What is North American Industry Classification System in SAP PSM-GPR - Procurement for Public Sector?

SAP Term: North American Industry Classification System

• Component: PSM-GPR

• Component Name: Procurement for Public Sector

• Description: A classification system for goods and services used by the signers of the North American Free Trade Agreement NAFTA, that is, the United States, Canada, and Mexico.

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• Key Concepts: 
  The North American Industry Classification System (NAICS) is a system used by the United States, Canada, and Mexico to classify businesses according to their economic activities. It is used to identify and classify businesses for statistical purposes. The NAICS code for Procurement for Public Sector is 561110. 
  
  How to use it: 
  The NAICS code for Procurement for Public Sector is 561110. This code can be used to identify businesses that provide procurement services for the public sector. It can also be used to identify potential vendors and suppliers for public sector procurement projects. 
  
  Tips & Tricks: 
  When searching for potential vendors and suppliers for public sector procurement projects, it is important to use the correct NAICS code. This will ensure that you are able to find the most relevant vendors and suppliers for your project. 
  
  Related Information: 
  The NAICS code system is managed by the U.S. Census Bureau and is updated every five years. For more information about the NAICS system, please visit the U.S. Census Bureau website at https://www.census.gov/eos/www/naics/.