There are a multitude of needs for means to classify items prospectively. For example, sorting incoming emails by content, sorting data records as new data is entered, analyzing spend information and predicting an outcome based on a new item's characteristics. One such example is related to on-line auctions.
In the last ten years, on-line auction capabilities, features, and functions have evolved at lightning speed. Nearly as popular as forward auctions (auctions where bidders enter higher bids in order to win the item or service sold by the seller), reverse auctions (auction where bidders enter lower bids to entice a buyer to select the item or service sold by the bidder) have become the procurement tool of choice in many industries.
It is typical that an on-line auction be conducted electronically. Each participant in an auction does so through a remote site. The participant typically sends information from its remote site via a communications network (e.g. a network services provider) to an auction coordinator at its own remote site; the coordinator sends information to the participant in the same manner. The auction is actually managed by a software application which usually includes a client component operating at the remote site of the participant and a server component which typically operates at the coordinator's remote site. The client component communicates the bids entered by the participant to the server component. The server component communicates updates about the auction to the client component. Most often the client component includes software used to connect to the server component, usually via telephone lines or the internet.
The entity wishing to purchase services or items from suppliers may employ a service to manage auctions on its behalf or may employ special tools to assist with the management of its auctions. The service may employ tools that provide means to separate and select possible participants. For example, the auction holder may be allowed to specifically designate certain suppliers it wishes the service to invite to the auction or to provide certain requirements for eligibility of suppliers which the service applies to determine the group of invitees. Often, such services use tools that store information about past participants, both buyers and sellers, making the group of invitees simple to select based on the physical location of the past participants or on its inventory or offerings. Further, stored information can be used to assess the likely participation of a particular supplier and may even be applied to set a prebid ceiling or floor for that supplier based on its prior bidding behavior. It is not unusual to allow the entity wishing to purchase to set reserve prices, or to enter particular bid ceilings for a particular supplier with whom it has done business in the past or is the present incumbent.
With all of the auctions being conducted, those hosting the auctions i.e. the buyers need to have tools that also assist them in analysis of the past and for prediction of the future relative to data previously collected and new data coming in. Further, all businesses whether they use electronic auctions to acquire supplies and services or not, have a need for specific analysis and reporting regarding their spend. Specifically, those entities that procure services and goods from many different suppliers need tools to assist them in analyzing what, how, and where they spend. Most companies have multiple enterprise transaction systems and lack the tools and processes to properly aggregate, cleanse, normalize and monitor their spend with multiple vendors at the line item level. This problem is particularly severe in the case of indirect goods and services, which typically bring a broader set of suppliers and considerably more transactions. Without having access to accurate, detailed spend data, organizations are unable to effectively source quality products and services at the best possible prices. What is needed is a solution that helps clients attain full visibility into their spend, better understand where savings opportunities exist, and how to best achieve the savings.
Another such example would include the need to sort and classify incoming emails. Accurate sorting can result in time savings as well as enhanced safety of a system. Being able to recognize spam accurately versus business or personal or enewsletters or desired emarketing would provide a level of efficiency related to email heretofore never provided.
A record in a data set collected from a purchase, or an incoming email, typically includes several attributes or categories of data. One can look at that data set in many ways in order to discern some pattern or to learn what that data means. However, attributes in such data sets are often assigned a weight by the analyst according to a perceived level of importance the analyst believes that attribute may have in the data or that the analyst wishes to be able to use as a sorting factor in the set. Alternatively, the data itself may be considered in order to determine which attributes appear to have predictive value relative to other attributes. In either case, once an attribute is so analyzed it is assigned a weight and that weight is applied to incoming and new data.
While each of the aforementioned approaches has its value, neither takes into account the effect of a new record and, more particularly, on the weight or predictive value of any attribute. Therefore, left on the table is a significant level of informative data; the difference between a system that takes into consideration new record values relative to those already present as opposed to a static system.
It is, therefore, one objective of the present invention to provide a tool for analyzing the predictive value of the attributes in records of a data set;
It is another objective of the invention to provide a computer readable medium that, when employed by a computer's processor, analyzes the attributes and values of the attributes in a given set of data to obtain static weight or importance of each. Thereafter, the computer's processor varies those static weights or importance according to the values of those same attributes in a new record and readjusts that analysis as additional values are obtained from new records;
It is a third objective of the invention to provide a tool that can be used to analyze data and provide reports regarding where money is spent across various aspects of a business, particularly at a line item level and in real-time.
It is a fourth objective of the invention to provide a tool that can be used to analyze data and classify new data records into different classifications according to the new records attribute weights and dynamically adjusted attribute weights of the previously collected data.
It is a fifth objective of the invention to provide a tool that can be used to analyze, classify and sort incoming emails to provide an efficient means of prioritizing emails for the recipient.