Other industry codes may be applied in other databases, e.g. ICB in the case of Mergent Online.
Industry codes define industries broadly and narrowly using a hierarchical numbering scheme in most cases. Industry codes are fundamental when researching competitors to a specific company or competitors operating in one or more industries. These codes group competitors operating in the same line of business.
The North American Industry Classification System (NAICS) is a very commonly used industrial classification system in Canada, the United States, and Mexico. There are some differences in the system of codes used by Canada and the United States. These codes are updated periodically.
The Standard Industrial Classification (SIC) is a useful tool for identifying key companies within an industry and conceptualizing the industry as a whole. SIC codes group together companies based on the goods and services produced.
Although NAICS codes were created in 1997 to replace the SIC system, SIC codes are still used in print reference resources and a number of the databases to which the Bronfman Business Library subscribes. In some cases, the SIC codes used in Canada differ from those used in the U.S.
Note that practically all company databases allow you to search for companies by applying one or more system of industry codes, e.g., NAICS (North American Industrial Classification System) or SIC (Standard Industrial Classification).
Consult our guide to Competitors research for more information including tailored instructions on how to search using each company database.
Also recommended is our Step-by-Step: Make a List of Companies with Hoovers and SimplyAnalytics
