What’s the NIGP Code and Why You Must Know About It

These are the most important numbers your products can have.

If you are a commodities' vendor, you’re probably interested in selling your products to government's buying agencies, just as to any other type of client. That’s exactly what NIGP Codes exist for and the reason why you should have an idea of which codes apply to your commodities. NIGP stands for National Institute of Governmental Purchasing, the organization that implements them. These codes are used by the US government to classify and identify products and services, as well as companies selling them at the moment.

Apart from enabling us selling to the government, NIGP codes are also used to analyze where money is spent in every district and to route requisitions from sellers to buyers efficiently. Understanding these codes can help you be identified more easily by potential clients. Also, it’s an excellent way to classify your own stock. If you’re the one who’s interested in purchasing, it can also help you track products you need.

Every local government should have its own NIGP Code Search & Commodity Provider Search. This system can be accessed via NIGP Living Codes, and when doing it you should be able to download a file with a codes' list as well. When you select and register your own codes, you’re giving the government an opportunity to hire your services and buy your products. It’s an essential part of public procurement.

Now, these codes might be a little complicated to understand. Its structure is essentially based on a series of digits that distinguish products and services by class and item. That way, the first three numbers indicate a general description of what you’re purchasing or selling and the last two a detailed description of the product. For example, the number 620 belongs to office supplies. So it would be shown like this:

620-00: Office supplies.

For general categorization, the last two numbers will always be two zeros. For specific products, numbers will change. This way, pens' code would look like this:

620-80: Pens.

62080 will then be your code if you’re selling this specific product. You might ask yourself if there is a limit to the codes you can register, but there isn’t. However, you should delimit your codes in the most precise way if you want to keep your solicitations relevant to your business. The code we just showed above has five digits, but you can actually add up to eleven digits to specify and classify products more accurately. So it could finally look like this:

620-80-21: Pens, ball tip, retractable, refillable, all plastic barrel with metal clip.

620-80-21-035-4: fine tip, black ink, 12/box.

For more information on how codes works, updates and search engines, you can go to their website at https://www.periscopeholdings.com/nigp. You can also use them in your stores to provide your clients a precise way to look for your products and get what they want instantly. This will also help you analyze which products are being sold the most, and it will optimize the whole process.

In Coagro Corp, we’re glad to find solutions to your everyday problems in the business. By implementing methods to improve your processes, your company can grow up efficiently over time. We want to guide you through, so contact us and let’s work together on the road to success!

This code is fundamental if you're working with importations.

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Are Commodities a Safe Investment?

Investments, like any business, are subject to changes in the market where they are located.

Safety is the basis for human behavior. We’re always looking for things that make ourselves feel confident, comfortable and protected, things that avoid we worry too much about our integrity. It’s fundamental to society's stability and a pillar for our interactions with the rest of the world. But for many people, stability is not something commonly found in commercial operations. Any business operation implies changes and risks, but commodities market is considered for some people one of the most troublesome business fields. And then the question of whether they are safe to invest on or not arises. How can you really tell?

Are commodities safe investments?

There are little certainties among the business world you can rely on. But in commodities, this is especially real. Also, why is important to know if commodities are a safe investment? Moreover, how can you actually know this? The first thing you need to consider is the value of those products you are trading. Whether you are a producer or just a trader, monetary value of what you are acquiring is fundamental when contrasted with other factors.

Among those factors, you have to take into account that you are working with organic and perishable products, which is a key aspect in your investment safety. For example, trading with a product that has a short lifespan without having a potential buyer or right measures to preserve it in a pristine state up until delivering it to its final destination might make you lose money. Products could get spoiled, or preserving them could eat up your profit.

Another thing that could happen is a sudden shift in the business. Companies can close, crops can be lost, prices might go up or down, and all of these things will affect your investment in commodities, one way or another. These are all risks that traders consider when working in the commodity world. And while they can not be avoided, there are certain measures you can take to make safer agreements.

How can you make safe commodity investments?

The best way to ensure your investment success is to focus on the methods you are using to invest. While this might not seem the first choice in your mind, you need to rely on field professionals help and not on lone wolves. This is one common mistake people make when investing in commodities: trusting the wrong guy. But what if I tell you that there are other things that you can do to ensure safest investments in commodities?

• Find professional help: partnering up with established entities is a sure bet in commodities. More often than not, they have knowledge and experience that will give your investment more chances to succeed.
• Trust but investigate: don’t trust anyone blindly, and make sure to do background checks. Even the most pristine and professional establishment can be a decoy for sketchy operations.
• Trust your instincts: if something doesn't feel right, then don’t do it. Traders have a sharp sixth sense when it comes to commercial agreements. Why shouldn't you trust yours?
• Get your own information: while it’s good to be guided by professionals, learning a bit about your investment can help you. This will allow you to know if you are getting the right profit out of your commercial operations.
• Make sure to have all proper paperwork:  in commodities, there are thousands of legal disputes yearly. In order to avoid losing time and money, make sure that the paperwork is perfect to save up time and money.

So, are commodities a safe investment? This is one of the most frequent questions traders get from recent clients. People rarely understand its complexity at first! But one thing you can be sure of is that Coagro Corp comprehends this concern. Their experts team can guide you and make sure that you feel safe and make the best investment possible. Contact them know to work with professionals with over 20 years in the business. They can really make your business bloom!

This is a common question that people in this business pose themselves. 

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