AI Driven UNSPSC Classifier Helps Tracking Spend and Rationalizing Purchasing Costs
Covisint, the global independent ebusiness exchange for the automotive industry, has selected Zycus for automatically classifying catalog content from the suppliers of top automobile companies into UNSPSC, the global product and services classification standard.
Zycus' automated UNSPSC classification and content transformation solutions will help Covisint trading partners like Ford, GM, Daimler Chrysler and others to rapidly assign UNSPSC code to their supplier catalogs, thus enabling expenditure analysis, catalyzing supplier ennoblement
and ensuring superior product awareness and discovery.
A rapid ramp-up in UNSPSC adoption would help Covisint's trading partners to accurately track and analyze catalog spending by classifying their supplier catalogs into UNSPSC, and thus realize greater, accelerated ROI benefits. UNSPSC (United Nations Standard Products and Services Code), a worldwide classification system developed in 1998 by the United Nations and Dun & Bradstreet, is an open, global electronic commerce standard that provides a logical framework for classifying goods and services.
It allows commodities and products to be properly and uniquely classified, so that companies can track purchasing patterns more efficiently, ensure contract compliance, and pave the way for superior catalog search.
The hierarchical structure of UNSPSC allows drilling down and rolling up, which is integral
for tactical and spend analysis.
It is a global standard and freely available to the public with no copyright protection issues - which has led to its widespread adoption all around the world.
Zycus' AutoClass, the AI based fully automated UNSPSC classifier, would power Covisint's rapid embrace of UNSPSC. Highly accurate (greater than 90%), AutoClass works at the remarkable speed of more than 60,000 SKUs or transaction records per hour per machine, replacing tedious manual coding while improving costs and accuracy.
It's built-in UNSPSC libraries and embedded domain intelligence minimizes ramp-up time, and a flexible mapping schema ensures easy mapping of supplier's schema with UNSPSC.
AutoClass is language independent -- for Covisint, Zycus would be classifying supplier catalogs in multiple languages like French, German, Italian, Spanish, Portuguese and Japanese, which would help Covisint roll out UNSPSC adoption on a global scale.
Aatish Dedhia, CEO, Zycus Inc. said, "We are pleased to be working with a global leader such as Covisint. UNSPSC is fast emerging as an accepted standard across the world for performing meaningful searches and precise analysis. The classification of inventory as per UNSPSC codes will allow buyers of Covisint to make enlightened purchase decisions, thus helping them realize greater ROI. The deployment of AutoClass will help Covisint automate the classification process thus reducing turnaround time. In addition, AutoClass' ability to support multiple languages will be an added benefit for Covisint considering its area of operations."
Zycus is a leader in Spend Data Management™ (SDM) with a compelling vision for enterprises who plan to transform their procurement organization and stay at the cutting edge of Supply Management. SDM is the foundation to cleanse, classify and enrich vendor, master and transactional data that powers on-going global spend analysis. Fortune 500 organizations such as General Electric, Dupont, 3M, Alcoa, US Federal Government Marketplace (GSA) and Unilever along with more than 35 Fortune 500 organizations have already implemented and experienced the power of Zycus software and solutions.
For media enquiries, contact:
Anurag Dixit
Director – Marketing, Spend Analysis Solutions
Zycus Inc.
Ph. +1 888 451 0145;
Email: anurag@zycus.com
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