The North American Industry Classification System (NAICS) was created in the 1990s to replace the Standard Industrial Classification (SIC). The SIC is a classification system that was developed in the 1950s and has been updated several times since then. The system provides authenticity and information of thousands and thousands of companies in the USA and Europe. The systems also allow businesses to be classified based on their secondary activities. Both systems complement each other and provide the most reliable information about industrial divisions, sub-divisions, categories and sub-categories.
There are many reasons why it is important to use the SIC codes when doing business. First of all, it gives you certainty that you are dealing with a real company, with a consistent structure and a solid background. This will of course make you sure that your supplier, your competitor, your potential partner is an authentic organization. Likewise, it allows businesses to be classified in a way that it is easy to understand and compare. By knowing how different companies are classified, you can easily see how they compete with each other and make better business decisions.
Another advantage of using SIC codes is that it allows companies to be grouped according to their activities. This makes it easier for them to find other businesses that are similar to them and collaborate with them. The first letter in the code stands for the division (Mining, Finance, Manufacturing, Education, etc.), and then follows a sequence of three to eight digits that indicate the specifics within that primary field.
In addition, SIC codes provide information about the size of a company, which can be used by investors to decide which companies they should invest in. As you can see, there are many advantages to using SIC codes. The identification will avoid from dealing with companies with phony SIC codes that appear larger than they really are or appear in a different industry than they actually are.
To make your search fast and accurate, developers have devised specific software that will perform the scraping in the NAICS or SIC Codes without errors. There are APIs that can verify the validity of SIC codes, such as the SIC Code Checker API. This tool can be found at Zyla Labs, and it allows to quickly determine whether or not a company’s SIC code is valid, and all the necessary information about it. Zyla has developed a suite of APIs, all automated and powered with AI, including SIC Codes LookUp API, Company Data Slug API, Retrieve Company Information API, and others, to render the best and most accurate results in real time.
If you want to avoid phony SIC codes, all you need to do is sign up for an account at Zyla Labs. Once you have subscribed, you will receive an API key to access the API endpoint. Then, by including your bearer token in the Authorization header, you can begin making calls to the SIC Code Checker API. This API will then request a company’s name and will use it to determine if its SIC code is valid. This way you will be able to know what type of industry a company belongs too. Overall, using this API will save you time and money since it will allow to avoid phony companies easily. Moreover, it is available in multiple languages. So what are you waiting for? Start using this great tool right away!
