United Nations Government Marketplace (UNGM) is a global market place of more than 17 billion dollars annually for all types of products and services. The UNGM also provides critical procurement tools and adheres to standards which make all the procurement and trading activities simpler and UNSPSC is one such standard.
“United Nations Standard Products and Services Code (UNSPSC) is an open standard taxonomy of products and services that serves a system of classification of products and services that are bought and sold.”
UNSPSC taxonomy follows a hierarchical tree structure from a generalized segment title down to a specific commodity title.
Thus UNSPSC code for Toner represented with code 44103103 is arrived as below:
Taxonomy-based product organization facilitates transactions between trading partners, simplifies spend analysis and reporting, and improves accuracy and efficiency throughout the supply chain.
Having such taxonomy is critical for both sellers and product consumers. The incorrect UNSPSC code misplaces the product in the classification system, resulting in inefficient product searches, poor brand visibility, and lost sales for both the manufacturers and distributors.
The standard is widely popular and has been adopted by various marketplaces including highly successful e-Governance procurement system of Government South Korea (KONEPS) and Government of New Zealand.
Access and Information: UNSCPSC codes are open data, and is available for public use under Open Database License (ODBL).