Enventure has extensive experience mapping products and services to the UNSPSC Classification system, having processed millions of SKUs and line items over the years. UNSPSC Code(United Nations Standard Products and Services Code) has become a preferred classification standard for companies across the globe, particularly when the goal is to support inventory optimization and spend analytics. While companies undertake MRO data cleansing and enrichment projects, UNSPSC coding is included as a default in most cases, across all asset industries such as mining, oil & gas, pharma, chemicals, food & beverages etc.
We also provide cross referencing services, to map UNSPSC codes to other industry classification standards for products and services such as eCl@ss or eOTD, or vice versa.
Typically, companies look at implementing UNSPSC as a common classification schema, when they initiate internal projects for:
UNSPSC Code and its Benefits
The UNSPSC standard is an efficient and flexible coding system, to categorize both commodities and services, used across industries. UNSPSC classification enables companies to gain clarity in spend patterns, conduct in-depth spend analysis to optimize procurement and rationalize suppliers. Having a unified code that is accepted globally saves organizations a great deal of time and resource that would be spent in developing, implementing and maintaining their own coding systems. In addition, a common coding scheme facilitates seamless transactional exchange of information between buyers and sellers.
UNSPSC Classification Structure
UNSPSC adopts a four-level hierarchy labelled Segment, Family, Class and Commodity. The UNSPSC code consists of eight digits, with each of these entities represented by two digits. An optional fifth level allows for two additional digits and serves as a business function identifier.
There are over 1500000 codes in the UNSPSC code set. UNSPSC classification codes are utilized by asset intensive industries as their standard for classification while procuring MRO materials (indirect materials) in large volumes. UNSPSC is often used as an MRO taxonomy that is detailed and exhaustive. It enables expenditure analytics and cost-effective procurement optimization.