in language specific to features and/or methods, it is to be understood that the description is not necessarily limited to the specific features or methods described. Rather, the specific features and methods are disclosed as examples of implementations of a system for managing events in a supply chain.

I/WE CLAIM:

1. A method of managing events in a supply chain, the method comprising:
generating, by a processor, at least one purchase order or an invoice, comprising a plurality of events corresponding to transactions involved in a supply chain, wherein the at least one purchase order or the invoice is generated by defining a schedule in order to execute each event of the plurality of events, and wherein an event is executed by at least one actor in the supply chain;
mapping, by the processor, actions of the actors adhering to the schedule of each event in the plurality of events; and
tracking, by the processor, performance of actors based on the actions to manage the events according to the schedule.

2. The method as claimed in claim 1, further comprising rating the actors based on the performance.

3. The method as claimed in claim 1, further comprising alerting the actors based on the performance tracked.

4. A system for managing events in a supply chain, the system comprising:
a processor; and
a memory, coupled to the processor, wherein the memory comprises program instructions to be executed by the processor, to:
generate at least one purchase order or an invoice, comprising a plurality of events corresponding to transactions involved in a supply chain, wherein the at least one purchase order or the invoice is generated by defining a schedule in order to execute each event of the plurality of events, and wherein an event is executed by at least one actor in the supply chain;
map actions of the actors adhering to the schedule of each event in the plurality of events; and
track performance of actors based on the actions to manage the events according to the schedule.

5. The system as claimed in claim 4, wherein the processor further executes the program instructions to rate the actors based on the performance.

6. The system as claimed in claim 4, wherein the processor further executes the program instructions to alert the actors based on the performance tracked.

7. A non-transitory computer readable storage medium comprising program instructions which, when executed, are configured to perform a method for managing events in a supply chain, the method comprising:
generating at least one purchase order or an invoice, comprising a plurality of events corresponding to transactions involved in a supply chain, wherein the at least one purchase order or the invoice is generated by defining a schedule in order to execute each event of the plurality of events, and wherein an event is executed by at least one actor in the supply chain;
mapping actions of the actors adhering to the schedule of each event in the plurality of events; and
tracking performance of actors based on the actions to manage the events according to the schedule.