Working out loud

Defining the Future of Industry Classification

Creating a new standard for accurately classifying any industry sector in real-time.

On 23rd September, The Data City team will be launching the latest version of our platform, the result of over 2 years Beta development with a range of clients from both the Public and Private sectors.

Central to this announcement will be the release of the first Real-Time Industry Classification (RTIC) codes; new and granular data sets and lists for new and emergent sectors such as Cyber Security, Artificial Intelligence, Advanced Manufacturing, Photonics and more.

As we we move away from the methods employed for the last 80 years in measuring business size and growth, here we discuss 3 reasons why a new standard in industry and company classification has become an important priority for our clients.

Better Decision Making

The primary need for better industrial classification lies in the reliance of policy makers and governance organisations on accurate data to successfully drive investment that can support sustainable economic growth. Understanding the value of a business sector to the economy requires fast, up-to-date intelligence – something that SIC codes and other traditional company classification methods cannot provide.

This is one of the reasons we are working with Government and those involved in the policy and research of industrial sectors to create access to real-time data on previously undefinable sectors, in order to allow for improved intelligence and better decision making.

Better Representation

Without a doubt the most important part of any industry (developing or otherwise) is the sizable base of ‘micro’ to ‘medium’ sized businesses – or SMEs – that drive value up through the supply chain. Modern estimates show that 99.9% of businesses in the UK are classed as SMEs, with 95% of those made up of micro-businesses of less than 10 employees.

That is why we are working with professional associations and industry leaders; to identify effective keyword taxonomies to categorise the self-declaration of over 800k matched company URLs and developing a unified and structured supply chain map that identifies the accurate value of a sector.

Better Engagement

In line with sector list priorities and accurate sector supply chain mapping lies the true purpose behind better sector classification – the ability to engage and motivate local economic strengths in support of the economy at large and the communities that define them. The success of local industrial strategies that lay-out the processes to achieve this require the awareness and engagement of these clusters, on a local and national level, to properly realise the benefits.

That is why we are working with regional Governance and Economic Development Teams to develop regional clustering business data to better understand the make up of a local economy in line with policy and funding initiatives, increasing engagement and facilitating support.

Our RTIC codes are designed to provide modern solutions to all the current limitations of SIC code data classification, offering Government, Research and Academia, Professional Associations, Regional Economic Development Leads and Sector Experts access to better data through new technology.

You can find out more about this, and the ability to access this information, at our Product Launch at Leeds Digital Festival on 23rd September. Details on that and how to register can be found here: https://www.thedatacity.com/news/free-webinar-latest-product-launch-and-case-studies/.

About the author

Alex Craven

A philosophy graduate, Alex has been running digital and tech businesses since 1999. Alex thrives on turning technology innovation into businesses that transform industries. Husband and father of three he enjoys being fit and Rum.