SIC Codes. Fixed.
We’ve fixed SIC codes. RSICs provide a faster, more accurate solution for checking company SIC codes. Using AI, we automatically reclassify business SIC codes, eliminating manual checks to save time, reduce costs, and boost efficiency.
Trusted by leading government departments, consultants & financial institutions
What are RSICs?
If your business relies on outdated SIC codes, you’re missing out on vital insights.
Real-Time SIC Codes (RSICs) offer a smarter way to classify companies, using AI to update SIC codes with real-time data, ensuring more accurate business insights and more efficient operations.
Why use RSICs?
SIC codes underpin major investment, policymaking, and business decisions, but they are frequently wrong, vague, or insufficient. RSICs solve these common issues, making SIC codes fit for purpose.
Adds detail
Traditional SIC codes often rely on vague, catch-all classifications like “other,” making it difficult to truly understand what companies do. RSICs correct this by providing precise details on actual business activities.
Fills gaps
For older institutions and businesses, like chartered companies, SIC codes are often unavailable. RSICs fills these gaps, providing accurate data where none previously existed.
Fixes errors
SIC codes are often self-selected by business owners, leading to errors. RSICs automatically corrects these, ensuring businesses are accurately classified when incorrect or convenient codes are chosen.
Better understand what businesses do
1.4 million UK companies have vague classifications like “other services”.
This lack of precision creates barriers for businesses that need clear insights into company and sector activities. RSICs remove these barriers by delivering accurate data on companies and their operations, giving you a deeper understanding of what they really do.
Save time & money
Imagine what you could achieve if SIC codes were corrected overnight.
RSICs dramatically improve the accuracy of SIC codes, eliminating the need for manual checks and processes. This means fewer staff hours spent on data cleansing, significantly lower operational costs, and faster, more efficient workflows.
Streamline risk management & compliance
Accurate business classifications are essential for financial institutions managing risk and adhering to compliance requirements like KYC and AML. RSICs ensure your data is always up-to-date, helping you manage sector-specific risks more effectively and stay compliant with evolving regulations.
Increase efficiency & customer experience
Speed up your onboarding processes and deliver a seamless customer experience. RSICs reduce delays, minimise errors, and improve customer satisfaction. Faster onboarding times lead to happier customers, better reviews, and higher Net Promoter Scores (NPS), giving you a competitive edge.
Book a demo
Want to find out more about RSICs and how they can help you and your business? Simply fill the form and we’ll be in touch book in a call.
Who can benefit from RSICs?
Banks & Insurers
RSICs automate business classification for risk assessment, loan approvals, and compliance, helping banks and insurers streamline processes, reduce risk, and improve decision-making.
Accountancy Firms
RSICs enable accountancy firms to better understand their customer base and provide insights for their clients. Run efficient risk assessments with ease.
Public Sector
RSICs provide accurate business classifications to support economic policy development and investment decisions. By better classifying companies, RSICs help government create targeted policies and improve economic planning.
The truth about SIC Codes
By now, you know that traditional SIC codes are outdated and inaccurate. But the full scale of the issue might surprise you:
- 1.4 million UK companies, a quarter of all businesses, are stuck with vague “other” SIC code.
- Larger companies are hit hardest: 42% of UK employees work for businesses with unclear or inaccurate SIC classifications.
- RSICs tackle this head-on, reducing the number of “other” SIC codes by 400,000.
- The real impact? Over 75% of employees at these companies now work for businesses with accurate, meaningful classifications thanks to RSICs.
Want the full breakdown? Read out technical blog to learn more about how RSICs work.
Frequently asked questions
- What are RSICs and how do they differ from traditional SIC codes?
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Real-Time SIC Codes (RSICs) use AI to update business classifications. Unlike traditional SIC codes, which can be outdated and inaccurate, RSICs ensure businesses are correctly classified based on real-time information, providing more accurate and relevant data for those using the SIC Code system.
Our AI analyses companies and assigns them the most relevant classifications from the current SIC Code system, avoiding issues with catch-all ‘other classifications’ that don’t accurately describe a companies activities.
- What’s the difference between RSICs and RTICs?
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Real-Time SIC Codes (RSICs) are The Data City’s solution to the limitations of traditional SIC codes, using AI to assign the most relevant SIC code based on real-time data. While this improves accuracy, the SIC code system itself, last updated in 2007, remains outdated and doesn’t account for modern industries.
RTICs (Real-Time Industrial Classifications) go beyond SIC codes, offering a modern approach to tracking emerging sectors like AI, Data, and Quantum Technology.
RTICs use website data, machine learning, and expert input to classify companies based on their actual activities. With RTICs, you gain access to over 400 emerging sectors in real-time, from AI and AgriTech to Advanced Manufacturing and Robotics, providing deeper insights and more relevant classifications.
- How much do RSICs cost?
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RSICs are designed to deliver real-time, AI-powered business classifications tailored to your organisation’s needs. Our solution includes everything from initial setup to ongoing support, ensuring a seamless integration into your operations.
Here’s how the process works:
- Proof of Concept (PoC):
We begin with a PoC to demonstrate the value of RSICs for your organisation. This includes a workshop, success criteria agreement, and a test implementation, all starting from. - Implementation:
Once the PoC is successful, we move to full implementation. This covers data transfer, platform integration, and comprehensive support to ensure a smooth deployment. - Ongoing Maintenance:
After implementation, we provide continuous updates, API support, and access to our expert team to ensure RSICs keeps delivering value as your business evolves.
For a personalised quote and to learn how RSICs can streamline your business processes and insights, get in touch to discuss your requirements.
- Proof of Concept (PoC):
- Is platform access included?
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Yes! With RSICs, you gain full access to The Data City platform, which includes our comprehensive database and real-time classification tools. This allows you to explore company data, view insights, and manage classifications directly within the platform, empowering your team with up-to-date information at all times.
- How does The Data City compare to other similar products on the market?
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The Data City isn’t just another data provider; we’re redefining how industries are classified and understood.
Our mission is to build the new standard industrial classification system, liberating our clients from outdated SIC codes and enabling them to discover and invest in industries addressing the world’s key challenges and opportunities.
Unlike others who rely on outdated data, limited databases, and buzzwords, we offer a real-time view of companies in the UK and beyond.
Our Real-Time Industrial Classifications (RTICs) set us apart. Developed in partnership with the UK government and leading academics, our platform features over 400 bespoke RTICs, providing unparalleled insight into emerging sectors.
With the ability to build custom classifications using our machine learning technology, our innovative approach to developing alongside our customers and partners, and our comprehensive dataset, you’ve only just scratched the surface of how we compare to ‘similar’ products on the market.