What this suffix does
The suffix -ify (or -fy when the root already ends in a vowel) takes a noun or adjective and creates a verb meaning "to make something X" or "to convert into X". From "simple" you get "simplify"; from "class" you get "classify"; from "beauty" you get "beautify".
It is the sibling of -ize: both create verbs, but -ify is more prevalent in academic and formal vocabulary (clarify, identify, justify, verify), while -ize dominates tech and business contexts.
The Spanish cognate: -ify = -ificar
The Spanish equivalent is -ificar, and cognates are plentiful:
simplify = simplificar
classify = clasificar
identify = identificar
justify = justificar
verify = verificar
If Spanish uses a -ificar verb, the English version almost always ends in -ify. Drop the -icar and add -ify: simplificar = simplify.
The noun and adjective that come free
-ify verbs form their nouns with -ification:
simplify = simplification
classify = classification
identify = identification
justify = justification
Learning the -ify verb gives you the -ification noun and the -ified adjective (simplified, classified, identified) for free. Three words for the price of one.