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Unique Coding System

By Nive Subscribe to RSS | June 27th 2012 | Views:

To ensure products are classified correctly and uniformly, UNSPSC coding uses a unique system that gives buyers and sellers a common language for grouping products in the same way, everywhere in the world. UNSPSC is a global, multi-sector classification system supporting primarily spend analysis and procurement. Adopting UNSPSC eliminates the need for developing and/or maintaining own coding systems. This system assigns an eight digit numerical value code to all forms of commerce; some include farm products, mining, manufacturing, transportation and charitable organizations, with the end goal resulting in a specific code for all forms of commerce. The UNSPSC coding system has achieved global recognition and currently has over 19,000 commodity codes.

The International Organization for Standardization defines a standard as an agreed set of rules and guidelines, established for common and repeated use, for a specific and pre-defined purpose. It establishes a solid and equal platform for global trading of goods and services, consolidating the key market and societal elements required to make this a success. Similarly the hierarchical nature of the coding system allows organizations to group purchase transactions into relevant UNSPSC categories which in turn can be mapped to the organization's commodity structure leading to effective spend visibility, optimization and control. It also eliminates ambiguity in business by adopting a single standard for all. Many organizations use UNSPSC coding systems, as it offers five levels of hierarchical classification of products and services with 8 unique digits code for each category and also for its availability in 10 different languages ensuring convenience among global users.

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