The UN Standard Product and Service Code (UNSPSC) is a universal product and service classification system. Buyers and sellers can use this standard instead of looking for product information in individual providers' catalogs.
Earlier, a clear picture of expenditures could not be obtained due to the complexity of the spend analysis procedure and its inability to be readily scaled. Moving to a structured taxonomy, UNSPSC was the apparent solution to the problem of inconsistent classification systems. The UNSPSC framework utilizes a multi-tiered categorization system using the terms Segment, Family, Class, Commodity, and Business Function.
The code set may be accessed in the following languages: English, French, German, Spanish, Italian, Japanese, Korean, Dutch, Mandarin Chinese, Portuguese, Danish, Norwegian, and Swedish. Hungarian is also one of the supported languages.
In 1998, the United Nations Development Programme (UNDP) and Dun & Bradstreet Corporation collaborated to create the UNSPSC. In its current form, it has more than 22,000 separate words.
Using the UNSPSC's unified international categorization system, individuals may do the following: