What is Common Procurement Vocabulary in SAP PSM-GPR - Procurement for Public Sector?

SAP Term: Common Procurement Vocabulary

• Component: PSM-GPR

• Component Name: Procurement for Public Sector

• Description: A set of numbered descriptions for products and services used throughout the European Union to describe items in synopses published on the Tenders Electronic Daily website TED.

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• Key Concepts: 
  Common Procurement Vocabulary (CPV) is a standardized system of codes used to classify goods and services procured by public sector organizations. It is used to facilitate the comparison of different procurement processes and to ensure that all public sector organizations are using the same terminology when describing their procurement activities. The CPV is maintained by the European Commission and is used in all EU member states. 
  
  How to use it: 
  The CPV is used in the SAP PSM-GPR Procurement for Public Sector component to classify goods and services procured by public sector organizations. It is used to ensure that all public sector organizations are using the same terminology when describing their procurement activities. The CPV codes are used to identify the goods and services being procured, as well as the associated costs. 
  
  Tips & Tricks: 
  When using the CPV codes, it is important to ensure that they are up-to-date and accurate. This can be done by regularly checking the European Commission’s website for any changes or updates to the CPV codes. Additionally, it is important to ensure that all public sector organizations are using the same version of the CPV codes when describing their procurement activities. 
  
  Related Information: 
  The European Commission’s website provides detailed information about the CPV codes, including a searchable database of all codes and their associated descriptions. Additionally, there are a number of resources available online which provide guidance on how to use the CPV codes in SAP PSM-GPR Procurement for Public Sector.