SIC Codes Offer a More Specific Breakdown of Industries vs. NAICS Codes
USA, October 16, 2020 /EINPresswire.com/ — SICCODE.com, a business classification company announced today that it has added 3 new SIC Codes to its classification system, bringing the total to over 10,000 SIC Code Extended classifications for businesses in the USA. The U.S. Government's last update to the SIC Code System was in 1987 with 1,005 4-digit industries specified.
“There are actually 10,023 SIC Code Extended categories in the system now with new codes added this year in the solar and marijuana industries” commented Data Specialist Jack Francis. “We have to stay on top of the emerging trends in the business world and account for new industries”. “There has been much misinformation circulating about SIC Codes being outdated. In our Data Department, even though we provide both SIC & NAICS codes for each business, we encourage the use of the SIC Code System because it can target most industries better than NAICS Codes. I usually explain to businesses that there are 10,023 industries classified in the SIC Code system, whereas the NAICS system has only 1,057 unique industries. For example, NAICS Code 423830 – Industrial Machinery & Equipment Merchant Wholesalers can be mapped to 117 SIC Code Extended categories. If you were a marketer, wouldn’t you rather have the most specific classification for a business in your list or database?”
Over the last 20 years, SICCODE.com has become an authority in the business classification universe. Originally focusing on only SIC Codes, SICCODE.com added NAICS Codes and ISIC Codes in their classification database to reflect changes in usage and classification of businesses. Initially in the mid-1990s, there was talk in the USA about an entire shift from SIC Codes to NAICS Codes. However, in 2020, there still is mixed-use between both systems.
“Whether it is SIC Codes or NAICS Codes, a typical marketing department that I work with wants the most precise and targeted list of companies by industry. Therefore, we provide the SIC Code and NAICS Code for each business in the data that we provide. This way, the marketer can choose the targeting approach that best matches their campaign”.
Source: EIN Presswire