Coding standards benefiting product and service information in E-Commerce

E-Commerce can be streamlined if products and services are unambiguously identified with industry agreed XML tags through the coding of products and services according to standard classification conventions, such as the Universal Standards Products and Services Classification (UNSPSC). Standardized coding allows for more effective electronic purchasing management by spend analysis,and assists marketing and sales functions to provide better customer and distribution channel services. With its hierarchical taxonomy and open standards, the UNSPSC is considered superior to existing product coding schemes. Care should be taken to further bind up such systems with taxation harmonization efforts such as those pursuant to the revised Kyoto International Convention on the Simplification and Harmonization of Customs Procedures under the auspices of the Customs Co-operation Council (World Customs Organization).