There are many reasons why companies patent their technology. Considering how much capital investment these companies make in researching and developing new products and services, it is essential to apply for patents to protect this investment and the potential to generate revenues in the following years allowing them to recoup their original investment and make a profit. However, patents also provide many benefits to current and future customers.
It isn't just about ensuring that when people buy the app or technology, they're buying it from the original creator. It's also about ensuring that every customer is able to receive the high-quality technology that they're counting on. This is especially important when it comes to creating technology for small business owners and operators. Patenting technology is typically based on a number of factors that are designed to provide the best possible experience for customers and for the business as a whole.
1. Our patents protect our customers.
When new and innovative software solutions and capabilities enter the market, they have the potential to disrupt current practices and even reshape an entire industry. For this reason, competitors are often quick to respond with similar offerings in an attempt to neutralize any competitive advantage. However, because of a lack of research and development, these "look-alikes" are often inferior in functionality.
2. Our patents keep the integrity of the technology in the marketplace.
When there are no patents in place, it can be difficult to ensure that the product being purchased is the full product, with no issues or problems that can cause productivity issues for customers down the road. Poor imitations that are designed to look like the original product without actually producing the full quality customers need can bring down the product's entire concept. This makes it difficult for customers to find the solutions they need.
3. The solution is innovative enough that it requires a US patent.
When you a company does something completely new and different, it requires a patent to ensure the protection of the technology and the company. The company goes out on a limb. It does something different, typically something that is able to solve big problems for consumers. Protecting the company means patenting the technology so that they're able to profit as intended from their work, innovation, and creativity.
What We're Patenting...
When you receive an alcohol delivery, you want to be sure that what's in your shipment is exactly what you're looking for. Unfortunately, checking every box in the delivery takes time––and that's time that your products aren't selling themselves. Through Next-Generation Reconciliation, you can dynamically reconcile alcohol deliveries against receiving records to the item level per delivery using iControl's patented algorithms. It's receiving made easier than ever!
- Line Item Matching - that dynamically matches Vendor line items to Retailer price books that enables a more proactive approach to prevent errors before they occur at the invoice level
- Vendor Invoice Details - credit amounts are identified automatically at the invoice level, and the subsequent credit request is generated and tracked until resolution
- Vendor Scorecards - establish greater accountability throughout the distribution network by comparing distributor performance based on key performance metrics such as invoice error rates, delivery invoices without receiving records and total credit amounts
- Cost Variance Scorecards - provides summaries of cost variances by store, by product and by vendor to obtain a high-level perspective on factors that may be having a broad impact on invoice and receiving accuracy
- Product Cost Dashboards - allows retailers to assess product unit costs across distributors to ensure the best costs are made available at a regional and store level
- Category Cost Dashboards - enables retailers to gain control over their profitability projections by providing forecasts for product costs by product category and by Vendor
Currently, the patent for this product is still pending, and there are imitation products on the market. Customers, however, need to be wary of those products. Any product still on the market when the patent goes through that infringes on the patent for Next-Generation Reconciliation will be subject to legal action, and the product will be discontinued.
PayApp makes collecting b2b payments from small vendors and businesses easier than ever. With this simple app, it's easy to make payment requests, ask for confirmation that the payment has been made, and process requests through a simple link. This mobile payment structure decreases risk, eliminates paper checks from stores, and simplifies the end of the work day by decreasing the amount of paperwork that has to be completed. It also reduces the risk of theft or loss of funds, making it easier than ever to keep track of your money when it matters. Patents are pending on both the application itself and the functionality within the app.
SEE ALSO: 6 Reasons to Go Mobile With Your B2B Payments
Why We're Patenting
By patenting unique apps and solutions, iControl is able to maintain control of the app and produce more high-quality products for customers. We want to help your business streamline payments, making it as smooth and easy as possible. You want to be sure that your app will work the way it's intended every time. As we complete the patent process and receive patents for our new technological developments, you can be assured that iControl is working to provide the best solutions for our customers.
Want to learn more about our pending patents or about how these new developments can work for you? Comment below or contact us here.