NAICS code

The North American Industry Classification abbreviated as “NAICS” is a code used in the United States, Canada and Mexico for classification and the measurement of the economic activity in these countries. It is a standard 6 digit code which is used for industry classification by federal statistical agencies. NAICS is a standard industrial classification code, and it is used very extensively for the purposes of auditing, identifying government contracts, analysis and the presentation of data and so on.

NAICS sectors are listed below:

  • 51  -  Information
  • 44-45 – retail Trade
  • 61-Educational services

SIC versus NAICS

SIC

NAICS

Includes 1004 industries

Includes 1170 industries

Low intensity industry activity classification

High intensity industry activity classification

Not frequently updated

Updated every 5 years

Cannot be be seamlessly converted to NAICS code

Can be converted to SIC’s code

Lacks current industry information

Has current industry information

Importance of NAICS Codes:

  • The customers are identified by an industry code which is NAICS
  • A lot of applications and forms ask for an NAICS code.
  • An NAICS code is mandatory, if you plan to solicit your work from a governmental body.
  • To identify private and public competitors.
  • With changes and modification in the business revenue, the NAICS code should be updated.
  • Offers a very cost-friendly, user-friendly, and comprehensive business directory in the world.

SoftNis is a leading product information management firm specializing in constructing and delivering quality business data for our clients across multiple verticals. Their expertise in Data Classification (NAICS classification code) has enabled them in servicing companies across North America, Middle East, Australia and Asia, also reducing their cost by margin of 50%.
SoftNis has been an industry expert in NAICS code lookup for some time now. The innovation and automation applied at SoftNis has enabled them to be one of the fastest growing data management services company in India. Classification brings objectivity to the data and helps for a better management, the procurement function, hierarchy level and more benefits. With that, specialising in NAICS code list, SoftNis tries to create a win-win situation for itself and the client by creating an environment and delivering results that leave customers satisfied to the core which in turn makes the clients very delighted.

NAICS Classification Examples:

Example 1:  Southern Steel & Supply, LLC

Sector

42

Wholesale Trade

Subsector

423

Merchant Wholesalers, Durable Goods

Industry Group

4238

Machinery, Equipment, and Supplies Merchant Wholesalers

Industry

42383

Industrial Machinery and Equipment Merchant Wholesalers

U.S. Industry

423830

Industrial Machinery and Equipment Merchant Wholesalers


Non-English Example 2:  Mastretta Guzman Comunicacion, S A De C V

Sector

31-33

Manufacturing

Subsector

334

Computer and Electronic Product Manufacturing

Industry Group

3342

Communications Equipment Manufacturing

Industry

33422

Radio and Television Broadcasting and Wireless Communications Equipment Manufacturing

U.S. Industry

334220

Radio and Television Broadcasting and Wireless Communications Equipment Manufacturing


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