The United Nations Standard Products and Services Code® (UNSPSC®), managed by GS1 US™ for the UN Development Programme (UNDP), is an open, global, multi-sector standard for efficient, accurate classification of products and services. UNSPSC is an efficient, accurate and flexible classification system for achieving company-wide visibility of spend analysis, as well as, enabling procurement to deliver on cost-effectiveness demands and allowing full exploitation of electronic commerce capabilities. Encompassing a five level hierarchical classification codeset, our UNSPSC Classification service enables expenditure analysis at grouping levels relevant to your needs. You can drill down or up to the codeset to see more or less detail as is necessary for business analysis. A screenshot of the tool that we use internally for UNSPSC Classification is shown on the right hand side.
Need for Data Classification
Enterprises today, realize the importance of adopting a universally accepted standard for classification such as UNSPSC, SIC, CPV, NAICS, HTS etc for managing large volumes of data. Data classification not only helps in standardizing silos of data both master and transactional, but also ensures that the available data is accurate and highly useful in decision-making.
Classification of data helps standardize and group data by bringing a common code across products and services from different industries. Classified data becomes highly actionable information in the hands of managers, enabling them to
- Gather insights from synchronized and harmonized data in multiple locations
- Identify and consolidate significant spend from core suppliers
- Recognize non-preferred suppliers and wastage of supplies
- Spot savings opportunities for inventory management
- Perform extensive and accurate spend analysis
UNSPSC Classification Services from Banyan Solutions
Banyan Solutions is a pioneer in the field of data classification, having contributed significantly during its inception in 2000, to several UNSPSC projects including Segment 42 and other segments of the UNSPSC. Our team of experienced engineers in various domains classifies several thousands of items every month.
Classifying data ensures ongoing data integrity, deepens domain knowledge and ensures the ability to access the right information at the right time, for timely and informed decision-making.
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