Brian Seipel of Source One Management Services recently shared his Pros and Cons of using UNSPSC for spend classification, indicating that the best taxonomy for you, including UNSPSC, was determined by your primary goal.
According to Brian, if your goal was to hit the ground running fast and base analysis on a tried-and-true standard, then UNSPSC was a great start because, as a standard, it is:
- pre-developed and ready-to-use,
- capable of expressing a good degree of granularity, and
- widely available from vendors and a significant number of data enrichment options exist.
And this sounds great, but, any services vendor with a spend analysis offering (Insight Sourcing Group – SpendHQ, Spendency, Sievo, etc.) Read the complete post here.