UNSPSC (United Nations Standard Products and Services Code)

The United Nations Standard Products and Services Code (UNSPSC) is a global hierarchy of product and service categories used for procurement. Developed by the United Nations Statistics Division, it is an efficient way to classify goods and services in global procurement processes. UNSPSC is divided into four levels: Segment, Family, Class and Commodity/Service. These levels can be further broken down into finer details for specific products or services, providing a granular level of classification for accurate specification of items in the procurement process. The use of UNSPSC enables businesses to streamline their procurement process, reducing time and costs associated with specifying required products and services.