Classifying products and services with a common coding scheme facilitates commerce between buyers and sellers and is becoming mandatory in the new era of electronic commerce. Large organisations, particularly in the public sector are beginning to code purchases in order to analyze their spending. However if a companies products are already coded for a buyer, this means that they would not have to go through this process themselves, and could mean that you win their business over a competitor that has not coded their products.
By classifying their products & services, businesses can assist their customers with:
- Finding and Purchasing – a product and service coding convention brings many benefits to the purchasing function of an organisation.
- Product discovery – a common naming convention allows computer systems to automatically list similar products under a single category. When a customer is searching for the category, he or she finds precisely the products needed and nothing else.
- Facilitates expenditure analysis – when every purchase transaction of an enterprise is tagged with a common set of product identifiers, purchasing managers are able to analyze enterprise expenditures.
- Control and uniformity across the company – codes bring a single, uniform view of all expenditures in a company. It ties together all departments and divisions, including business functions such as purchasing and settlement.
For more information about coding your products and services and how Coding International can help you call 023 8055 4111