If you are a business owner, you are certainly aware that it is important to know your company`s and all companies` SIC code. This is because it will help you identify the industrial division, sector, group and class. With this data you get certainty that your business is correctly codified, to get knowledge of competitors, suppliers, vendors, clients and potential customers. Also, it will help you understand how your business compares to others in the same industry and how you can improve your commercial experience.
However, not everyone is aware of what a SIC code is, or how it can help them. A SIC code is an acronym for Standard Industry Classification, and it is used by businesses and governments to classify industries. This system was originally developed by the US government in the 1960s, and it categorizes industries based on their production processes, inputs, outputs, and other factors. Governmental agencies use SIC Codes for statistics and industrial promotions; banking institutions use them to grant loans and letters of credit. So far, these are the pros of using SIC codes to surf for firms and to draw data about them.
Nevertheless, it is not all rosy in the garden. Everyone knows that the way to classify businesses in some countries is broken. And they insist on using an apparently obsolete tool to devise policies and plans, as well as to make decisions to impact the world. Despite all the benefits listed in the previous paragraphs, there are many drawbacks (e.g. it limits investment, it reduces the capability of analysis, it damages ranking for business credits, it generates a considerable opportunity cost to the economies). The novelty method to acquire, analyze and visualize company information is being questioned seriously. Furthermore, codes have not been updated in the last decade which means that programming organizations, cyber-security and advanced manufacturing have no position in the systems.
Consequently SIC codes systems have become unreliable and even somewhat risky in some countries, like for example the UK. Qualified experts have found many flaws in SIC Codes, and these findings have been published. The changing structure of the economy means that SIC will constantly lag reality, under-representing newer industries and over-representing ones that are declining in importance or disappearing. Sometimes SIC codes systems may seem chaotic offering hardly any value in designing industrial strategies, or in guiding investment or even in helping businesses trade internationally.
Anyhow, there is no other way to classify businesses so far, so you must continue to rely on SIC Codes LookUp API to find a company in an automated way. This is a user-friendly tool that allows anyone to get all the necessary data about a company in just a few seconds. Additionally, this tool is constantly updated with the latest information from thousands of companies across the globe as it is powered with Artificial Intelligence.
It is integrated with other APIs to render a more accurate and efficient solution (Company Data Slug API, Company`s Line Of Business API, NAICS API, Retrieve Company Information API). To get information of companies by their SIC Codes, first of all create an account on Zyla API Hub website. After that, you will receive an individual API key that allows you to make calls to any of the APIs available on the marketplace. By including your bearer token in the Authorization header, you may start making API calls. To obtain information about a company just add its name/company URL as a parameter to your API call, and run it. In few seconds you will get the expected result.
