Hartford Financial Services Group has been granted a patent for a system that automates vendor logistical variance management. The system uses machine learning to analyze vendor parameters and benchmark data, generating real-time vendor performance scorecards and scheduling corrective actions when needed. The system also facilitates communication between users and vendors. GlobalData’s report on Hartford Financial Services Group gives a 360-degree view of the company including its patenting strategy. Buy the report here.
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According to GlobalData’s company profile on Hartford Financial Services Group, was a key innovation area identified from patents. Hartford Financial Services Group's grant share as of February 2024 was 68%. Grant share is based on the ratio of number of grants to total number of patents.
Automated vendor logistical variance management platform
A recently granted patent (Publication Number: US11922529B2) outlines a system for an automated vendor logistical variance management platform operated through a back-end application computer server within an enterprise. The system includes a vendor data store, a metric data store, and various applications such as email, workflow, and calendar applications. The back-end server utilizes a machine learning model to analyze historical data, generate vendor logistical variance results, and automatically update a user interface with real-time data. It also facilitates communication between users and vendors, schedules corrective actions, and provides detailed scorecards for vendor performance metrics.
The system is designed to manage vendor logistical variances associated with performance measurement, financial control, and relationship management. It can handle various metrics such as service level agreements, key performance indicators, and informational metrics. Additionally, the system allows for the consolidation of vendor logistical variance results for a single vendor manager and provides detailed information on benchmarks, progress indications, and target dates. The method and computer-readable medium associated with the system further elaborate on the training of machine learning models, data access, analysis, and communication processes to streamline vendor management operations effectively. The system's ability to reduce electronic messages, improve operational efficiency, and provide detailed insights into vendor performance across different levels of business and programs make it a comprehensive solution for logistical variance management within enterprises.
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GlobalData Patent Analytics tracks bibliographic data, legal events data, point in time patent ownerships, and backward and forward citations from global patenting offices. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.
