The North American Industry Classification System (NAICS) is an identification system that is used by the United States, Canada, and Mexico. It groups businesses into sectors based on their primary activity. This system is a successor to the Standard Industrial Classification (SIC) system, which was developed in the 1950s. The NAICS system was developed in the early 1990s and was implemented in 1997. The two systems complement each other and provide information about industries in North America and Europe.
The code consists of an initial letter that indicates the field or division (Mining, Finance, Education, Manufacturing, etc.). Then follow a sequence of three to eight digits that stand for the sub-division, category and sub-category. This way the SIC Code renders a full report of a company: validity, primary and secondary activity, background, commercial reputation, size of staff, etc., apart from the basic data of location, postal address, email address and telephone numbers. It is used both by private businesses to expand the market, by governmental agencies for statistical purposes, and by banking institutions for granting loans and assess warranties.
The SIC code can be scraped manually, which is time and effort consuming and inaccurate, or use a lookup API. This is a tool that allows to search the SIC code of a company. It can also be used to look up a specific industry sector and get information on it. This API can be used for market research, business intelligence, and other purposes. An API will provide accuracy of information, celerity of response and ease-of-use. ZylaLabs has developed SIC Codes LookUp API, powered with Artificial Intelligence and integrated with such other APIs as Company Data Slug API, NAICS API, SIC Codes API and Retrieve Company Information API, that establish interfaces with one another to furnish the best possible solution.
The benefits of the information gathered by SIC Codes LookUp API are countless: report financial information to regulatory authorities, compare data from different companies or industries, identify companies that may be engaged in fraudulent activity, compare the financial performance of different companies, identify industries that are growing or declining, assess the potential impact of new legislation, identify industry sectors that are experiencing growth or decline, compare the performance of different industries, understand how industries interact with each other, identify opportunities for diversification and understand how competition works in an industry, and many others.
Ultimately, you can understand the new trends in the market and the new developments in marketing, establish profitable connections that will allow your business to grow, expand your market and standardize your productivity to international regulations. Each company or organization has a unique SIC code that identifies it from others in the same activity. By understanding the potential of new entrants in an industry and how customers and suppliers interact with an industry, you will benefit your own business by increasing your revenue.
Why do we recommend SIC Code LookUp API?
With this API you will be able to get all the specific information from any company in an easy way. Also, you will be able to get special information about any product from any company. This will help you a lot especially when you are working with marketing and you need specific data from your target companies or products. This API is ideal for those marketing teams that want to have better results about their products and want to get information about their competitors as well. With this API you will be able to get information about any company and you will have all that information in just a few clicks.
