The United Nations Standard Products and Services Code provide an open, global multi-sector standard for efficient, accurate classification of products and services. It facilitates to search the code on the website to locate commodity codes that can be used by your company. Classifying products and services with a common coding scheme facilitates commerce between buyers and sellers and is becoming mandatory in the new era of electronic commerce. Large companies are beginning to code purchases in order to analyze their spending.
Nonetheless, most company coding systems today have been very expensive to develop. The effort to implement and maintain these systems usually requires extensive utilization of resources, over an extended period of time. Additionally, maintenance is an on-going, and expensive, process. For each new item coded, it takes on average of an hour and a half to assign a code. Also company’s suppliers usually don’t adhere to the coding schemes of their customers, if they assign codes at all. Much duplicated effort and expense has gone into making codes. If there was a single universal coding convention that all companies could draw from – even if the companies wanted to customize it for specific purposes – there would be a great deal of savings. By UNSPSC Classification for their products & services, businesses can assist their customers with finding and purchasing their products, ease of product discovery and facilitate expenditure analysis, i.e., when every purchase transaction of an enterprise is tagged with a common set of product identifiers purchasing managers are able to analyze enterprise expenditures.
Nonetheless, most company coding systems today have been very expensive to develop. The effort to implement and maintain these systems usually requires extensive utilization of resources, over an extended period of time. Additionally, maintenance is an on-going, and expensive, process. For each new item coded, it takes on average of an hour and a half to assign a code. Also company’s suppliers usually don’t adhere to the coding schemes of their customers, if they assign codes at all. Much duplicated effort and expense has gone into making codes. If there was a single universal coding convention that all companies could draw from – even if the companies wanted to customize it for specific purposes – there would be a great deal of savings. By UNSPSC Classification for their products & services, businesses can assist their customers with finding and purchasing their products, ease of product discovery and facilitate expenditure analysis, i.e., when every purchase transaction of an enterprise is tagged with a common set of product identifiers purchasing managers are able to analyze enterprise expenditures.